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Economy

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.

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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Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says levels of food insecurity rose in 2022

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OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

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

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says manufacturing sales fell 1.3% to $69.4B in August

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OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.

The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.

The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.

Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.

Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.

Overall manufacturing sales in constant dollars fell 0.8 per cent in August.

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

The Canadian Press. All rights reserved.

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