OTTAWA (Reuters) –Canada said on Monday it plans to cut carbon emissions more aggressively and issue its first green bonds, part of a global push for more action on climate change.
Ottawa’s budget for the fiscal year ending next March sets a new target to cut emissions by 2030 to 36% below 2005 levels, more ambitious than its previous 30% goal.Canada has a net zero emissions target of 2050.
An even more ambitious 2030 target will be set “in the coming days”, the budget says, probably when Prime Minister Justin Trudeau attends a virtual leaders summit on climate starting on Thursday. It will be hosted by U.S. President Joe Biden, who has put new focus on fighting climate change.
Trudeau has said he wants to “build back better” after the pandemic, but critics have said Canada, the world’s fourth-largest oil producer, may lag the United States if more action is not taken.
“In 2021, job growth means green growth,” Finance Minister Chrystia Freeland said in a speech to lawmakers.
Canada has a carbon pricing scheme but has failed to meet past climate pledges, which have met resistance from politicians who say the targets threaten the oil industry’s future.
In a bid to get the energy sector to pivot toward lower emissions, the budget offers tax credits for capital invested in carbon capture utilization and storage projects, and for hydrogen production, though it said the rate of the incentive would be determined in coming months.
Ottawa will also issue its first green bonds this year to fund projects aimed at fighting climate change. Some C$5 billion will be issued, or about 2% of total government bond issuance during the current fiscal year.
The budget includes C$17.6 billion ($14.1 billion) to support what the government calls a “green recovery”.
That includes investments in companies that specialize in green technologies, as well as a 50% reduction in income tax rates for businesses that manufacture zero-emission technologies, and a C$5 billion top-up to a fund used to invest in and attract green tech companies, including zero-emissions carmakers.
“There are definitely jobs to be found by focusing on technologies like carbon capture, electric vehicles, and clean tech generally,” said Trevin Stratton, chief economist at the Canadian Chamber of Commerce.
The carbon reduction plan will also offer interest-free loans to homeowners of up to C$40,000 to improve energy efficiency.
($1 = 1.2526 Canadian dollars)
(Reporting by Steve Scherer; Editing by Amran Abocar and David Gregorio)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
