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

  • North Dakota officials beg last pipeline protesters to leave

    Economic CTV News
    CANNON BALL, N.D. - Public officials in North Dakota pleaded with the remaining protesters at the Dakota Access oil pipeline camp to pack up and leave so authorities can resume cleaning up the premises without any further arrests. Source
  • Asian stocks dip as U.S. rate hike mooted

    Economic CTV News
    HONG KONG - Asian shares slipped Thursday after the latest Fed minutes raised the possibility that a U.S. rate hike could come sooner than expected. KEEPING SCORE: Japan's benchmark Nikkei 225 lost 0.4 per cent to 19,312.07 and South Korea's Kospi dipped 0.1 per cent to 2,104.70. Source
  • Tesla swings to lost in 4Q, says Model 3 on target

    Economic CTV News
    DETROIT -- Unable to string together profitable quarters, electric car and solar cell maker Tesla Inc. reported a loss for the last three months of 2016. Tesla posted its first profit in three years in last year's third quarter and had predicted net income in the fourth quarter. Source
  • Tesla swings to loss in 4Q, says Model 3 on target

    Economic CTV News
    DETROIT -- Unable to string together profitable quarters, electric car and solar cell maker Tesla Inc. reported a loss for the last three months of 2016. Tesla posted its first profit in three years in last year's third quarter and had predicted net income in the fourth quarter. Source
  • United Airlines enters basic economy fare wars in the U.S.

    Economic CTV News
    On Tuesday, United began selling basic economy fare tickets on select domestic routes in the U.S., joining American Airlines and Delta in offering a budget option for fliers. It's a move aimed at staying competitive in a market that's becoming increasingly crowded with low-cost and ultra-low cost carriers. Source
  • SodaStream recalls bottles at risk of bursting

    Economic CBC News
    SodaStream Canada has recalled some one-litre bottles because consumers could be injured if the bottles rupture while the contents are being carbonated. The recall was issued jointly by Health Canada, the United States Consumer Product Safety Commission and SodaStream Canada Ltd. Source
  • Good news for Bombardier? Business jet sales may be bolstered by Trump tax cuts

    Economic CTV News
    MONTREAL -- The U.S. government's plan to cut corporate taxes will bolster the business jet industry which last year had its weakest performance since 2004, an association representing the sector said Wednesday. "It will be a good shot in the arm for the industry," said Pete Bunce, CEO of the General Aviation Manufacturers Association. Source
  • Tim Horton's parent buys Popeyes chicken

    Economic CTV News
    Restaurant Brands International, the parent company of Burger King and Canada's Tim Hortons donut shops, said Tuesday it has reached a deal to buy American fried chicken chain Popeyes Louisiana Kitchen. The sale price is US$1.8 billion, or US$79 per share, according to a statement, representing a 27 percent premium over Popeyes' recent average stock price. Source
  • Apple acquires facial recognition start-up

    Economic CTV News
    RealFace specializes in developing artificial intelligence (AI) based facial recognition software. Its first consumer application, Pickeez, can find all the photos of a given person on a smartphone or in a Facebook folder and can even pick the best shots. Source
  • TransCanada asks shippers to support new natural gas pipeline tolls

    Economic CTV News
    CALGARY -- TransCanada (TSX:TRP) is proposing a new pipeline tolling system it says will allow western Canadian natural gas to be shipped to Ontario at lower rates to better compete with growing American supplies. The Calgary-based energy transport company is inviting shippers to sign long-term binding commitments by March 9 to move gas on its underutilized Canadian Mainline system from a shipping centre in Alberta to a hub in southern Ontario. Source