In its September 16 report, the national Task Force for a Resilient Recovery presents two dramatically different options for Canada’s economic recovery. It says that investments in a post-COVID-19 economic recovery “will either kick start jobs and growth for a cleaner, more resilient economy or lock Canada into a high-pollution future.” The independent group of 15 finance, policy, and sustainability leaders released its final report September 16, recommending specific measures and investments to help the government of Canada achieve the former.
The final report from the Task Force includes new analysis of international recovery investments, which shows that Canada’s peers are leading the charge towards a recovery built around the massive opportunities of a clean economy and a net-zero emissions future.
Saying “Now is the time,” the Task Force for a Resilient Recovery makes 22 recommendations for how Canada can stay competitive and prosperous in this global clean economy, including with investments in energy-efficient and climate-resilient buildings, jumpstarting Canada’s production and adoption of zero-emission vehicles, investing in hydrogen and clean energy, and growing the nature economy.
IISD President Richard Florizone. Photo: IISD
“Drawing on ideas from across Canada and around the world, our recommendations will deliver the safe, clean and long-term economic recovery that Canadians are ready for,” said Richard Florizone, President of the International Institute for Sustainable Development and Chair of the Task Force for a Resilient Recovery.
Recommendations for $ billions in investment over 5 years
#1 Invest in climate-resilient and energy-efficient buildings: $27.25 billion
1.1 Expand public-private financing facilities for building retrofits $13.0 B
1.2 Expand existing provincial and municipal building retrofit programs, enhancing energy efficiency and climate resiliency $10.0 B
1.3 Train a diverse green building workforce $1.25 B
1.4 Demonstrate large-scale standardized retrofits $2.0 B
1.5 Work with provinces to ensure that new buildings meet stringent net-zero and resilience codes, and that a newly developed ‘ResiliGuide’ rating system can enable the financial sector to incent building resilience
1.6 Create an Indigenous Infrastructure Fund $1.0 B
#2 Jumpstart Canada’s production and adoption of zero-emission vehicles: $7.0 billion
2.1 Support the development of the Canadian ZEV industrial ecosystem $2.5 B
2.2 Introduce a phased in ZEV mandate for all vehicle classes
2.3 Kickstart the adoption of ZEVs across Canada $2.5 B
2.4 Accelerate the installation of EV charging infrastructure across Canada $2.0 B
#3 Go big on growing Canada’s clean energy sectors: $11.5 billion
3.1 Accelerate investments in clean, robust power grids, in particular by launching the proposed $5-billion Clean Power Fund, and possibly additional capital if needed. $5.0 B
3.2 Support Canada’s next-generation energy solutions, by creating or expand a financing agency that can support the development offing promising low-carbon and diversification solutions across the innovation cycle, and act now to support shovel-ready next-generation projects. $5.0 B
3.3 Catalyze and support national Indigenous clean energy action platforms, with $500 million to accelerate the diffusion of clean energy technologies and infrastructure through an Indigenous-led capacity-building platform. $0.5 B
3.4 Support Canadian leadership in an emerging low-carbon hydrogen economy by allocating $1 billion to develop and implement an integrated national hydrogen strategy. $1.0 B
#4 Invest in the nature that protects and sustains us: $4.65 billion
4.1 Invest in natural infrastructure $2.0 B
4.2 Accelerate global leadership in conservation and support Indigenous reconciliation $1.0 B
4.3 Grow financing for nature-based services $1.25 B
4.4 Grow and train the workforce for ecosystem restoration, monitoring and management, and nature tourism $0.4 B
#5 Grow clean competitiveness and jobs across the Canadian economy: $5.0 billion
5.1 Develop clean competitiveness roadmaps, capital strategies and action plans for key sectors
5.2 Invest in advanced skills and infrastructure
5.3 Accelerate the production and adoption of clean technologies across the economy $5.0 B
5.4 Increase the fairness of climate action
TOTAL INVESTMENT OVER FIVE YEARS $55.4 Billion
The task force says it reviewed dozens of Canadian recovery proposals, and incorporated input from 11 expert advisors, and fine-tuned its advice based on the feedback.