adplus-dvertising
Connect with us

Economy

How a new ‘nature economy’ is transforming the fight for B.C.’s ancient forests

Published

 on

Another way a ‘nature economy’ is finding a foothold is through talent acquisition. Scott Sinclair, whose company, SES Consulting, retrofits buildings to move them off fossil fuels, says having a nature-first mindset baked into the business model attracts innovative young minds who grew up with the environment front and centre – as well as clients.

“It’s just, I think, an incredible business opportunity,” he says.

For some environmentalists as well, this work is about combining environmental action, long associated with protesters blocking roads and affixing themselves onto trees, with the idea of promoting business.

Though still niche, it’s starting to happen.

‘Valuing’ Nature

To understand the economic value of their natural assets, some communities are putting a price on them.

The District of West Vancouver is one of the first in Canada to do so.

There are some rare strands of urban, old growth trees left standing in the city’s Lighthouse Park. In a walk through the park, District officials Matthew MacKinnon and Heather Keith explained the uniqueness of the old growth forest. They told Global News how these ancient trees, some over 500 years old, maintain an extremely biodiverse ecosystem in the park, while offering people a break from the hustle and bustle of city life.

“There are trees here that have lived longer than any person that’s alive right now,” says Heather Keith, the senior manager of climate action and environment for the District.

The municipality has determined the idea has value in dollar figures. It’s one of the first places in Canada to take this approach, estimating its natural assets – forests, waterways, parks – to be in the ballpark of $3.2 billion, with forests providing up to $1.8 billion in ‘services.’

They’ve estimated that to be the cost of ‘replacing’ those assets, which provide immeasurable ecological and health benefits to the community, Keith says.

An infographic showing West Vancouver’s dollar valuations of its natural assets.

Many Indigenous communities are also charting a clear path forward toward that new nature economy.

One model that’s proven successful is called Coast Funds. It’s an investment strategy created by coastal First Nations to pool money to help local communities shift from extraction – logging old growth trees, for example – and toward protection. This means keeping those vital resources intact and leveraging them to make them profitable – ecotourism, carbon credits or guardianship programs.

“We understood that 500-year-old trees don’t just grow up overnight,” says Dallas Smith, the president of Nanwakolas Council, a group of six First Nations that’s part of the Coast Funds initiative.

The broader financial and business communities have realized that the costs of environmental inaction are far greater – and are starting to move toward a sustainable direction, too.

Adam Scott is an analyst whose group, Shift Action for Pension Wealth and Planet Health, monitors how credible Canadian pension funds are when it comes to climate action. In January, Shift released a report arguing there’s a long way to go. But at least there is a recognition that things need to change.

“The smart players in the financial industry have understood that […] the financial performance of their institutions is based on having a climate strategy,” he said.

Unfortunately, the moves are largely voluntary and without teeth, says Tom Rand, a managing partner with ArcTern Ventures. In other words, he insists, there’s a long way to go before a nature economy becomes the norm.

“If you’re asking if the broad swath of economic actors are understanding that we can make money preserving nature, absolutely not.”

But big trees are offering an inspiration for change. People name them. They trek through the forest to see them, and in the case of photographer TJ Watt, to document them before they’re gone.

A man stands at the base of a huge tree.

Photo:
TJ Watt/Ancient Forest Alliance

“These are some of the most enchanting and beautiful ecosystems on all of Planet Earth,” says Watt, who represents the Ancient Forest Alliance.

“They’re really some of our oldest friends.”

Tracking giants

When author and book editor Amanda Lewis set out to write a book about big trees, she thought she’d focus on the dwindling, majestic resources nestled in the coastal forests of B.C.

But, solo expedition after solo expedition hiking through various groves in search of the biggest of the big led her to another, more optimistic conclusion – “I wanted to focus on what we have left” and not so much on “what we’ve lost.”

The pandemic was a catalyst for Lewis – and, it seems, for many other Canadians too.

 

728x90x4

Source link

Continue Reading

Business

A timeline of events in the bread price-fixing scandal

Published

 on

 

Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite up more than 250 points, U.S. stock markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

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

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

Published

 on

 

VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending