Budget 2022 is investing more than ever before to help people and communities make the transition to a cleaner, stronger economy through the CleanBC Roadmap to 2030.
With more than $1.2 billion in new funding for CleanBC, Budget 2022 is accelerating actions to strengthen communities and expand opportunities for clean economic growth. The new funding builds on the $2.3 billion previously committed to CleanBC to reduce emissions across sectors.
To help communities reduce pollution and prepare for impacts of climate change, the Province is launching a new local government climate action program, funded through $76 million over three years, that will provide predictable, flexible funding to meet local needs. This is in addition to record commitments of up to $244 million from the Province and federal government for the CleanBC Communities Fund.
The way people get around is also changing: $30 million is helping local governments build active transportation projects like bike lanes and multi-use pathways. This is in addition to $2.7 billion over the fiscal period in new funding for better public transit, such as the Broadway Subway and free transit for children 12 and under.
Communities are also working hard to end waste and cut pollution: $10 million will be invested in CleanBC Plastics Action Plan projects to divert plastic waste and reduce emissions from landfills as part of a plan to expand B.C.’s circular economy initiative.
People are making the switch to electric vehicles at an increasing rate, with vehicle rebates totalling nearly $250 million, to be funded through the Low Carbon Fuel Standard program. In addition, purchases of used zero-emission vehicles are now PST exempt until 2027.
B.C. is a leader in electric vehicles with 13% of all new light-duty vehicle sales last year being zero emission. As part of the CleanBC Roadmap, 90% of all new light-duty vehicle sales in the province will be zero emission by 2030.
Budget 2022 continues support for businesses facing competitiveness pressures as they decarbonize and move toward a net-zero emissions economy. The Province has committed an additional $310 million to help reduce emissions from industry. This includes support for the internationally recognized and award-winning CleanBC Program for Industry to expand the use of clean technology in industry as well as measures to help reduce methane emissions and help make industrial operations “net zero ready,” often using made-in-B.C. technology.
In the building sector, Budget 2022 continues to make clean, electric heat pumps and home and building energy-efficiency improvements more affordable for people and businesses through $43 million for the CleanBC Better Homes, Better Buildings program. It also removes the PST on purchases of heat pumps and provides additional incentives for people living in rural and northern regions. These changes will come into effect April 1, 2022.
Additional supportive funding has been committed through BC Hydro’s electrification plan, which will make it easier for people and businesses to switch from fossil fuels to made-in-B.C. clean electricity.
Budget 2022 also ensures that B.C.’s clean transition remains affordable for all British Columbians. With $120 million in funding to continue the Climate Action Tax Credit, Budget 2022 is offsetting the impact of carbon taxes to low- and moderate-income individuals and families.
CleanBC funding totals are in addition to climate-related spending on energy efficiency for public-sector buildings, the First Nations Clean Energy Business Fund and the Innovative Clean Energy Fund.
Budget 2022 makes the choices needed to build a stronger B.C. by investing in the province’s economic, environmental and social strength to make life healthier and more affordable for people now and in the years ahead.
Quotes:
Selina Robinson, Minister of Finance –
“Recent climate-related disasters have tested the people of British Columbia and reinforced the need for collective action to secure a low-carbon future. Budget 2022 makes strong investments to help us fight climate change, and makes it easier and more affordable for people, communities and industries to make climate-smart decisions.”
George Heyman, Minister of Environment and Climate Change Strategy –
“Budget 2022 is tackling the climate emergency head on with record investments in our CleanBC Roadmap to 2030. This critical funding backs our climate commitments with over $1.2 billion in new funding to build a B.C.-led clean economy that makes life better for people. It means substantial new investments to reduce emissions and remove pollution from our environment, new funding for electric vehicles, a cleaner industry, more local government climate action and cleaner buildings. We’re working hard to fight the climate crisis, build back better from recent extreme weather and make sure people and communities across B.C. are ready for the challenges and opportunities ahead.”
Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation –
“With a strong foundation of existing programs and supports through CleanBC, funding from Budget 2022 ensures that we can continue to build on work that we have already accomplished. The transition to a low-carbon economy remains one of our top priorities, while making cleaner choices more affordable for British Columbians.”
Nathan Cullen, Minister of Municipal Affairs –
“Local governments are on the leading edge of fighting climate change and our government is committed to amplifying their work. Budget 2022 provides $76 million in new funding to create a new climate-action program that will support local governments in developing more resilient, compact and environmentally sustainable communities.”
OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
