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Expert Panel on Sustainable Finance warns International investors are leaving Canada

Sustainable finance is focused on harnessing the financial sector to assist and enable companies and allocate capital in a more climate aware manner to mitigate and adapt to climate change. It grew from making investments in green technology to financing companies and communities transitioning to low-carbon environments.  The goal is to build resilience to the widespread impacts of climate change and prevent further exacerbation. The industry has grown significantly with international regulators beginning to add climate change to their risk assessments. Unfortunately, according to the federally appointed nonpartisan Expert Panel on Sustainable Finance, the system as a whole has been far too slow to act, resulting in a significant risk that Canadian companies and communities fall behind in making necessary adjustments transitioning to low-carbon economies.  The lack of focus on climate change exacerbates risks and overlooks opportunities available to Canadian companies.

Canadian companies slow to transition to low-emissions operations are finding it hard to compete internationally.

The panel calls for “a concrete vision and capital plan for Canada’s course toward a competitive low-emissions, climate-smart economy; offering Canadian businesses, financial firms and individuals the ability to connect with that vision through investment and savings; and ensuring that government and industry join forces to pursue opportunity and manage risk.”  

The Expert Panel on Sustainable Finance created a roadmap for the public and private sectors by prioritizing a number of accountable steps needed to make Canada more likely to experience a smooth and successful transition to lower carbon. This involves decoupling economic growth from growth in emissions, protecting our savings and investments, and insuring that our infrastructure can handle the changes ahead – this will position Canada well in the global arena  

The panel is made up of Royal Bank of Canada board director Andy Chisholm; former Bank of Canada deputy governor Tiff Macklem (Dean of Rotman School of Management); Kim Thomassin, executive vice-president at the Caisse de Dépôt et Placement du Québec; and Barbara Zvan, chief risk and strategy officer at the Ontario Teachers’ Pension Plan.

Some highlights from the report include:  The need for a long-term vision for a climate-smart economy; the need to include climate related risk into regulation of Canada’s financial system; the need for broader awareness and education in the retail investment space; and the need to accelerate the development of a building retrofit market. 

The report is thorough and offers 15 recommendations with detailed strategy and suggestions on who might lead each initiative. Below is a brief synopsis of the report, written around three “pillars” to building a stronger, sustainable vision for the country. 

Pillar I: Ways to turn climate change into an opportunity for all Canadians.  

  1. Map Canada’s long-term path to a low-emissions, climate-smart economy, sector by sector, with an associated capital plan. 
  2. Provide Canadians the opportunity and incentive to connect their savings to climate change objectives.
  3. Establish a standing Canadian Sustainable Finance Action Council (SFAC) with a cross-departmental secretariat, to advise and assist the federal government in implementing the Panel’s recommendations. 

Pillar II:  Building blocks for mainstream engagement on sustainable finance in Canada.

  1. Establish the Canadian Centre for Climate Information and Analytics (C3IA) as an authoritative source of climate information and decision analysis. 
  2. Define and pursue a Canadian approach to financial disclosure of climate related issues utilizing the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD). 
  3. Clarify the scope of fiduciary duty in the context of climate change. 
  4. Promote a knowledgeable financial support ecosystem – a shortage of professional training, education and collaborative exploration on topics related to sustainable finance is causing a critical proficiency gap.
  5. Embed climate-related risk into monitoring, regulation and supervision of Canada’s financial system. 

Pillar III: Developing and scaling market structures and financial products that could offer transformative economic benefit to Canada in building a low-emissions, climate-smart future.

  1. Expand Canada’s green fixed income market, and set a global standard for transition-oriented financing. 
  2. Promote sustainable investment as ‘business as usual’ within Canada’s asset management community.
  3.  Define Canada’s clean technology market advantage and financing strategy.
  4. Support Canada’s Oil and Natural Gas industry in building a low-emissions, globally competitive future.
  5. Accelerate the development of a vibrant private building retrofit market.
  6. Align Canada’s infrastructure strategy with its long-term sustainable growth objectives and leverage private capital in its delivery.
  7. Engage institutional investors in the financing of Canada’s electricity grid of the future

(For the full detailed report click here)

The expert panel believes that “Canada has the financial expertise, technological capacity and resource wealth to emerge as a “global leader in climate-smart economic growth.” But they point out that it is more than just an opportunity, it is an imperative. Canada is competing with international companies in a race to supply the world with low-cost clean energy solutions and low-emissions natural resources. Through innovation and investment this can be a Canadian standard that we are all proud of. It is environmentally sensitive, socially responsible, and low cost – but in order to achieve this we must allocate capital and investments accordingly.  Investors are looking to greener shores and without an accelerated push, Canada will become less and less competitive on the world stage.

Contract between Saudi Arabia and Canada ‘frustrating’

With the revelation of the killing of Washington Post journalist, Jamal Khashoggi, in Saudi Arabia’s consulate, Turkey, there is increasing pressure for Canada to cancel its contract for sale of light armoured vehicles (LAVs) to the kingdom of Saudi Arabia.

Canada’s Prime Minister Justin Trudeau said that while Canada has condemned the killing of the journalist and is not afraid to freeze permits on arms exports, the contracts that bind them to supply LAVs to Saudi Arabia are very difficult to break.

Speaking to Matt Galloway on CBC Radio’s Metro Morning on Tuesday, Trudeau explained that the way the previous Conservative government negotiated the contract made it very frustratingly difficult to suspend and prevented disclosure of conditions.

“The contract signed by the previous government, by Stephen Harper, makes it very difficult to suspend or leave that contract,” Trudeau said. “We are looking at a number of things, but it is a difficult contract.

“I actually can’t go into it, because part of the deal on this contract is not talking about this contract, and it’s one of the binds that we are left in because of the way that the contract was negotiated.”

Germany  has already stopping its arms sales in light of the incident and other countries, and  are working to figure out what kind of diplomatic and economic pressure could be applied to Saudi Arabia to make it clear that the apparent murder of the once Saudi royal family insider within the walls of the Saudi embassy in Turkey is unacceptable.

The world has of course noticed that Canada, which has had a very serious rift with the kingdom, beginning earlier this year, when the government publicly criticized the arrests of women’s rights activities, is still sanctioning the military deal.

While Trudeau said the government was not afraid to suspend military export permits like they had in the past, he explained that this contract could have more of a back lash on Canada and they were doing their due diligence with looking into the matter.

“I do not want to leave Canadians holding a billion dollar bill because we’re trying to move forward on doing the right thing. So we are navigating this very carefully and that’s pretty much all I can say on that.” said Trudeau.

Foreign Minister Chrystia Freeland has made it very clear that Canada condemns the killing of the journalist and that the Saudis’ “explanations” of the killing of Khashoggi “lack consistency and credibility.”

She has also agreed with the federal government’s call for a thorough investigation in collaboration with Turkish officials, demanding a full and transparent investigation.

“We are gravely concerned by the murder of Jamal Khashoggi,” she said. “We do not find the explanations that have been offered to date to be credible or consistent. That is a serious problem for Canada.” She said.

However, while the Opposition is calling for government to invoke the new Magnitsky law  which gives the government the authority to freeze Canadian assets of foreign individuals who have violated human rights, to sanction those responsible for Khashoggi’s death, there is as yet no concrete word on whether that is the course Canada will take.

 

Why the ‘peoplekind’ debacle is so insulting

When I first heard that Canadian Prime Minister Justin Trudeau interrupted a woman during a town hall meeting to suggest she say “peoplekind” instead of “mankind”, because it was more inclusive, I laughed. I assumed it was a mistake, as to my knowledge there is no word or term in the English language for “peoplekind”. He meant “humankind” right?

Apparently, that wasn’t the mistake he made.

“I made a dumb joke a few days ago that seems to have gone a little viral in the room, on the peoplekind comment,” Trudeau told reporters after the fact. “It played well in the room and in context. Out of context it doesn’t play so well, and it’s a little reminder that I shouldn’t be making jokes even when I think they’re funny.”

This is disappointing. Essentially, he was saying his mistake wasn’t the word, but rather the Canadian prime minister, someone who describes himself as a staunch feminist, said he was joking about inclusivity. Not only that, but he interrupted a woman with a legitimate question to do so.

This is not just a matter of a joke not playing well. It’s proof that even the Prime Minister still has a patriarchal mentality.

Oh, and the international media is having a field day.

Trudeau’s comment, in addition to the way he injected his opinion overtop of that of a woman, is the reason why no progress can be made in the feminist movement. Women are fighting to be heard, to be considered active citizens and get involved in politics. Yet, they are being shoved out, belittled with fake expressions of equality.

This woman’s question was about a policy that would see religious charities lose funding, not a light-hearted topic. However, the condescending way in which she was treated at the town hall meeting diminished the importance of what she was saying. It also acted as an embarrassment technique. This woman was essentially corrected in front of a couple hundred people, told she was being sexist and politically incorrect.

Trudeau’s boyish charm will only get him so far if he continues to act so cavalier when speaking with the people of Canada, especially women. It’s important to remember that everyone has the vote now — and this silly, stupid “joke” may have lost him some.

Featured Image: Justin Trudeau | by JustinLing

Toronto-York Spadina Subway Extension opens this weekend

It’s finally here! The Toronto-York Spadina Subway Extension (TYSSE) will open on Sunday, connecting the City of Toronto to Vaughan.

Prime Minister Justin Trudeau and Ontario Premier Kathleen Wynne attended the ribbon cutting ceremony on Friday for the $3.18 billion, 8.6 kilometre, subway extension.

“This opening is another example of all levels of government working together cooperatively to deliver billions of dollars in transit infrastructure and our ongoing commitment to getting Toronto moving,” Toronto Mayor John Tory said.

The TYSSE will be the first Toronto Transit Commission (TTC) route that crosses municipal boundaries, connecting Toronto and the Region of York. Each station has been specifically designed to integrate into each different neighbourhood. Pioneer Village’s station includes high columns with a green roof and a number of environmentally-friendly additions. Highway 407’s station has a beautiful stain-glass and the York University Campus station is sleek, modern, and pedestrian-friendly.

It is also the first subway route to be completed under the new “motherlode” transit network. The line has been highly anticipated by students who attend York University, as well as those who work near Vaughan Metropolitan Centre and Highway 407. Torontonians will also now be able to access more affordable housing options, as well as Canada’s Wonderland, without having to take a specialized VIA bus.

“The opening of the Toronto-York subway extension is the single greatest transit achievement for this region in my lifetime,” said Ontario Minister of Transportation, Steven Del Duca, in a statement. “Thousands of Vaughan residents and York University students now have a world-class rapid transit option to get them where they need to go faster and more efficiently. Today’s celebration clearly indicates what we can achieve when all levels of government work towards one common goal — building more transit.”

It will be interesting to see how this extension will impact Line 1 without a relief line in place. With the completion of the TYSSE, and the hopeful completion of SmartTrack by 2024, the Yonge Line (Line 1) will be at capacity by 2031, unable to carry new riders. The relief line must be in place by the time SmartTrack is completed in order to accommodate the increase in commuters who are all connecting to Line 1 in order to get downtown.

Most subway cars should have updated their maps already, including the lights indicating when the car arrives at a station. Check them out the next time you jump on transit!

Will you be taking the TYSSE this weekend? Let us know what you think in the comments below!

Justin Trudeau issues apology to the LGBTQ community

In a bold, historic and heartwarming moment, Canadian Prime Minister Justin Trudeau delivered an apology to the LGBTQ community after decades of discrimination. Trudeau made the apology in the House of Commons in Ottawa on Tuesday, Nov 28.

The chambers held a lot of emotion, as even Trudeau wiped away tears at the end of his speech. Trudeau was able to express the regret, shame, and sorrow the Canadian government has taken responsibility for in the discriminatory treatment of LGBTQ Canadians. The rejection and treatment of the LGBTQ community was a state-sponsored and witch-hunting event to purposely exclude people from society based on their sexual orientation.

“You are professionals. You are patriots, and above all, you are innocent. And for all your suffering, you deserve justice and you deserve peace. He said  ” It is our collective shame that you were so mistreated. And it is our collective shame that this apology took so long— many who suffered are no longer alive to hear these words. And for that we are truly sorry.”

Many LGBTQ Canadians faced such discrimination and harsh treatment from others that were not willing to understand nor accept people with non-conforming sexual orientation and desire. Between the 1950’s to the 1990’s thousands of federal workers were fired based on their sexual orientation. This was part of  a “national security’ purge. In the 1960’s alone, there was a database collected by the RCMP of over 9000 suspected gay and lesbian federal workers and suggestions of demotion and denial of promotion.

In June of 2016, members of the advocacy group Egale Canada released a report on the systematic discrimination members of the LGBT community has faced over the years. This prompted them to issue ways in which the treatment and viewpoint of the LGBTQ community can be changed in Canada. One of the recommendations was a formal apology issued by Ottawa. In May of 2017, Prime Minister Trudeau announced that he will issue a formal apology on Nov 28, and as he promised this was delivered to a packed house.

However, there are still some people who thought the apology was not enough to make up for years of hurt and damage caused in many communities. The fact is, this ‘purge’ was a systematic event that lasted longer than necessary and changed many lives.

In 1969 the House of Commons voted to pass a bill that decriminalized homosexuality and in 1967 the bill was first introduced by the acting Justice Minister at that time, and future Prime Minister, the late Pierre Trudeau, who said, “The view we take here is that there’s no place for the state in the bedrooms of the nation.”

Now 50 years later, his son has taken the opportunity to offer an apology for government actions that were truly vile, invasive, discriminatory and un-Canadian.

This is yet another historic moment in the LGBTQ community in Canada. Comment below.

Why does everything take 11 years?

This week, Canadian Prime Minister Justin Trudeau announced a National Housing Strategy. This is something Canadians have been anticipating for a few years now.

The Liberal government promised to spend $11.2 billion over the next 11 years on housing, something they say will reduce chronic homelessness by 50 per cent. The Prime Minister also pledged to use a portion of the national co-investment fund to repair Canada’s social stock. It is unclear how much funding that would equal. Other aspects of the strategy include:

  • $15.9 billion for a national co-investment fund that will build an estimated 60,000 new units and repair 240,000 others. At least 2,400 units will go to people with developmental disabilities, 12,000 units for seniors, and 7,000 for survivors of family violence.
  • $2 billion for a new Canada Housing Benefit for low-income families and individuals.
  • $2.2 billion to expand homelessness partnering strategy.
  • $4.3 billion for a Canada Community Housing Initiative partnered with provinces
  • At least 25 per cent of investments will support projects that target needs of women and girls
  • And, legislation that would require future federal governments to maintain a national housing strategy.

Now, don’t get me wrong — it’s great the government has finally created a national strategy for housing. With the cost of homes ballooning and the incredibly long wait-lists for social housing; and the city of Toronto declaring a state of emergency with the number of shelter beds available in the winter, it’s the perfect time for this housing strategy to be released.

But, why is it that every single promising investment the Canadian government makes comes with an 11-year timeline? It doesn’t matter whether the issue is transit, infrastructure, or housing, it’s always 11 years. There is probably a budgetary reason for this timeline, but for those who aren’t privy to that information, it comes across as a bit slow. Shelter beds and affordable housing is needed now, not 11 years from now. In 11 years, the people who need the housing will either a) have found a way to get themselves and their family into a housing unit, b) have come to terms with homelessness or c) have died from cold exposure after living on the street or illness from a poorly kept or cockroach-infested building. 

A few hundred protestors from big cities across Canada made this exact point this week, saying the national strategy should commit to making some changes in two years time, so that those struggling right now are helped by this strategy. They say housing is needed now to curb the crisis and get people off the street.

Yes, the government should be looking to the future. If they don’t, there will never be any progress. But, when it comes to the livelihood of its citizens — Canada can act a little faster.

Do you care about the sex appeal of your Prime Minister?

It’s started already. The “who’s hotter than who” rhetoric surrounding Canada’s political leaders. Apparently, if your Prime Minister isn’t old and balding (or orange with a toupee), this is what the press focuses on. It doesn’t matter what his or her policy is, whether or not they kept their promises, or what their plans are for the future. It’s all about their hair and winning smile.

Don’t get me wrong! I’m a woman who can appreciate a person’s good looks — but when it comes to the people who represent my interests on a national and international level, I tend to think values matter more. But, that’s just me.

It all started with the election of Justin Trudeau as Prime Minister. The world exploded with jealousy, talking about how sexy he was and how gorgeous his hair is. Newspapers, magazines, and tabloids all posted pictures of him boxing or taking his shirt off for a charity event. They even made some cringe-worthy jokes involving maple syrup. To this day, the media go into a frenzy whenever our Prime Minister steps on foreign soil. There is no escaping those selfies.

Canadians could deal with one good-looking politician. Sure, the press may love to take his picture, but after the first month of his term, most Canadians were over Trudeau’s charm. But now, Canada is in trouble. There are now two — yes, I said two — good-looking political leaders vying for the position of Prime Minister in the next election.

Newly-elected New Democratic Party Leader Jagmeet Singh has been praised for his ability to connect with young people. He is charismatic, and fashion-forward. Take a look at any of his photos and you can see a man who knows how to work a camera.

Earlier this week, Singh made a comment about his own luscious locks hidden beneath his turban, saying “I have more hair, and it’s longer, and it’s nicer.” Now, people are going crazy again. Articles have popped up calling those “fighting words”, making the correlation between hair and a vow to defeat Trudeau in the next election. Poor Conservative Party Leader Andrew Sheer has to read articles that compare his sex appeal to that of his colleagues. Yes, apparently sex appeal is the newest factor for a political leader. May I suggest a catwalk for the next televised debate?

While this whole debocle is pretty funny, it’s also a big problem.

First of all, as editor of Women’s Post, I must question whether or not this kind of talk would be the same if a woman were elected as party leader. Would sex appeal be as big of a factor? Would the mere inclusion of that kind of discussion be labelled inappropriate? Would reporters get in trouble for talking about a woman’s hair and makeup instead of her policy platform? No one is talking about Elizabeth May’s appearance, so why are we talking about Singh’s? If anyone was confused about the double standard between male and female politicians, they don’t have to look much further.

While a fight over luscious locks seems entertaining, and may be a good PR tactic to gain the attention of potential voters, it also distracts from the bigger issues facing our country. Unemployment, health care, education, and Indigenous reconciliation are just a few of the important issues our political leaders need to be knowledgeable of. Those are the issues that our leaders should be discussing. Instead, voters are treated to a pageant contest, where the contestants have to dress up, smile, and describe their ideal date.

This is not my kind of democracy, and I think a lot of Canadians feel the same way.

To be fair, a lot of this is the media’s doing. Politicians know that catering to the press is how they get coverage and reach voters — and journalists love to write about sex and controversy. But, the worst mistake a politician can make is to assume voters are stupid and easily distracted. Talking about your hair is not going to make Canadians forget to ask about your policies.

Being charismatic is a good thing. Being able to genuinely connect to Canadians is even better. But at what point do we stop talking about it and focus on the real issues?

Hopefully, it’s before the election.

Mayor announces $4.8 billion in federal transit funding

Toronto Mayor John Tory announced Thursday that federal money is on its way as part of the second phase of the Public Transit Infrastructure Fund.

“I’m thrilled that Toronto will receive approximately $4.8 billion of Ontario’s $8.34-billion allocation from the Government of Canada for our transit network expansion plan, which includes the Relief Line, Smart Track, the Eglinton East LRT and Waterfront transit,” Tory said in a statement. “This is a huge victory for Toronto and will lead to better transit for the entire region.”

He also confirmed that the province would be required to contribute 33 per cent of project costs and that Ontario would be encouraged to follow British Columbia’s example and commit to a 40-40-20 cost share arrangement.

The mayor has been a strong advocate for cost sharing when it comes to the Relief Line and Smart Track, and has been battling stubborn provincial politicians along the way. This soon-to-be announced funding is a big win on the part of Toronto and the much-needed Relief Line.

“With all the federal funding program allocations outlined today, including the Green Infrastructure Stream and Community, Culture and Recreation Infrastructure Stream, we thank Minister Sohi for underscoring the important balance between provincial and municipal priorities, ensuring that funding will flow to where it is needed most.”

 

More to come.

Things Women’s Post loves about Canada

The staff at Women’s Post are patriots! We love our nation, full of its weird currency, giant rubber ducks, and, or course, our insanely sweet double doubles.

While this country, at a young age of 150, still has a lot of growing and learning to do, it remains one

Here are some of the things Women’s Post loves about Canada:

Gender equal cabinet: With that mic-dropping reason being “because it’s 2016”, Canada’s Prime Minister announced that he would be creating a cabinet comprising of equal parts men and women. This was a first in Canada and led to a number of provinces following suit. Way to go Canada!

Tim Hortons: As writers, we practically live on coffee. While we may not all be double-double fans in this office, we are a fan of this Canadian brand and we shall eat our dutchie donuts with pride!

Pride month: There is nothing Canadians like better than to celebrate love and acceptance — and what better way to do that than to celebrate Pride for a whole month! Not only that, but almost all of our politicians (at least on the left), actually walk in the parade.

Inclusion of transgendered people in law: As of June, the Canadian Human Rights Act, as well as the Criminal Code, will be amended to include the words “gender identity and gender expression on a list of prohibited grounds of discrimination. This new law, Bill c-16, also protects transgender Canadians from hate propaganda and makes them an identifiable group under law!

Alcohol: Whether it’s craft beer or some wine from a local vineyard, Canadians love to drink! We also love to drink our own alcohol — no fancy European stuff for us! We love our Canadian whiskey and home grown brews. This business is booming, which means in every liquor store there are dozens of choices to try out. Which will you pick?

Landscapes: The beautiful mountains, lakes, and forests of Canada are truly unique. These majestic landscapes provide character and natural beauty to communities across the country. Nothing is more peaceful than a hike through one of these Canadian treasures — don’t forget to bring your plaid shirt and coffee thermos.

Anne of Green Gables: Women’s Post is talking about our beloved Anne (with an ‘e’), from literary character to it’s newest CBC reprisal. It’s one of Canada’s biggest cultural claim to fame, with musicals, plays, and television playoffs being broadcast. Did you know the gables aren’t actually green? Turns out, Canadians don’t really care — we just love this incredibly inspiring, creative, and scrappy female heroine.

Justin Trudeau’s socks: We all know this is a PR stunt, but here at Women’s Post, we don’t really care. There is something satisfying about a politician geeking out with brightly-coloured themed footwear. The most recent spotting of these funky socks was during pride, when Trudeau sported not just rainbow socks, but they also sported the greeting “Eid Mubarak” to mark the end of Ramadan. Because, why not?

Beavertails: This weird invention of friend dough and cinnamon sugar (in its purest form) is unique to Canada — more because of the name than anything else. Sure, skating on the canal in Ottawa is quite the Canadian thing to do, but doing so while holding/balancing beavertail in one hand is another all together.

These are just a few of Women’s Post’s loves about this wonderful country. What do you love about Canada? Let us know in the comments below!

Senate approves transgender rights bill with majority

Thursday afternoon, the Senate approved a piece of legislation that amended the Canadian Human Rights Act and the Criminal Code to include transgender Canadians. This means that gender identity and gender expression is on “list of prohibited grounds of discrimination” and therefore protected against hate propaganda.

 

The bill also amends the sentencing principles section of the Criminal Code, making it possible for a person’s identity or expression to be considered an aggravated circumstance by a judge during sentences.

Most importantly, gender identity and gender expression are now identifiable groups under Canadian law! This is an incredible accomplishment and brings Canada one step closer towards becoming a truly equal, fair, tolerant, and inclusive society.

The only disappointment was that it took this long to get Bill C-16 to pass. This request to amend the Canadian Human Rights Act and the Criminal Code has been proposed and tabled numerous times over the last decade. Bill C-16 was presented to the House of Commons a little over a year ago and was delayed at the Senate due to debate surrounding free speech.

The Honourable Jody Wilson-Raybould, Minister of Justice and Attorney General of Canada, called the bill a celebration of inclusion and diversity, “bringing us one step closer to strengthening laws against discrimination, hate propaganda, and hate crime based on gender identity and gender expression.”

“Trans and gender diverse persons must be granted equal status in Canadian society, and this Bill makes that status explicit in Canadian law,” she said in a statement.

The bill passed by a vote of 67 to 11 and now needs Royal Assent before it is considered a law.

Last week, Canadian Prime Minister Justin Trudeau said the Liberal government plans on introducing legislation that would erase past convictions against Canadians charged with crimes related to their sexual orientation, gender identity, or gender expression. He also said the government is planning on apologizing to the LGBT community by the end of this year for past discriminatory legislation and policies.