Climate change is an imminent danger to the Canadian and global economy. Unlike the popular belief that economics and environment are opposite concepts, for the first time in history, these two dimensions now appear to be complementary and non -antagonistic.
Indeed, according to a study by the Bank of England, climate inaction could lead to a loss of almost 50 % of world GDP between 2070 and 2090, even in advanced economies such as the United Kingdom, if current environmental policies remain unchanged and lead to a warming of approximately 3 ° C by 2100.
Such losses would certainly mean the collapse of our economic and social structures, in other words, the end of the organized society from which we all benefit today, estimates the organization of economic cooperation and development.
Even more alarming, the United Kingdom is currently heating up at a rate of 0.25 ° C to 0.26 ° C per decade, slightly faster than the world average. Canada, on the other hand, warms about twice as quickly as the world average, and up to three times faster in the Arctic regions, estimated Environment and Climate Change Canada in 2019.
Is it then really profitable to invest in new petroleum, gas or charcoal projects? Especially since, according to the International Energy Agency, global oil demand will reach a tray by 2030, and then decline, and that Canadian oil is among the most expensive and the most polluting to extract, with a profitability threshold oscillating around US $ 60-80 per barrel, according to projects (IEA, 2023; Carbon Tracker, 2020).
However, Canada has enormous assets to deal with the climate crisis and to become a leader in the energy transition: the second unveiled uranium reserve in the world, an abundance of hydroelectricity, exceptional research and innovation capacities as well as an increasingly aligned financial sector on sustainable finance. The avoidance of this disaster scenario, where a loss greater than or equal to 50 % of GDP is planned over several decades, would cost only 1 % to 2 % of GDP per year on average during this period, according to Deloitte, quoted in The Wall Street Journal In 2022.
I remain aware of the political challenges posed by such a transition, but I humbly ask you to consider the economy in the long term, the environment, but above all the continuity of humanity.
