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Victorious BC NDP faces uncertain political, economic landscape over next four years – Business in Vancouver

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Thanks to those mailed-in ballots, we will know who are the members of the next U.S. Congress before we know who are the members of the next B.C. Legislative Assembly.

But at least we know who is the premier within our borders before we know who will be the president below the border.

Dr. Bonnie Henry led the province to flatten the pandemic’s curve, which created a nice poll trajectory for John Horgan. He made no other case for this election but his reelection, but there is good reason why the word “opportunist” often comes to mind when describing a politician.

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Horgan knew the economy might be way worse this time next year, when his minority governing covenant with the Greens expires. Today’s tendency to blame troubles on the pandemic might next year be a tendency to blame troubles on the government, so he chose to break the pact and launch his latest public offering when the market appeared most willing to pay for it.

The bet was publicly derided but privately admired for its political savvy. It proved safe. The NDP will have more seats than ever in the 87-seat legislature.

Horgan would keep a straight face when he said the province needed political stability, even if there were no signs of unsettledness in the cross-party cooperation in COVID-19. For his poker face, though, he gets dealt a very uncertain hand in the next four years.

The NDP has in recent months figured out how to spend and salve some wounds in the pandemic. Soon it will need to determine how to pay – or how we will. Some of its most ambitious ideas – for child care, for social and below-market housing, for climate change, for transit – have their largest commitments due in the next term. Sooner or later, too, the cryptic financial strait of the Site C hydroelectric project will be clarified.

And, of course, there is the cost of the pandemic on livelihoods and on businesses, along with the challenge of how to reignite what was the country’s leading economy – unchartered territory for the NDP. The campaign gave us no clues on how Horgan will approach the larger questions. He has some figuring to do.

There is no doubt all of this will reach deeper into our pockets. None. It’s only a question of whose, how soon, how often, and how deeply.

We can conveniently forget that the 2017 election was actually won by the BC Liberals. The mailed-in ballot counts in one riding kept them from a majority and set into motion the negotiation that cemented – or Scotch-taped, anyway – the BC-Green deal.

So if the 1a) story Saturday was the rise of the NDP, 1b) was the collapse of the Liberals, their worst showing since they were coalesced by Gordon Campbell two decades ago. Andrew Wilkinson delivered a muted, barely audible speech late Saturday that conceded an NDP government but little else. He encouraged British Columbians to respect all voters and await the final results some two-plus weeks away, once the half-million mailed-in ballots are tallied.

But it is unlikely Wilkinson will have long to address his own political future. Already there are campaigns under way to succeed him, although one possible successor, Jas Johal, appears by the preliminary count to have lost his seat in Richmond-Queensborough. If Wilkinson chooses to stay, he will first have to persuade his party, and that is not a camp in a good mood.

The nightmare scenario for the Liberals was a much smaller caucus tilted heavily into the conservative camp, a result that might have shattered the coalition of centrist and right-of-centre cohorts. Now it will survive to fight another day, as mainly a rural party. But it’s hard to fathom it will fight under the same leader.

Well down from the 1a) and 1b) stories was the sleeper story Saturday of the Green Party. With Andrew Weaver’s departure as leader, but his endorsement of Horgan, there was every possibility the party would recede. But the Greens traded Weaver’s lost seat in Oak Bay for one in West Vancouver to keep three. Few saw that coming months ago.

New leader Sonia Furstenau made nothing but positive campaign impressions – the election timing was miserable for the Greens, just weeks after her ascension – and her opportunity in these next years is to further define the economic vision for the Greens. She backed Horgan down in a campaign he wanted to use to vaporize the Greens, and she has the chance to make him miserable for four years. For the time being, until the Liberals regroup, she is the de facto opposition leader.

Horgan got the benefit of a crisis in reelection. His challenge now is not to create one.

Kirk LaPointe is publisher and editor-in-chief of Business in Vancouver and vice-president, editorial, of Glacier Media.

 

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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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