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Delivering clean air and a strong economy for Canadians – Prime Minister of Canada

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Canadians have been clear about what they want: clean air and good jobs, a healthy environment, and a strong economy. Today, the Government of Canada delivered a plan that outlines the next steps to continue delivering on those priorities for everyone.

The Prime Minister, Justin Trudeau, today announced the release of the 2030 Emissions Reduction Plan: Canada’s Next Steps to Clean Air and a Strong Economy. The plan is an ambitious and achievable sector-by-sector approach for Canada to reach its new climate target of cutting emissions by 40 per cent below 2005 levels by 2030, and to put us on track toward our goal of achieving net-zero emissions by 2050.

Building on the actions of millions of Canadians, Indigenous Peoples, businesses, provinces, territories, and municipalities, the Government of Canada is continuing to take action to fight climate change, create jobs, and ensure that Canadians are global leaders in the transition to clean industries and technologies.

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The 2030 Emissions Reductions Plan includes $9.1 billion in new investments to cut pollution and grow the economy, including:

  • Making it easier for Canadians to switch to electric vehicles. We are investing more than $2.9 billion in charging infrastructure, providing financial support to make buying zero-emission vehicles (ZEVs) more affordable, supporting clean medium- and heavy-duty transportation projects, and developing a regulated sales mandate so that 100 per cent of new passenger vehicles sold in Canada will be zero emission by 2035, with interim targets of at least 20 per cent by 2026, and at least 60 per cent by 2030.
  • Greening Canada’s homes and buildings. By investing around $1 billion, we will develop a national net-zero by 2050 buildings plan, the Canada Green Buildings Strategy, work with provinces, territories, and other partners to support the adoption of the highest tier building codes, pilot community-scale retrofits, and facilitate deep energy retrofits for large buildings.
  • Helping industries to adopt clean technology and transition to net-zero emissions. We are delivering historic investments to enable industries to be clean and competitive and creating greater incentives for clean technologies and fuels, such as carbon capture, utilization, and storage.
  • Making Canada’s grid even cleaner. We will develop a regulated Clean Electricity Standard, make additional investments of about $850 million in clean energy projects like wind and solar power, and work with provinces and territories, stakeholders, and Indigenous partners to move Canada’s electricity grid to net-zero emissions by 2035 while continuing to ensure that Canadians and businesses have access to reliable, affordable power.
  • Reducing oil and gas emissions. We will continue working closely with provinces and territories, stakeholders, and Indigenous partners to develop an approach to cap oil and gas sector emissions to achieve net-zero emissions by 2050, reduce oil and gas methane emissions by at least 75 per cent by 2030, and create good jobs. The plan includes a projected contribution for the oil and gas sector of a 31 per cent reduction from 2005 levels, which is equivalent to 42 per cent from 2019 levels and will guide the government’s work to develop the cap on emissions from the oil and gas sector.
  • Supporting farmers in building a clean, prosperous future. We are supporting farmers with about $1 billion for new and expanded programs to help them develop and adopt sustainable practices, energy-efficient technologies, and solutions like capturing carbon from the air.
  • Empowering communities to take climate action. We are investing $2.2 billion in expanding the Low Carbon Economy Fund to support projects from governments, schools, non-profits, Indigenous Peoples, and more to cut pollution and create jobs in communities across the country.
  • Embracing the power of nature to fight climate change. We will make an additional investment of $780 million to help Canada’s oceans, wetlands, peatlands, grasslands, and agricultural lands capture and store carbon, and explore the potential for negative emission technologies in the forest sector.

The 2030 Emissions Reduction Plan: Canada’s Next Steps to Clean Air and a Strong Economy reflects submissions from over 30,000 Canadians, provinces and territories, Indigenous partners, industry, civil society, and the independent Net-Zero Advisory Body. The plan represents a whole-of-society approach with practical ways to achieve emission reductions across all parts of the economy.

The Government of Canada will continue working with all Canadians to develop and implement the new policies and initiatives announced today. The government will publish an update on progress toward meeting the emissions reductions targets in late 2023.

Quotes

“Taking real climate action that is not only ambitious, but also achievable, is key to building a strong economy in the 21st century. With the additional measures announced today, we are continuing to deliver on the priorities Canadians asked us to address: clean air, good jobs, a strong economy, and a better future for everyone.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“This is the next major step in our government’s plan to reduce pollution and create good, sustainable jobs in Canada. With our natural resources, highly skilled workforce, and strong financial system, Canada stands to benefit substantially by increasing our climate ambition. Thanks to the actions of millions of Canadians, we have flattened the curve of our pollution trajectory, and this roadmap charts the course to lowering emissions to meet our climate target of 40 to 45 per cent below 2005 levels. By acting collectively now, we are positioning Canada to be a leader in the clean economy.”

The Hon. Steven Guilbeault, Minister of Environment and Climate Change

“The transition to a cleaner, prosperous, and more competitive economy must be an immediate priority and a sustained effort in the years ahead. Canada’s 2030 Emissions Reductions Plan outlines how we can achieve our 2030 target, while building pathways to net-zero emissions by 2050 and creating economic opportunities for Canadians across the country.”

The Hon. Jonathan Wilkinson, Minister of Natural Resources

Quick Facts

  • Today’s measures build on Canada’s existing climate actions outlined under the Pan-Canadian Framework on Clean Growth and Climate Change (2016), Canada’s Strengthened Climate Plan: A Healthy Environment and a Healthy Economy (2020), and Budget 2021. These actions have already contributed to reducing emissions in 2030 by 36 per cent from 2005 levels, while creating economic opportunities across the country.
  • The Canadian Net-Zero Emissions Accountability Act establishes in law Canada’s 2030 emissions reduction target under the Paris Agreement of 40 to 45 per cent below 2005 levels and net-zero by 2050, and requires Canada to publish a series of plans and progress reports to support the achievement of those targets.
  • The 2030 Emissions Reduction Plan: Canada’s Next Steps to Clean Air and a Strong Economy is the first of many plans on the pathway to 2050 and fulfills a requirement under the Act.
  • The 2030 plan is designed to be evergreen – a comprehensive roadmap that reflects levels of ambition to guide emissions reduction efforts in each sector. As governments, businesses, non-profits, and communities across the country work together to reach these targets, we will identify and respond to new opportunities.
  • To ensure Canada stays on course as it reduces emissions, the plan includes an interim greenhouse gas emissions objective of 20 per cent below the 2005 level for 2026, which is required under the Act. The Act also requires the Government of Canada to prepare progress reports by the end of 2023, 2025, and 2027.
  • The Net-Zero Advisory Body is a group of experts with a diverse range of experience and expertise that advises the Minister of Environment and Climate Change on the best pathways for Canada to achieve its goal of net-zero emissions by 2050, while growing the economy and creating good jobs.

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Poland has EU's second highest emissions in relation to size of economy – Notes From Poland

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Poland has EU’s second highest emissions in relation to size of economy  Notes From Poland

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IMF's Georgieva warns "there's plenty to worry about'' in world economy — including inflation, debt – Yahoo Canada Finance

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WASHINGTON (AP) — The head of the International Monetary Fund said Thursday that the world economy has proven surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza, but “there is plenty to worry about,” including stubborn inflation and rising levels of government debt.

Inflation is down but not gone,” Kristalina Georgieva told reporters at the spring meeting of the IMF and its sister organization, the World Bank. In the United States, she said, “the flipside” of unexpectedly strong economic growth is that it ”taking longer than expected” to bring inflation down.

Georgieva also warned that government debts are growing around the world. Last year, they ticked up to 93% of global economic output — up from 84% in 2019 before the response to the COVID-19 pandemic pushed governments to spend more to provide healthcare and economic assistance. She urged countries to more efficiently collect taxes and spend public money. “In a world where the crises keep coming, countries must urgently build fiscal resilience to be prepared for the next shock,” she said.

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On Tuesday, the IMF said it expects to the global economy to grow 3.2% this year, a modest upgrade from the forecast it made in January and unchanged from 2023. It also expects a third straight year of 3.2% growth in 2025.

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The world economy has proven unexpectedly sturdy, but it remains weak by historical standards: Global growth averaged 3.8% from 2000 to 2019.

One reason for sluggish global growth, Georgieva said, is disappointing improvement in productivity. She said that countries had not found ways to most efficiently match workers and technology and that years of low interest rates — that only ended after inflation picked up in 2021 — had allowed “firms that were not competitive to stay afloat.”

She also cited in many countries an aging “labor force that doesn’t bring the dynamism” needed for faster economic growth.

The United States has been an exception to the weak productivity gains over the past year. Compared to Europe, Georgieva said, America makes it easier for businesses to bring innovations to the marketplace and has lower energy costs.

She said countries could help their economies by slashing bureaucratic red tape and getting more women into the job market.

Paul Wiseman, The Associated Press

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Nigeria’s Economy, Once Africa’s Biggest, Slips to Fourth Place – BNN Bloomberg

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(Bloomberg) — Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion. 

Africa’s most industrialized nation will remain the continent’s largest economy until Egypt reclaims the mantle in 2027, while Nigeria is expected to remain in fourth place for years to come, the data released this week shows.   

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Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a plunge in their currencies.

Bola Tinubu has announced significant policy reforms since he became Nigeria’s president at the end of May 2023, including allowing the currency to float more freely, scrapping costly energy and gasoline subsidies and taking steps to address dollar shortages. Despite a recent rebound, the naira is still 50% weaker against the greenback than what it was prior to him taking office after two currency devaluations.

Read More: Why Nigeria’s Currency Rebounded and What It Means: QuickTake

Egypt, one of the emerging world’s most-indebted countries and the IMF’s second-biggest borrower after Argentina, has also allowed its currency to float, triggering an almost 40% plunge in the pound’s value against the dollar last month to attract investment.

The IMF had been calling for a flexible currency regime for many months and the multilateral lender rewarded Egypt’s government by almost tripling the size of a loan program first approved in 2022 to $8 billion. This was a catalyst for a further influx of around $14 billion in financial support from the European Union and the World Bank. 

Read More: Egypt Avoided an Economic Meltdown. What Next?: QuickTake

Unlike Nigeria’s naira and Egypt’s pound, the value of South Africa’s rand has long been set in the financial markets and it has lost about 4% of its value against the dollar this year. Its economy is expected to benefit from improvements to its energy supply and plans to tackle logistic bottlenecks.

Algeria, an OPEC+ member has been benefiting from high oil and gas prices caused first by Russia’s invasion of Ukraine and now tensions in the Middle East. It stepped in to ease some of Europe’s gas woes after Russia curtailed supplies amid its war in Ukraine. 

©2024 Bloomberg L.P.

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