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There can be no plan for the economy without a vaccine distribution plan: O'Toole – CBC.ca

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Conservative Leader Erin O’Toole dismissed the federal government’s fall economic statement saying a three-year plan to provide stimulus to the economy is pointless without first revealing how Canadians will be vaccinated against COVID-19.

“The minister of finance has proven their government has no plan. Without a plan for vaccines, there can be no long-term plan for our economy,” O’Toole said in the House of Commons on Monday. 

Deputy Prime Minister and Finance Minister Chrystia Freeland responded that enough vaccine has been prepurchased to ensure there are up to 10 doses for every Canadian, but she did not provide details on how vaccines will be rolled out in Canada. 

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“We don’t know the first date vaccines will be received. Almost, most of our allies do, in fact the U.K. and the U.S. will start receiving them in the next few days. Canadians are going to be asking questions and they deserve answers,” O’Toole later told CBC News Network’s Power & Politics

“This is a debacle,” he told host Vassy Kapelos. “We’re pushing because there is a real problem here.”

WATCH | O’Toole pushes for vaccine plan:

Opposition Leader Erin O’Toole says the government needs to present a clear plan for distributing vaccines to Canadians. 1:27

O’Toole also said the government’s efforts to provide economic support to both companies and individuals could have been more effective if implemented sooner. 

“The truth is the Liberals’ economic response has been erratic and confused. Millions more Canadians were put on the CERB than necessary when their jobs could have been maintained if the Liberals had implemented a wage subsidy earlier,” he said. 

In Monday’s fiscal update Freeland projects that the deficit will reach $381.6 billion by the end of March 2021 and could climb higher, depending on the rate of COVID-19 infections.

The Liberal government said it is preparing to spend up to $100 billion to kick-start the post-pandemic economy over the next three years, promising it would provide details in the coming months. 

Bloc Québécois Leader Yves-François Blanchet said there should be much more detail about the government’s plan to provide economic stimulus, especially when the government is so deeply in debt. 

“They have renounced the very idea of controlling deficits,” Blanchet said. “They basically say there is no limit to what they will spend without saying, or without admitting, how badly sometimes they do spend it.”

WATCH | O’Toole claims government’s slow response led to job losses:

Reacting to the federal government’s Fall Economic Statement, Opposition Leader Erin O’Toole says the government’s slow response to the economic downturn caused by the COVID-19 pandemic has caused thousands of job losses. 1:43

NDP finance critic Peter Julian told the House of Commons that the economic statement should be a signal to Canadians that “austerity is coming.” 

Leader Jagmeet Singh was later asked by Kapelos to clarify that position. He said the government’s plan to reduce supports as the economy recovers is evidence Canadians should be concerned. 

“If you look at their economic update in the next years, past Year Two and Three, we see clearly cuts to the help that people need,” Singh told Kapelos. 

Singh was particularly critical of the Liberal government’s decision to put off directly taxing web giants such as Amazon and Google until 2022, while starting to collect GST/HST on goods and services provided by foreign-based digital companies.

Watch: NDP Leader Singh says Fall Economic Statement shows future ‘cuts to the help that people need’

Reacting to the Fall Economic Statement, NDP Leader Jagmeet Singh says the government should be more focused on generating revenue from wealthy individuals and corporations so that it can continue to invest in helping people in a sustained way 4:18

Singh said the application of the GST was important because it put Canadian companies on an even footing with foreign companies, but was meaningless because it failed to directly tax those corporations. 

“Why is it, six years into their government, they still have not actually made web giants pay a single, effectively a cent, of corporate tax? Actually revenue-based taxes that they make off of Canadians in Canada?” he asked Kapelos. 

Singh said he wanted to see a wealth tax that targets people that have more than $20 million and also “pandemic profiteering taxes” levied on companies that have “made massive profits off the backs of Canadians,” during the pandemic. 

Green Party Leader Annamie Paul welcomed some of the environmental initiatives in the economic statement, particularly issues that help the federal government achieve its net-zero objective. 

“There are also enhanced investments in the infrastructure, projects and those sectors which will move us toward net-zero by helping to reduce Canada’s greenhouse gas emissions,” she said. 

However she criticized the failure to deliver a plan that would see emissions cut by 60 per cent from 2005 levels or the implementation of a carbon budget setting out the maximum level of emissions Canada can emit and still keep global temperatures from rising.

Watch: Green Party leader says Liberal government is delaying many initiatives past the next election

Federal Green Party Leader Annamie Paul spoke with reporters after the fiscal update on Monday. 1:04

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PM: Millennials and Gen Z drive Canadian economy – CTV News Montreal

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  1. PM: Millennials and Gen Z drive Canadian economy  CTV News Montreal
  2. Canada’s budget 2024 and what it means for the economy  Financial Post
  3. Federal budget is about ensuring fair economy for ‘everyone’: Trudeau  Global News

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Climate Change Will Cost Global Economy $38 Trillion Every Year Within 25 Years, Scientists Warn – Forbes

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Topline

Climate change is on track to cost the global economy $38 trillion a year in damages within the next 25 years, researchers warned on Wednesday, a baseline that underscores the mounting economic costs of climate change and continued inaction as nations bicker over who will pick up the tab.

Key Facts

Damages from climate change will set the global economy back an estimated $38 trillion a year by 2049, with a likely range of between $19 trillion and $59 trillion, warned a trio of researchers from Potsdam and Berlin in Germany in a peer reviewed study published in the journal Nature.

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To obtain the figure, researchers analyzed data on how climate change impacted the economy in more than 1,600 regions around the world over the past 40 years, using this to build a model to project future damages compared to a baseline world economy where there are no damages from human-driven climate change.

The model primarily considers the climate damages stemming from changes in temperature and rainfall, the researchers said, with first author Maximilian Kotz, a researcher at the Potsdam Institute for Climate Impact Research, noting these can impact numerous areas relevant to economic growth like “agricultural yields, labor productivity or infrastructure.”

Importantly, as the model only factored in data from previous emissions, these costs can be considered something of a floor and the researchers noted the world economy is already “committed to an income reduction of 19% within the next 26 years,” regardless of what society now does to address the climate crisis.

Global costs are likely to rise even further once other costly extremes like weather disasters, storms and wildfires that are exacerbated by climate change are considered, Kotz said.

The researchers said their findings underscore the need for swift and drastic action to mitigate climate change and avoid even higher costs in the future, stressing that a failure to adapt could lead to average global economic losses as high as 60% by 2100.

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How Do The Costs Of Inaction Compare To Taking Action?

Cost is a major sticking point when it comes to concrete action on climate change and money has become a key lever in making climate a “culture war” issue. The costs and logistics involved in transitioning towards a greener, more sustainable economy and moving to net zero are immense and there are significant vested interests such as the fossil fuel industry, which is keen to retain as much of the profitable status quo for as long as possible. The researchers acknowledged the sizable costs of adapting to climate change but said inaction comes with a cost as well. The damages estimated already dwarf the costs associated with the money needed to keep climate change in line with the limits set out in the 2015 Paris Climate Agreement, the researchers said, referencing the globally agreed upon goalpost set to minimize damage and slash emissions. The $38 trillion estimate for damages is already six times the $6 trillion thought needed to meet that threshold, the researchers said.

Crucial Quote

“We find damages almost everywhere, but countries in the tropics will suffer the most because they are already warmer,” said study author Anders Levermann. The researcher, also of the Potsdam Institute, explained there is a “considerable inequity of climate impacts” around the world and that “further temperature increases will therefore be most harmful” in tropical countries. “The countries least responsible for climate change” are expected to suffer greater losses, Levermann added, and they are “also the ones with the least resources to adapt to its impacts.”

What To Watch For

The fundamental inequality over who is impacted most by climate change and who has benefited most from the polluting practices responsible for the climate crisis—who also have more resources to mitigate future damages—has become one of the most difficult political sticking points when it comes to negotiating global action to reduce emissions. Less affluent countries bearing the brunt of climate change argue wealthy nations like the U.S. and Western Europe have already reaped the benefits from fossil fuels and should pay more to cover the losses and damages poorer countries face, as well as to help them with the costs of adapting to greener sources of energy. Other countries, notably big polluters India and China, stymie negotiations by arguing they should have longer to wean themselves off of fossil fuels as their emissions actually pale in comparison to those of more developed countries when considered in historical context and on a per capita basis. Climate financing is expected to be key to upcoming negotiations at the United Nations’s next climate summit in November. The COP29 summit will be held in Baku, the capital city of oil-rich Azerbaijan.

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Economy

Canada's budget 2024 and what it means for the economy – Financial Post

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