Canada's financial sector is more than six big banks

The past 32 months have seen innovative policymaking from all levels of government as we have confronted the challenge of the pandemic. Inevitably, some of these policies have worked better than others.

Broadly speaking, however, most should agree that federal income support programs for individuals and firms prevented what would otherwise have been a catastrophic decline in economic activity in 2020 and 2021. Now the fallout of overheated inflation is our most significant economic policy challenge. But the counterfactual—what would have happened had the federal government not stepped up to the degree it did—would have us in worse shape than we are in today.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadian response to U.S. Inflation Reduction Act should boost 'certainty' for investors, says advocacy groupThe landmark United States Inflation Reduction Act poses economic challenges and opportunities for Canada, say observers, but a chief response to the American law incentivizing industrial decarbonization must be to address the investor “certainty” it creates in contrast to the Canadian regime. Michael Bernstein, executive director of Canadians for Clean Prosperity, said the certainty the Inflation Reduction Act (IRA) provides is “one of the most significant” ways the act could “attract a lot of capital, both money and people … to the U.S. that might otherwise go to Canada or stay in Canada.” “It’s not that Canada isn’t spending a lot of money on climate or doesn’t have some strong economic incentives,” said Bernstein, whose organization advocates for a market-based approach to climate policy. “But the U.S. policy is designed in a way that provides a lot of certainty to investors, and clarity to investors on what funding or what support they’re going to get by investing in decarbonization.” MPs discussed the Canadian government’s response to the IRA at a Nov. 15 House International Trade Committee meeting, questioning witnesses on the advantages the act gives American companies in fields related to decarbonization, such as manufacturing batteries for electric vehicles. NDP MP Taylor Bachrach (Skeena-Bulkley Valley, B.C.) asked if Canada needed “a concerted strategy around the zero emission vehicle and battery supply chains” given incentives offered in the act for the production of batteries for electric vehicles. NDP MP Taylor Bachrach asked if Canada needs ‘a concerted strategy’ around electric vehicle and battery supply chains, in response to incentives offered in the IRA. The Hill Times photo by Andrew Meade Conservative MP Tony Baldinelli (Niagara Falls, Ont.), said the IRA “takes an enabling approach” to decarbonization through incentives, while he characterized Canada as “having more of a carrot and stick approach.” Rachel Samson, an economist who serves as vic
Source: TheHillTimes - 🏆 11. / 79 Read more »

Canadian response to U.S. Inflation Reduction Act should seek to boost 'certainty' for investors, says advocacy groupThe landmark United States Inflation Reduction Act poses economic challenges and opportunities for Canada, say observers, but a chief response to the American law incentivizing industrial decarbonization must be to address the investor “certainty” it creates in contrast to the Canadian regime. Michael Bernstein, executive director of Canadians for Clean Prosperity, said the certainty the Inflation Reduction Act (IRA) provides is “one of the most significant” ways the act could “attract a lot of capital, both money and people … to the U.S. that might otherwise go to Canada or stay in Canada.” “It’s not that Canada isn’t spending a lot of money on climate or doesn’t have some strong economic incentives,” said Bernstein, whose organization advocates for a market-based approach to climate policy. “But the U.S. policy is designed in a way that provides a lot of certainty to investors, and clarity to investors on what funding or what support they’re going to get by investing in decarbonization.” MPs discussed the Canadian government’s response to the IRA at a Nov. 15 House International Trade Committee meeting, questioning witnesses on the advantages the act gives American companies in fields related to decarbonization, such as manufacturing batteries for electric vehicles. NDP MP Taylor Bachrach (Skeena-Bulkley Valley, B.C.) asked if Canada needed “a concerted strategy around the zero emission vehicle and battery supply chains” given incentives offered in the act for the production of batteries for electric vehicles. NDP MP Taylor Bachrach asked if Canada needs ‘a concerted strategy’ around electric vehicle and battery supply chains, in response to incentives offered in the IRA. The Hill Times photo by Andrew Meade Conservative MP Tony Baldinelli (Niagara Falls, Ont.), said the IRA “takes an enabling approach” to decarbonization through incentives, while he characterized Canada as “having more of a carrot and stick approach.” Rachel Samson, an economist who serves as vic Campbellian_ Good. I hope the US repatriates it’s entire supply chain…then maybe these jobless Canadian will wake … Canada is a mediocre country…
Source: natnewswatch - 🏆 58. / 59 Read more »

Will Canada be the last fossil funder standing?When it comes to ending fossil financing, “slow and steady” will not win the race.  Tackling the climate crisis requires rapidly phasing out fossil fuels while managing an equitable transition to 100 per cent renewable energy.  This will require massive investments in clean energy solutions—and public finance has a critical role to play. Unfortunately, governments continue to use their public spending power to prolong the fossil fuel era.  This is changing.  Julia Levin is with Environmental Defence Canada. Photograph courtesy of Environmental Defence Canada. Last year, at COP26 in Glasgow, U.K., Canada joined 39 other countries and institutions—including the United States, the United Kingdom, and Germany—in signing a landmark agreement to end international public finance for fossil fuel projects and prioritize support for clean energy by the end of 2022, known as the Glasgow Statement.  The Glasgow Statement signatories account for $28-billion a year in overseas public finance for oil and gas. If that were redirected, it could more than double their international clean-energy finance.  The Glasgow Statement is historic. It is the first international diplomatic effort aimed at ending public financing of oil and gas. It sends a clear message: the age of oil and gas is over. And it’s working! Many signatories have come out with strong policies—and in those countries there have been real drops in fossil fuel finance.  But Canada is dragging its feet.  Canada is the top fossil-fuel financier of the Glasgow signatories. We rank among the worst in the G20 for providing public financing to oil and gas companies and average $11.3-billion CAD annually through crown corporation Export Development Canada. By comparison, Canada’s support for clean energy is a meagre eight per cent of its total energy finance. Bronwen Tucker is with Oil Change International. Photograph courtesy of Oil Change International What does that look like? For example, Export Development Canada routinely Enviro fright peddlers who persecute us for wanting to stay warm totally ignore the mind blowing huge use of energy by technology sector. whose servers & other equipment generate enormous heat. Now devouring water in Calif. to cool equip., but blame droughts on climate. Better hope we are. Witness the deadly energy mess facing the EU right now due to extreme 'renewables' policies. That's what you want for Canadians too? Natural gas is a transition fuel. We need time to find the right solution, not dive head first into total 'renewable mythology How much suffering would we bring on the globe's citizens if we cut off fossil fuels now? You think we can transition to renewables with cheap reliable energy? Nobody is helped by more expensive energy
Source: TheHillTimes - 🏆 11. / 79 Read more »