Elizabeth Beale
Economist and former Board member of the Canadian Institute for Climate Change.

Kieran Hanley
Executive Director, Econext.

Dr. Deatra Walsh
Director of advocacy and communications, Municipalities Newfoundland and Labrador.

Climate change is leading to significant changes in the economy: Climate change is impacting industries (food industries like fisheries and agriculture at risk from changes in ocean environment, drought, etc.), communities (livelihood and infrastructure at risk from flooding, wildfires and rising sea levels), individuals (employment, housing, and health risks; rising inequality), and environment (risk to ecosystems and loss of biodiversity).

Governments target reducing GHG emissions to limit the damage of climate change: Pricing carbon is the core element of Canada’s strategy to achieving net zero emissions, and limiting global temperature rise to 1.5°C. Placing a price on the emissions from fossil fuels creates an incentive to use cleaner energy options and requires heavy industry to become more efficient.

Policies to combat climate change create economic winners and losers: Carbon intensive industries face the biggest disruption as the price of carbon rises – as well as the provinces, communities, and individuals most dependent on these industries. Renewable energy, green tech, and electric vehicles are clear winners, while firms that fail to adjust their business model to adapt to the realities of climate change are the clear economic losers in the context of these policies. Big risk, big reward technologies that may make a big difference in reaching climate targets are wild cards.

The path to Net Zero in 2050 is achievable: Net zero refers to the balance between the amount of GHG emissions produced, and the amount removed from the atmosphere. Most of this will be achieved by cutting emissions, and the balance will depend on the effectiveness of negative emissions technologies to remove residual emissions. A recent study suggests we have the tools we need, but we will need a strong commitment from business, governments and citizens to achieve this.