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

  • OPEC set to prolong oil output cuts by nine months

    Economic CBC News
    OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's top producer, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. Source
  • U.S. says Fiat Chrysler used software to beat emissions tests

    Economic CTV News
    DETROIT -- The U.S. government is suing Fiat Chrysler, alleging that some diesel pickup trucks and Jeep SUVs cheat on emissions tests. The lawsuit filed Tuesday by the Justice Department marks the second time the government has gone after an automaker alleging use of software on diesel engines that allows them to emit more pollution on the road than during Environmental Protection Agency lab testing. Source
  • Are 30-somethings earning more than their parents? StatsCan study says yes

    Economic CTV News
    OTTAWA -- A new study from Statistics Canada says that Canadian children have, on average, fared better financially than their parents. The research published today finds that of Canadians who turned 30 between 2000 and 2014, between 59 and 67 per cent -- depending on the year -- had a family income that was equal to, or greater than what their parents earned at the same age. Source
  • In Bombardier fight, Boeing sees ghost of Airbus ascent

    Economic CBC News
    Two words underpin Boeing's decision to launch a U.S. trade complaint against Bombardier, which plunged it into a row with Canada last week: "Never again". Allegations that the Canadian firm dumped newly designed CSeries passenger jets in the United States at a steep loss have threatened a sale of F/A-18 warplanes to Ottawa, sending Boeing scrambling to save the deal. Source
  • Macron tries to sell plan to reform France's labour market

    Economic CTV News
    PARIS -- French President Emmanuel Macron is holding meetings with unions and business organizations to discuss reforming the country's labour market, which many blame for France's sub-par economic performance over recent years. Government spokesman Christophe Castaner told France 2 television that Tuesday's meetings aim at opening a "dialogue" but that the "unions must understand the need for changing lines. Source
  • BlackBerry boost helps push Toronto stock index moderately higher

    Economic CTV News
    TORONTO -- Canada's main stock index made moderate gains in morning trading today with help from banks, utilities and BlackBerry. The Toronto Stock Exchange's S&P/TSX composite index was up 41.19 points to 15,499.65 after 90 minutes of trading. Source
  • Lobster thefts: 3 face charges in $3M international fraud case

    Economic CTV News
    BARRINGTON, N.S. -- A lengthy RCMP investigation into allegations of fraud and theft involving more than $3 million worth of lobster has led to charges against three Nova Scotia men. The Mounties say their investigation started in July 2015 when allegations arose that a man from Shag Harbour, N.S. Source
  • Extra work and time leads to jump in Canada Summer Jobs funding requests

    Economic CTV News
    OTTAWA -- Almost 42,000 businesses have applied to hire a student through the Canada Summer Jobs program, surpassing the number of applications last year, the federal government says. The number of applications could be considered a bit of a miracle after federal officials predicted earlier this year that applications would fall short of the government's goals. Source
  • 1st Trump budget chops food stamps, Medicaid while boosting defense & infrastructure spending

    Economic CBC News
    President Donald Trump Tuesday is unveiling a $4.1 trillion spending plan that relies on faster economic growth and steep cuts to programs for the poor in a bid to balance the government's books over the next decade. Source
  • 1st Trump budget chops food stamps, Medicaid while boosting defence & infrastructure spending

    Economic CBC News
    President Donald Trump Tuesday is unveiling a $4.1 trillion spending plan that relies on faster economic growth and steep cuts to programs for the poor in a bid to balance the government's books over the next decade. Source