Building Back Better Report
November 13, 2020 | Savonnaé Street
November 13, 2020 – ChargeWR
A publication by the sustainable business organization, Corporate Knights showcases a stirring examination of the economic recovery strategies that can be applied in the Canadian context to build economic recovery considering the COVID-19 pandemic.
This comprehensive report includes a bold call from business leaders across sectors in the technology, transportation, financial and food industry to lead Canadians on a ‘Green’ road of economic recovery.
The proposal includes a variety of actions, programs and initiatives which aim to boost economic growth through home and workplace retrofitting, electric vehicle adoption, increased active transportation participation, decarbonizing heavy industry, nature-based climate solutions, creating a Canadian industry of EV component and zero-carbon natural resources
The economic generation of these actions, initiatives and programs is valued at $681 billion invested and $44 billion in energy cost reduction.
Key areas of investment as outlined by the Building Back Better Canada Plan include:
• Retrofitting homes and workplaces
• Increased electric vehicle (EV) uptake and creating EV supply opportunities in Canada
• Supportive active mobility infrastructure and programming
• Greening the electricity grid
• Decarbonizing heavy industry
• Creating climate solutions for farming and forest management
The role of electric vehicle supply/increased uptake/what is possible
In a letter addressing Minister Bill Morneau, an outline of Canada’s resource potential in lightweight materials for electric vehicle production, essential minerals for battery production and industrial ecosystem potential are outlined.
Corporate Knights also addresses the gaps that will exist in the oil and gas sector if the shift towards carbon zero is honoured. Developing zero-carbon commodities in regions entirely dependent on oil and gas will be essential to the uptake of more electrification of industry. A five-year Natural Resources and EV Innovation Fund is proposed to champion industries and build a well-rounded sector with competitive products. These products would include bitumen-based carbon fibres, renewable jet fuels, clean hydrogen, batteries and electric vehicles. Producing these products in Canada could generate employment, improved sectors and profit.
Though much of this information provided in the report is supported by the federal government, it differs in two ways. The proposal invests in further emissions reductions and plunges deep into industrial policy changes. Driving towards a net-zero transition is an imperative part of the policy framework. Corporate Knights outlines key areas of high growth where Canada has incredibly strong advantages to dominate and be successful in global markets.
Placing green strategies as a core part of the economic recovery plan could lead to a reduced carbon future for Canadians.
Peruse the report and webinar recording here:
Webinar recording: https://www.corporateknights.com/green-recovery/