The majority of businesses want to contribute to the decarbonization of the economy, according to a survey conducted by the Conseil du patronat du Québec (CPQ).
However, some obstacles stand in their way, according to the document, which was released Thursday.
Seventy percent of businesses agree that more needs to be done to fight global warming, something that is “music to the ears” of Karl Blackburn, president and CEO of the CPQ.
“Companies want to do more. They are ready to sign the social contract for the environment,” he said.
The survey shows that 84 per cent of Quebecers want the government to pass tougher laws to force companies to reduce pollution.
Businesses share this goal, Blackburn insists, but adds “it’s going to require significant capital investment.”
The government can encourage companies to go green, notably by integrating environmental objectives into its calls for tenders, suggests the CPQ.
“It may cost more in the short term, but in the medium and long term, the return on investment is much greater,” Blackburn said.
As a result, the CPQ is making a series of recommendations to promote the decarbonization of the economy, including expanding the scope of the carbon market to other sectors and jurisdictions, integrating eco-taxation into the Quebec system, investing in public transportation and encouraging a circular economy.
CPQ member Transcontinental says it is focusing on the circular economy, recycling plastic in its packaging products, says Charles David Mathieu-Poulin, head of public affairs and stakeholder relations.
For example, the Publisac bag, criticized by some environmental groups as a major waste generator, is 100 per cent recyclable.
The Montreal-based company says it wants 10 per cent of its packaging components to be recycled by 2025.
While Transcontinental has the financial means to invest in the transition, Mathieu-Poulin acknowledges that there are costs associated with it that could be an obstacle for other companies.
“Yes, there is a cost in research and development. You have to have labs and equipment,” he said. “Once you have developed new products, you sometimes have to make adjustments or buy new equipment that can cost several million dollars.”
Investing in sustainable development is a good thing because it attracts new customers and keeps up with changing regulations, Mathieu-Poulin adds.
It’s also a way to bring in labour in a context where manpower is scarce.
According to the CPQ survey, 71 per cent of Quebecers say the stronger a company’s environmental values are, the more they want to work for it.
“It’s important to know that you’re working for a company that takes sustainable development seriously and that it’s part of the strategy,” Mathieu-Poulin said.
— This report by The Canadian Press was first published in French on Jan. 20, 2022.
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.
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.
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.
