Baseline estimates assume a $2-trillion price tag for Canada to reach net-zero carbon emissions by 2050.
We have much work left to do as part of – and moving beyond – the recent COP26 discussions centred on international efforts to limit rising global temperatures in the 21st century.
We must focus on how Canada can support the investments that equip Canadian businesses with the tools and economic predictability they need.
While there is increasing focus on sustainability and the underlying approaches for things such as disclosing carbon emissions and defining sustainable finance, there is still little international agreement on these core issues.
First, we need to find harmony in reporting.
Our goal should be an orderly net-zero transition, meaning we start early and avoid sudden changes that will increase costs and risks.
In the aftermath of COP26, Canada must promote a net-zero vision that focuses on collaboration with its business community and the role of sustainable finance in funding the energy transition.