The economy requires our fighting climate change
Long gone are the days where dealing with the impacts of climate change were a great social cause that was often seen to have little positive effect on the economy.
We now live in a world where we have multiple billion-dollar industries, from clean energy producers to electric vehicle manufacturers, that profit from fighting what is very much an existential threat for us on Earth — climate change.
Investment management firms have entire funds dedicated to those who are conscious of environment, social and governance (ESG) factors. Reputable banks and multinationals today report on ESG and examine it from a risk perspective. Notable economists remind us that failing to tackle climate change is the single biggest risk to the global economy.
You get the picture. It’s quite clear. The environment, and in turn, climate change goes hand-inhand with the economy. That’s probably part of the reason why, similar to many investors, it’s a primary issue on the minds of Canadians during this federal election.
Like a good investor, it’s important that we, as good voters, ask ourselves some key questions: Which party best understands that there is a multibillion-dollar clean energy sector with room for job growth? Which party puts us in the best footing to meet our targets outlined in the Paris Accords? Is there a party that helps make it practical for us to eventually see ourselves driving and charging an electric vehicle in the next 10 to 15 years? Are there still some parties that create space to deny climate change?
If we take the right steps, it’s quite possible that in the next few decades, it will be cheaper to drive electric vehicles and install solar panels on our roofs in comparison to what we currently pay to power our cars, homes and businesses.
It’s likely that countries that are the first to embrace and grow their green energy sectors will be exporters of their innovation and technology and will prosper. It’s vital that we realize this great investment opportunity, and as voters, ask our federal leaders to invest now and invest wisely. The truth is that if we don’t, we will be a G20 country falling out of touch economically with our peers. We will be relegated to sitting on the sidelines and watching our friends and emerging economies thrive in the green economy of tomorrow.
Fighting climate change is no longer a far-off, feel good issue that our children and grandchildren will have to deal with. It is the bedrock of our economic well-being.
Therefore, it’s crucial that we vote for a party in this upcoming federal election that understands how closely climate change is linked to the economy. It’s important we choose leadership that unequivocally believes in climate change and the very real threat that climate inaction poses to us.