Canadian Finance Minister Bill Morneau has given out a clear big sound focusing attention on climate change. In an address at a Toronto event, he said that the Liberal government’s central focus in the 2020 budget plan is primarily going to climatic change.
He added that their intent is to create policies that will help further curbing energy consumption, and money allocated to mitigate the fallout from fires and flooding. This would also mean that the Liberal government will try to persuade other left-leaning parties in the Canadian legislature to back the budget measures.
Canada currently has a minority parliament functioning. In such a case, the minority parliament must get general consensus from rival lawmakers in order to get legislation passed. Canada, like many other sounds and planned nations, is now putting great emphasis on climate control. The devastating bush fires in Australia have been an indicator of how serious can be the repercussions of climate neglect if corrective action is not taken in time.
The economic toll has been severe in the Australian economy. While livestock and forests have been wiped out from large parts of the Australian subcontinent, insurance losses are said to be estimated at around $800million and have not been able to make up for the severe losses.
Canada has acknowledged that damage and loss pertaining to climate change and related natural disasters will have an adverse effect on its economy.
Canada Liberal Government’s introduction of a national carbon tax was a successful move in 2019. While it definitely received stiff resistance, it is a move Morneau said was a good move to change carbon intensity and energy consumption habits.
The Liberal government’s approach to the environment has fueled stiff opposition in western Canada, which relies on the extraction of oil and gas to fuel economic growth. Some provinces have gone ahead and even contested the carbon levy in courts.
Political leaders in resource-rich Alberta and neighboring Saskatchewan are worried over something else altogether. Their argument is that the new policy is tilted more towards Ottawa. This new environmental policy is actually putting their citizens at a disadvantage because energy investors no longer view Canada as an attractive destination relative to the U.S.
Read more ECONOMIC NEWS: