1) A crippling drought continues to hit the Prairies and other parts of Canada, with Manitoba suffering its driest July on record. Crop yields are expected to be dramatically lower, and cattle farmers struggling to find feed. The drought is also leading to water shortages across Western Canada.
2) The global economic recovery from COVID-19 will drive greenhouse gas emissions to record highs, according to a new report from the International Energy Agency. It finds that only 2% of government stimulus funding around the world has been targeted at clean energy, much lower than what is needed to move towards net-zero by 2050.
3) The Quebec government has rejected a new liquified natural gas (LNG) facility that would carry natural gas from Western Canada for shipping to international markets. The decision cited the project’s contribution to greenhouse gas emissions. It falls in line with the International Energy Agency’s warning that there can be no new investment in fossil fuel projects if the world is to hit its climate goals.
4) Major pension plans and institutional investors, including the Ontario Teachers’ Pension Plan, have committed seven billion dollars to Brookfield Asset Management’s new Global Transition Fund, making it the largest pool of private money aimed at accelerating the shift to a green economy.
5) Environment ministers from 51 countries, including Canada, met in London for a meeting ahead of the annual UN climate conference in November. Countries are still not in agreement on the actions needed to hit global climate goals, with China and India opposing the outright elimination of coal plants.
Listen to the full segment, and plenty of other great content, in today's new episode of Smart Prosperity: The Podcast. Our podcast provides fresh takes on the current affairs, politics, research and business of the clean economy. New episodes posted every two weeks.