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Opinion: B.C.'s unprecedented weather disasters require bold investment in watershed security – The Globe and Mail

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Coree Tull is chair of the B.C. Watershed Security Coalition.

The damage wrought by extreme weather across British Columbia in just the past year is gut-wrenching in its scope. But heading off the worst effects of fire, drought and flooding is still possible if we rebuild the natural protections of our watersheds. Putting in place a Watershed Security Fund, as promised by the provincial government, has never been more urgent.

Healthy watersheds provide natural defences against climate change-fuelled extreme weather. For example, wetlands act as natural sponges that absorb flood waters and slow down overland flow. They also provide refuge and critical habitat to fish and wildlife during times of drought. Natural stream banks help filter runoff, preventing pollution from reaching waterways, and provide shade to spawning salmon during heat waves. Mature forests hold back snow and rain, providing a natural solution during flood season; this stored water is then released when it’s dry and needed most.

The benefits of strengthening these natural protections from extreme-weather events is reinforced by the massive response and recovery costs of recent damages.

In the fall, a series of atmospheric-river storms – a plume of moisture-laden air, hundreds of kilometres long, that delivers sustained, heavy rainfall – overwhelmed B.C.’s infrastructure. This left farms submerged, homes and businesses destroyed, salmon habitat washed away, and water undrinkable; by the time the floods receded, the cost of recovering from the damage topped $9-billion.

Also last year, more than 1,500 wildfires scorched nearly 870 square kilometres of forestland in B.C., racking up more than $500-million in firefighting costs. Forests were dry as tinder as a result of drought and record-breaking heatwaves, compounded by decades of mismanagement. These costs are rising rapidly: In B.C. alone, firefighting costs for three of the past five years (2017, 2018 and 2021) were more than double the 10-year average, together exceeding $1.7-billion.

Drought, fires and floods go hand-in-glove. Drought leads to fire, and fires burn the land. Land denuded of life is then subject to erosion, debris flows and slides, which in turn worsen floods.

So we welcome a recent announcement by B.C. Premier John Horgan that outlined $30-million in funding for watershed security. This investment, which follows $27-million in 2021 under COVID-19 economic recovery, is a good first step toward the establishment of a permanent Watershed Security Fund. Half of the $30-million will fund watershed projects led or co-led by First Nations. The other half will fund conservation organizations that are restoring wetlands, improving salmon habitat and enhancing community resilience.

But this is still a one-off and less than half of what is needed. It is essential that the B.C. government build on these initial investments by creating a long-term Watershed Security Fund in the next provincial budget. To match the scale of the threat, the BC Watershed Security Coalition has identified that at least $75-million in funding per year is needed.

The benefits of such a bold and pro-active investment far outweigh the costs. It is certainly preferable to expensive disaster-response efforts: B.C. has spent nearly $11-billion recovering from the effects of extreme weather in just the past few years. And British Columbians already understand the benefits of shoring up our watersheds. According to an October poll by the Real Estate Foundation of BC and the University of Victoria’s POLIS Water Sustainability Project, 78 per cent support major investments in watershed security to protect fresh water in the province.

This is why we need a Watershed Security Fund that is independent, sustainable and at a scale that can make a difference while withstanding political cycles. And such a fund must be delivered in partnership with Indigenous Nations to support real progress on reconciliation.

Once established, the fund should invest in three key areas. First, rebuilding our natural defences: Wetlands, stream banks, forests and coastal marshes provide critical services at a fraction of the cost of built infrastructure. Second, strengthening watershed governance through Crown and Indigenous partnerships that work with local communities to set priorities and make better decisions for their watersheds. Third, bolstering collaborative watershed monitoring through Indigenous knowledge and Western science, so we know if actions are making a difference.

Watersheds underpin our economy, health and well-being by providing clean drinking water, thriving salmon runs, water for growing food and natural protections against climate disasters.

If we take care of our watersheds, they will take care of us.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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