Smart Prosperity Institute’s annual “Green Bonds - State of the Market in Canada” reports provide unique insight on the role of green bonds in funding environment and climate-related projects in Canada. The annual report is a special supplement to the Bonds and Climate Change: The State of the Market global report and is prepared collaboratively with Climate Bonds Initiative.


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When we turn the corner on the COVID-19 health crisis, Canada will make a once-in-a-generation investment in economic recovery. That investment needs to kick start growth and jobs right away, while also continuing Canada’s progress toward building a stronger, cleaner economy.

Just like we did following the 2009 Great Recession, Smart Prosperity Institute is investigating how Canada’s stimulus spending can support a low-carbon, resource-efficient and sustainable economic recovery.


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Smart Prosperity Institute and the Institute of the Environment at the University of Ottawa, with support from the Schad Foundation, Earth Rangers, Environment and Climate Change Canada (ECCC), the Forest Products Association of Canada (FPAC), has undertaken a new research and policy project on improving species at risk conservation in Canada.


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The goal of this project is to shed light on the relationship between economic activity and the environment by exploring the linkages between changes in our natural capital and our measures of productivity generally, and through the construction of an environmentally adjusted measure of productivity specifically.


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Local governments across Canada are faced with significant asset management challenges. Many of the services they provide - including water and wastewater delivery, waste removal, transportation, and environmental services - depend on engineered infrastructure assets that are in need of renewal. Meanwhile, the effects of climate change are expected to put even more strain on these assets and on local government budgets going forward.


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Canada’s green transition is reshaping the workforce and shaking up the traditional career path. While workers’ personal motivations for career advancement and development have largely remained the same, the expected career cycle of the average worker in clean-growth industries has changed largely due to technological advancement and decarbonization. The image below seeks to illustrate these career path trends.

When the Smart Prosperity Institute conducts research into the skills and labour challenges of clean economy opportunities like zero-emissions vehicles, plant-based protein and mass timber, we use a skills ecosystem approach. With an ecosystem approach, we can easily track what’s happening in a particular industry or sector, what responsibilities each group of stakeholders has and how to address the challenges of any given clean growth sector.

 

The world is decarbonizing and Canada’s workers stand to benefit. But by how much?

This will be determined by actions taken today by government and industry players. The Smart Prosperity Institute's research suggests that a coordinated approach is needed for workers — and the country — to thrive in the green transition. From trade agreements and local investments in training to improved social services, decision-makers should consider the impacts of their decisions on green jobs and skills.

Canada is facing the prospect of serious impacts from climate change. Already, the country is warming twice as fast as the global average – and three times as fast in the North. This warming is making events that threaten the safety and wellbeing of those living in Canada more frequent and more intense.

As the world moves towards net-zero, Canada needs to position its industries for success in the 21st century global green economy. Otherwise, Canada will be left behind by the strategic efforts of other countries, with real consequences for our future prosperity.

The current approach to clean competitiveness is a good start, but we need a more focused and strategic approach. Instead, Canada should bring together firms, investors, governments and experts. Together, they can co-develop roadmaps that form the basis of industrial strategies.