Coree Tull is chair of the B.C. Watershed Security Coalition.
The damage wrought by extreme weather across British Columbia in just the past year is gut-wrenching in its scope. But heading off the worst effects of fire, drought and flooding is still possible if we rebuild the natural protections of our watersheds. Putting in place a Watershed Security Fund, as promised by the provincial government, has never been more urgent.
Healthy watersheds provide natural defences against climate change-fuelled extreme weather. For example, wetlands act as natural sponges that absorb flood waters and slow down overland flow. They also provide refuge and critical habitat to fish and wildlife during times of drought. Natural stream banks help filter runoff, preventing pollution from reaching waterways, and provide shade to spawning salmon during heat waves. Mature forests hold back snow and rain, providing a natural solution during flood season; this stored water is then released when it’s dry and needed most.
The benefits of strengthening these natural protections from extreme-weather events is reinforced by the massive response and recovery costs of recent damages.
In the fall, a series of atmospheric-river storms – a plume of moisture-laden air, hundreds of kilometres long, that delivers sustained, heavy rainfall – overwhelmed B.C.’s infrastructure. This left farms submerged, homes and businesses destroyed, salmon habitat washed away, and water undrinkable; by the time the floods receded, the cost of recovering from the damage topped $9-billion.
Also last year, more than 1,500 wildfires scorched nearly 870 square kilometres of forestland in B.C., racking up more than $500-million in firefighting costs. Forests were dry as tinder as a result of drought and record-breaking heatwaves, compounded by decades of mismanagement. These costs are rising rapidly: In B.C. alone, firefighting costs for three of the past five years (2017, 2018 and 2021) were more than double the 10-year average, together exceeding $1.7-billion.
Drought, fires and floods go hand-in-glove. Drought leads to fire, and fires burn the land. Land denuded of life is then subject to erosion, debris flows and slides, which in turn worsen floods.
So we welcome a recent announcement by B.C. Premier John Horgan that outlined $30-million in funding for watershed security. This investment, which follows $27-million in 2021 under COVID-19 economic recovery, is a good first step toward the establishment of a permanent Watershed Security Fund. Half of the $30-million will fund watershed projects led or co-led by First Nations. The other half will fund conservation organizations that are restoring wetlands, improving salmon habitat and enhancing community resilience.
But this is still a one-off and less than half of what is needed. It is essential that the B.C. government build on these initial investments by creating a long-term Watershed Security Fund in the next provincial budget. To match the scale of the threat, the BC Watershed Security Coalition has identified that at least $75-million in funding per year is needed.
The benefits of such a bold and pro-active investment far outweigh the costs. It is certainly preferable to expensive disaster-response efforts: B.C. has spent nearly $11-billion recovering from the effects of extreme weather in just the past few years. And British Columbians already understand the benefits of shoring up our watersheds. According to an October poll by the Real Estate Foundation of BC and the University of Victoria’s POLIS Water Sustainability Project, 78 per cent support major investments in watershed security to protect fresh water in the province.
This is why we need a Watershed Security Fund that is independent, sustainable and at a scale that can make a difference while withstanding political cycles. And such a fund must be delivered in partnership with Indigenous Nations to support real progress on reconciliation.
Once established, the fund should invest in three key areas. First, rebuilding our natural defences: Wetlands, stream banks, forests and coastal marshes provide critical services at a fraction of the cost of built infrastructure. Second, strengthening watershed governance through Crown and Indigenous partnerships that work with local communities to set priorities and make better decisions for their watersheds. Third, bolstering collaborative watershed monitoring through Indigenous knowledge and Western science, so we know if actions are making a difference.
Watersheds underpin our economy, health and well-being by providing clean drinking water, thriving salmon runs, water for growing food and natural protections against climate disasters.
If we take care of our watersheds, they will take care of us.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
