Canada’s climate is warming faster than the global average
A new report that shows the increased focus of investors in sustainable investing couldn’t have come at a more poignant time.
Environment and Climate Change Canada said Tuesday that Canada’s climate is warming twice as fast as the global average and we are already seeing the devastating results.
From wildfires and flooding to heatwaves and droughts, the government agency warns that climate-related weather extremes will become increasingly common.
The assessment by preeminent Canadian scientists confirms that the country’s climate has warmed in response to global emissions of carbon dioxide from human activity.
"Climate change is real, and Canadians across the country are feeling its impacts. The science is clear, we need to take action now. Practical and affordable solutions to fight climate change will help Canadians face the serious risks to our health, security and economy, and will also create the jobs of tomorrow and secure a better future for our kids and grandkids," said Catherine McKenna, Minister of Environment and Climate Change.
The government’s carbon tax was implemented in four provinces this week with the aim of reducing emissions but businesses are concerned.
Cost to lives, economy
The impact of climate change affects human lives and the economy with the Insurance Bureau of Canada estimating that for every dollar insurers pay out following weather-related damage, there is a $3 cost to infrastructure.
"The property and casualty insurance industry continues to see the devastating effects of this new era of an unpredictable, changing climate," said Don Forgeron, President and CEO, IBC. "Last year, insured damage from severe weather across Canada reached $2 billion, the fourth-highest amount of losses on record," continued Forgeron. "However, unlike the 1998 Quebec ice storm, the 2013 Calgary floods or the 2016 Fort McMurray wildfire, no single event caused the high amount paid out for losses in 2018. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast."
Corporates under pressure
While investors are adding greater pressure on corporates regarding their ESG standards, there are frustrations.
This week the US Securities and Exchange Commission said that it was not required to rule on an attempt by investors to force Exxon Mobil to disclose its goals for greenhouse gas reductions.
The company asked the regulator to allow it to block the shareholders’ vote at its annual meeting next month. The SEC said Tuesday that such a move would not lead to enforcement action.
Lawyers for the SEC told The Guardian that to force Exxon Mobil to allow the vote would mean the regulator was supplanting the judgement of managers and directors.
