Canada is planning to end gas-powered vehicle sales in the next 12 years and transition to only selling electric vehicles.
On Tuesday, Environment Minister Steven Guilbeault announced the New Electric Vehicle Availability Standard in an effort to increase the supply of clean, zero-emission vehicles available to Canadians across the country.
Getting to 100% EVs & plug-in Hybrids is a win-win-win for Canadians:
????????Save thousands of $ on fueling & maintenance
⚡️Save the planet & our lungs from harmful emissions
????Support a robust EV supply chain in Canada
The standard aims to achieve a national target of 100 per cent zero-emission vehicle sales by 2035.
“Interim targets of at least 20 percent of all sales by 2026, and at least 60 percent by 2030, will channel supply to Canadian markets instead of going abroad, reducing customer wait times and making sure Canadians have access to the latest affordable and technologically advanced vehicles that are coming to the market in the next few years,” the government said in a news release on Tuesday.
In the last quarter alone, one out of every eight new cars sold across Canada was a zero-emission vehicle, according to the government. British Columbia and Quebec, which have similar standards in place, have an even higher number of electric vehicles at one in five sales.
“Putting in place an Electric Vehicle Availability Standard fulfills a major climate commitment from our climate plan. Getting more electric vehicles on the road is another example of how we are taking climate action while helping make life more affordable,” Guilbeault said in a statement.
The government predicts that switching to electric vehicles will save owners $36.7 billion in energy costs, since electricity costs are much lower than gasoline prices.
Phasing in 100 per cent electric vehicle sales by 2035 is projected to reduce over 360 million tonnes of greenhouse gas emissions by 2050, avoiding almost $100 billion in global damages, the government says.
In addition, electric vehicles also help to reduce harmful air pollution. Health Canada says that emissions from on-road vehicles contribute to an estimated 1,200 premature deaths and millions of cases of non-fatal health outcomes every year, at a total estimated economic cost of $9.5 billion annually.
“The air quality benefits of switching to electric vehicles will be particularly important for the 40 percent of Canadians who live near busy roads and highways and are exposed to high levels of pollution,” the government says.
“As more and more zero-emission vehicles hit Canadian roads, we can expect less pollution from traffic in our communities. This will have immediate health benefits that will keep growing over time. By reducing air pollution from on-road vehicles, we can reduce health risks for Canadians of all ages,” Minister of Health Mark Holland said in a statement.
Not only are electric vehicles better for the environment, they’re a more affordable option over the long run, according to the government.
Recharging costs can be as little as $10 per 400kms, resulting in an average cost of $48,943 for an electric vehicle hatchback over a 10-year span, compared to $82,515 for a gas-powered alternative. The government adds that Canada is investing $1.2 billion to build 84,500 chargers across the country by 2029.
The government says the New Electric Vehicle Availability Standard was informed by extensive engagement over the last two years and implements a phased-in approach to gradually switch to a 100 per cent zero-emission future.
REACTION FROM CANADIANS
Soon after the announcement was made, Canadians were quick to react online with mixed emotions. Some think the move is a step in the right direction towards reducing greenhouse gases.
“Game changer and about time Canada joins other nations in capitalizing on zero emission vehicles and their technology!,” one user on X wrote.
“It’s good environmental policy, but the government must start the process now with Canada’s power companies to install EV home chargers in every household at no cost to the homeowner – it’s the only way this policy will work, otherwise people WILL NOT make the change to electric,” another said.
Great announcement Steven!
In what ways is the government assisting the private sector build EV charging infrastructure? Would be interested to hear more on this.
Also, will be there any exemptions for those that may require an ICE vehicle for some reason?
How about Canadians in Nunavut/Yukon who have to travel long distances just for groceries? What are they supposed to do? No infrastructure, no charging how do they survive? #cdnpoli
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
