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Green economy think tank gives thumbs up to tree planting promise – rdnewsnow.com

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Ottawa doesn’t intend to plant the trees itself, but will provide money to help others do it.

Dave Sawyer, an environmental economist with the Smart Prosperity Institute, said “two billion is a good start” when it comes to using nature to help Canada cut greenhouse gas emissions.

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A study Sawyer helped write found that planting two billion trees is possible and helpful as trees are one of the best natural ways to absorb some of the greenhouse gases produced from burning fossil fuels.

The study suggests planting that many new trees could reduce emissions between two and four million tonnes a year in 2030. By 2050, as the trees mature and can absorb more carbon dioxide, that amount could more than double to between four and almost nine million tonnes a year.

The cost to plant those trees per tonne of emissions reduced would between $16 and $36, the study says, which is noticeably less than the $50 a tonne carbon tax that will be in place by 2022.

The investment would drive economic activity by paying people — usually young people — to plant the trees as well as work for local nurseries to grow the saplings, Sawyer said.

Even at four million tonnes a year by 2030, the impact on Canada’s emissions would not be huge. Canada is currently aiming to cut emissions from 716 million tonnes in 2017 (the most recent year for which data is available) to no more than 511 million tonnes by 2030. It’s a target that will get tougher next year when Wilkinson increases Canada’s target.

“It’s not the panacea to solve Canada’s problem,” Sawyer said. “But clearly there is something here and we can actually get a lot of carbon and a lot co-benefits, environmental benefits, local economic development benefits.”

A few recent studies have shown benefits to starting a global effort to plant new trees, a plan backed by Swedish teenager and climate change campaigner Greta Thunberg. American clean-tech leader Elon Musk is among those putting up some money to kickstart efforts.

Some critics have suggested there is not space on the planet to put all the new trees suggested, but Sawyer said Canada does have room for two billion new trees.

While the study took into account the expectation that not every new tree planted would survive, he said where they get planted and ensuring a variety of tree types are included will be key to making the most of the efforts.

Canada has had tremendous losses of trees from pest infestations partly because urban and rural forestation efforts have in the past focused on one tree types. That meant the pine beetle had a devastating impact in British Columbia, for example, as the emerald ash borer has had in some cities in central and eastern Canada.

This report by The Canadian Press was first published Dec. 17, 2019.

Mia Rabson, The Canadian Press

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Euro zone economy likely contracted in third quarter amid waning demand, survey suggests – The Globe and Mail

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Sub-Saharan Africa Economic Growth to Slow to 2.5% in 2023, World Bank Says

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JOHANNESBURG: Sub-Saharan Africa’s economic growth is expected to slow this year, dragged down by slumps in heavyweights South Africa, Nigeria and Angola, the World Bank said on Wednesday.
Regional growth will slow to 2.5% in 2023 from 3.6% last year, the bank said in a report, before rebounding to a projected 3.7% next year and 4.1% in 2025.

In per capita terms, the region has not recorded positive growth since 2015, as African countries’ economic activity has failed to keep pace with their rapid increase in population.
Some 12 million Africans are entering the labour market each year, the World Bank wrote in its twice-yearly “Africa’s Pulse” report. But current growth patterns generate just 3 million jobs in the formal sector.

“The region’s poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth,” Andrew Dabalen, the bank’s chief economist for Africa, said.
More than half of the region’s countries – 28 out of 48 – have seen their 2023 growth forecasts revised downward from the World Bank’s April estimates.
The continent’s most developed economy, South Africa, which is facing its worst energy crisis on record, is expected to grow just 0.5% this year.

Economic growth in top oil producers Nigeria and Angola is expected to slow to 2.9% and 1.3% respectively.
Sudan, which is in the midst of a major internal armed conflict that has destroyed infrastructure and brought the economy to a standstill, is expected to be hit by a 12% contraction, the Bank said.
Excluding Sudan, regional growth would be 3.1%.
“The region is projected to contract at an annual average rate per capita of 0.1% over 2015-2025, thus marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices,” the report stated.
While sub-Saharan inflation is expected to ease to 7.3% this year from 9.3% in 2022, it remains above central bank targets in most countries.
Meanwhile, recent military coups in Niger and Gabon in the wake of army takeovers in Guinea, Mali and Burkina Faso, as well as armed conflicts in Democratic Republic of Congo, Ethiopia, Somalia and Sudan, have created additional risk in Africa.
And mounting debt is draining resources, with 31% of regional revenues going to interest and loan payments in 2022.

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The US Economy is Now Breaking in Plain Sight – Bloomberg

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