INSIGHTS
OSFI Discussion Paper: Managing Uncertainty in Climate Change: Promoting Preparedness and Resiliency to Climate-Related Risk
The Office of the Superintendent of Financial Institutions (OSFI) this week released a discussion paper, titled Managing Uncertainty in Climate Change: Promoting Preparedness and Resiliency to Climate-Related Risk, that signals the federal watchdog will expect more robust disclosure of climate-related financial risks by banks, insurance companies and pension funds.
Ontario Proposes Amendments to Emissions Performance Standards (EPS) Regulations
Please be advised that the Ontario Ministry of Environment, Conservation and Park (MECP) posted proposed amendments to regulations related to the Ontario Emissions Performance Standards (EPS) on the Environmental Registry website, here. Comments and feedback will be accepted until January 15, 2021. The ministry also plans to host virtual consultation sessions for stakeholders.
New National Hydrogen Strategy Unveiled
Today, the Minister of Natural Resources, Hon. Seamus O'Regan, alongside the Minister of the Environment and Climate Change, Hon. Jonathan Wilkinson, launched the Hydrogen Strategy for Canada which establishes a framework that seeks to position Canada as a global leader in the hydrogen space. The Strategy has the objective of positioning hydrogen both as a driver for low-carbon economic growth and as a core component of Canada's path to net-zero emissions by 2050.
New Federal Climate Plan Unveiled
Today, Prime Minister Justin Trudeau, alongside Minister of Environment Jonathan Wilkinson, Minister of Infrastructure and Communities Catharine McKenna and long-time environmental advocate Minister of Canadian Heritage Steven Guilbeault, announced Canada’s new climate plan which features a suite of measures aimed at achieving Canada’s 2030 emissions targets and achieving net-zero greenhouse gas emissions by 2050.
Federal Government Tables Net-Zero Emissions Accountability
Today, Environment & Climate Change Minister Jonathan Wilkinson tabled legislation crafting the path to net-zero emissions in Canada by 2050. Bill C-12 is titled An Act Respecting Transparency and Accountability in Canada’s Efforts to Achieve Net-Zero Greenhouse Gas Emissions by the Year 2050.
Federal Government Announces Launch of Universal Broadband Fund Including $750 Million in New Funding
Yesterday, Prime Minister Justin Trudeau announced the long-awaited launch for applications for the Universal Broadband Fund which will support high-speed internet projects across the country. The announcement unveiled $750 million in new investment, in addition to the $1 billion committed under Budget 2019, bringing the total funding to $1.75 billion for projects.
Ontario Budget Analysis 2020: What A Difference A Year Makes
Today, Ontario Finance Minister Rod Phillips delivered what is technically his first, and the Ford Government’s second, full Ontario Budget. Our clients and regular readers will know that the Ontario budget is typically delivered in March, in anticipation of the government’s fiscal year which is from April 1st to March 31st In normal times, the Minister of Finance would rise in the Legislature in November to deliver a Fall Economic Statement. While these have come to be known as “mini budgets” they are more correctly a report on government finances after half of the fiscal year has passed.
Federal Government Announces Appointment of Ehren Cory as CEO of the CIB, NRCan Launches New $750 Million Fund for Oil and Gas Companies to Reduce Methane Emissions
Today, the Minister of Infrastructure and Communities, Hon. Catherine McKenna, confirmed the appointment of Ehren Cory as the Chief Executive Officer of the Canada Infrastructure Bank. Mr. Cory will be focused on the CIB’s strategic direction including implementing the $10B Growth Plan (unveiled earlier this month) to accelerate infrastructure investment in Canada.
Federal Government Announces New $1 Billion Rapid Housing Initiative
Today, Prime Minister Justin Trudeau, alongside Minister of Families, Children and Social Development Ahmed Hussen announced a $1 billion investment to launch the new Rapid Housing Initiative which will support the development of affordable housing units. Almost $300 million of this new housing investment will go to Ontario’s large municipalities.
A Recap of Waste Reduction Week in Ontario
Today is the last day of Waste Reduction Week in Canada, a yearly campaign focused on the principles of the circular economy, resource efficiency, and waste reduction. This effort raises awareness about waste management, recognizes environmental achievement, and encourages the development of new innovative ideas for effective resource recovery.