McKenna says global climate deal 'a huge opportunity' for Canadian businesses

Canada's environment minister says the landmark deal between nearly 200 nations to fight climate change presents a "huge opportunity" for the country's economy.

See Full Article

The "Paris agreement" saw world leaders agree to collectively cut and eliminate greenhouse gas pollution, and to prevent global temperatures from increasing another one degree Celsius between now 2100.

In an appearance on CTV's Power Play, Catherine McKenna said securing the global pact was no easy task, but its agreement "demonstrates a huge will to come together."

"Everyone's on board, everyone is hailing this as a good agreement, and now I think the reality is Canadians want to see how we do our part in tackling climate change, and also making it an economic opportunity," she said.

McKenna said that she was "really proud" that she had the support of Canadian businesses in Paris, and that the climate deal could offer a "huge opportunity" in the export of green technology.

"One hundred and ninety five countries have signalled we need to be moving to a low-carbon economy, so that means the markets will respond," she said.

"There will be money and investment flowing," she said.

McKenna predicted that India alone will need $2.5 trillion in green investments.

She also stressed that there is no need for adversarial relationship between the economy and the environment.

McKenna cited the example of Alberta Premier Rachel Notley's recent climate change plan, which had the support of the province's major energy companies.

"I'd really like everyone to come back from Paris -- we were all united there as Team Canada -- … and really think hard about how can we do our part, but in in a way that makes economic sense," she said.

"Canadians need good jobs … If we can get it right when it comes to clean tech we can export this -- there are huge opportunities to export."

Emissions targets

Last May, Stephen Harper's Conservative government said it was aiming to reduce carbon emissions to 30 per cent below Canada's 2005 levels.

McKenna has indicated that goal should be the floor, but sidestepped around offering a new target on Power Play.

"I'm an optimistic realist. I think we have to do a lot of hard work," she said.

"I can throw out a target, anyone can throw out a target, but I think Canadians are tired of seeing targets but no concrete actions that go with them."

McKenna said she has already begun discussions with provinces and territories about formulating a national plan to tackle climate change.

She added that while the Harper government was "missing in action" over the last decade many of the provinces have already come up with concrete measures.

But she said the federal government can potentially offer up further assistance in the form of "green infrastructure" and "green investment bonds."

"We need to be looking at how we work with them, because if we're going to get this done we have to be working for a common cause," she said.



Advertisements

Latest Economic News

  • Belgium joins legal action against tainted egg 'cheats'

    Economic CTV News
    BRUSSELS -- Belgium's Agriculture Minister Denis Ducarme says the government will join in legal action against those responsible for the egg contamination scandal, which has hit at least 17 countries. Ducarme told The Associated Press Wednesday that "the Belgian government wants to take part in civil proceedings. Source
  • Sears Canada chairman steps down so he can bid to buy retailer

    Economic CBC News
    The executive chairman of Sears Canada has stepped down in order to head up a bid to buy the company. According to an employee memo obtained by CBC News, Brandon Stranzl will step away from his day-to-day operations at the company to instead focus on putting together a bid to buy the company and keep it going once it emerges from its current restructuring. Source
  • Sears Canada executive chairman steps down to make bid for retailer

    Economic CTV News
    TORONTO - Sears Canada executive chairman Brandon Stranzl is stepping away from his role to launch a bid for the retailer, which is restructuring under court protection from creditors. A memo to staff says the goal is to create a path for the company to emerge from creditor protection. Source
  • GM shares to be delisted from TSX in November

    Economic CTV News
    TORONTO - General Motors Co. (TSX: GMM.U) is delisting its shares from the Toronto Stock Exchange in Canada effective at the end of November. The company's shares will still be traded in New York. Source
  • Resale homes should carry energy use label by 2019, environmental groups say

    Economic CTV News
    OTTAWA - A coalition of environmental groups wants to see homes listed for resale in Canada to carry information about how much energy they use. Ten organizations, including the Pembina Institute, the Canadian Energy Efficiency Alliance and The Atmospheric Fund, want the federal government to implement nearly two dozen policies to cut energy use in commercial and residential buildings. Source
  • Judge OKs Takata request to halt some lawsuits over air bags

    Economic CTV News
    DOVER, Del. -- A Delaware bankruptcy judge is temporarily halting the prosecution of lawsuits filed by Hawaii, New Mexico and the U.S. Virgin Islands against Japanese auto-parts supplier Takata over its lethally defective air bag inflators. Source
  • What's coming for President's Choice Financial customers when CIBC sets up Simplii

    Economic CTV News
    TORONTO -- How President's Choice Financial customers will be affected by the creation of Simplii Financial, a new brand from CIBC, which will absorb the accounts of some two million current PC Financial account holders. Source
  • Protests at Google offices over worker's firing are cancelled

    Economic CTV News
    This Tuesday, July 19, 2016, file photo shows the Google logo at the company's headquarters in Mountain View, Calif. (AP Photo/Marcio Jose Sanchez, File) Source
  • Ikea says its new Halifax-area store will hold grand opening next month

    Economic CTV News
    HALIFAX - Ikea's new Halifax-area store will open its doors next month. The Scandinavian furniture chain says the 30,000-square-metre store in Dartmouth Crossing will welcome its first customers at 9 a.m. on September 27. Source
  • NAFTA, Round 1: U.S. opens talks by insisting on major changes to pact

    Economic CTV News
    WASHINGTON -- NAFTA negotiations are underway -- and the United States says it wants major changes to the agreement, not mere tweaks. U.S. trade czar Robert Lighthizer welcomed his Canadian and Mexican counterparts to Washington, D.C. Source