Green Party of Ontario Leader Mike Schreiner launches his party’s fully-costed platform in Toronto on May 12.Nathan Denette/The Canadian Press
A $65-billion climate plan to achieve net-zero carbon emissions by 2045 is at the root of the Ontario Green Party election platform, with a focus on electrifying vehicles and making buildings more energy-efficient.
Leader Mike Schreiner said some may criticize the price tag of the four-year commitment as being “overly ambitious,” but countered that it’s necessary to ensure a sustainable future.
In its platform released Thursday, the Green Party pledges to cut carbon pollution in half by 2030 and reach net-zero 15 years later. This timeline is five years ahead of the platform promises from the Liberals and NDP, which promise to reach net-zero by 2050. While in government, the Progressive Conservatives pledged to hit a 30-per-cent reduction in emissions by 2030.
“It’s not overly ambitious to ensure that our children have a livable future and a stable climate. It’s not overly ambitious to say that we want Ontario to be a global leader in the new climate economy,” said Mr. Shcreiner, the party’s only MPP elected in 2018, during the Green platform release event in Toronto. “That’s what Ontario needs in this moment.”
The climate strategy consists of several initiatives to reduce greenhouse-gas emissions, including investments in transitioning to electric vehicles (EV) and retrofitting buildings to make them more energy efficient. Mr. Schreiner said a Green government would provide cash incentives up to $10,000 for buying a new EV and phase out the sale of new gas and diesel passenger vehicles and buses by 2030.
In order to support the transition to electric, the party pledges to require all new or re-surfaced parking lots to install EV charging stations as well as provide a tax incentive for businesses to install charging infrastructure.
The plan also includes reintroducing a provincial carbon price and increasing the cost by $25 annually until it reaches $300 per tonne in 2032. Revenues from the increased carbon price would be returned to residents as dividends.
Mr. Schreiner said the Greens would implement new fees and taxes to pay for the plan, including a “congestion charge” to travel by vehicle in certain parts of the province during peak hours. Details on locations or hours weren’t provided in the platform, but the party projects annual revenue of $1.6-billion from the fee.
A Green government would also increase the corporate tax by 2 per cent over two years for large companies, introduce a 1-per-cent surcharge on households with an annual income over $200,000 and work with the federal government to implement a tax for individuals with a net wealth over $10-million. The party would also cancel the planned temporary gas-tax reduction set to come into effect in July and bring back licence-plate renewal fees.
Mr. Schreiner defended the increased taxes in his party’s platform as necessary to meet the needs of the province and fund urgent climate priorities.
“This platform meets the moment that we are in, the now or never moment to address the climate crisis,” he said.
The party’s four-year financial outlook doesn’t balance the books, with a projected 2025-26 deficit $1.2-billion higher than that projected in the PC’s budget. But Mr. Schreiner said he sees a path to balance in the following term by 2027-28, which is the same timeframe as the PC Party. The Liberal plan projects a balanced budget a year prior and the NDP have yet to release a fully-costed plan for their platform promises.
The Greens have also committed to doubling rates for the Ontario Disability Support Program, which is the largest increase promised out of all the parties. Both the NDP and Liberals have pledged a 20 per cent increase and the PCs announced a plan to raise rates by 5 per cent. The party promises to make the day of a general election a paid holiday and launch a citizen-led panel to bring forward recommendations on reforming Ontario’s electoral system.
Election day in Ontario is June 2.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
