The country expects the business community to invest and support in achieving their ambition
Author: Stacy Rebecca Juliana A
Ever since the Paris Agreement, countries have always emphasised an economic/financial approach towards climate change. There were persistent discussions about the funds allocated for climate action and they continue to take place.
During the Leaders Climate Summit in April 2021, President Biden explained how climate change has evolved into an economic opportunity from being an “environmental imperative”.
At the same event, upon Biden’s want to make amends for the ecological matter due to Trump’s inaction during his tenure, several other world leaders also resorted to upgrading their national climate commitments.
Countries like the United States, Japan, the European Union and Canada raised their goals and unveiled their targets along with the rate of reduction in emissions and the years aimed for.
Prime Minister Justin Trudeau announced increasing Canada’s 2030 target from a reduction rate of 30% to 40%-45% below 2005 levels.
This move was considered to be a bold and invested commitment that was inspired by the influence of the Pan-Canadian Framework on Clean Growth and Climate Change along with the efforts and actions of the federal and provincial governments.
With the manifestation of Budget 2021 and the federal government’s Healthy Environment, Healthy Economy plan since December 2020, the efforts have been attributed to Canada’s achievement of at least 32% by 2030. But additionally, the alignment with the United States helps push the country to reach a reduction rate of 36% in greenhouse gases by 2030.
Having several environmental ambitions with variety in importance, the federal government does look forward to collaborative efforts with the country’s private sector to gain success.
The cost set aside for climate action by the Canadian government is comparatively modest to that of the United States.
Prime Minister Trudeau has been focusing more on lessening the government’s spending on carbon pollution and coal-fired power and production to accelerate their nation towards achieving its goals. And the government also requires the support of the provinces that are lagging globally.
While many economic opportunities can be capitalised on for climate change’s sake, ultimately the Canadian business community should play a major role and also lead.
Since the Canadian private sector lags a bit globally, this becomes an opportunity for them and their business leaders also recognise the contributions they could make.
The numerous Canadian industries and businesses should alter their green approaches to become more efficient and impactful.
Canada must also build their climate finance with the support of the private sector so that it can aid developing countries concerning climate change, following Biden’s lead.
The 2030 target is achievable but only with a sturdy collective effort from all statures of the Canadian government and businesses that can help fight the climate crisis.
Image Source: BetterPlace Immigration
Source article: IISD
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