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In November, world leaders gathered in Egypt for the COP27 to address the challenges of climate change and build momentum to progress for sustainable climate action. Participating nations launched about 25 new collaborative actions to accelerate decarbonization in five main areas: power, transport, steel, hydrogen, and agriculture.
Canada had the opportunity to showcase its climate commitments and plans at the COP27 over the course of the conference. It included its efforts to reduce emissions through multilateral partnerships, clean energy transition, constructive engagement on loss and damage, and climate funding to vulnerable countries that are on the verge of the climate crisis.
In 2021, Canada announced to reduce greenhouse gas (GHG) emissions by 40-45% below 2005 levels by 2030 and net-zero by 2050. These commitments call for a comprehensive action plan involving various stakeholders including governments, businesses, corporates, and communities to collaborate for an integrative action. Early this year, the country established a 2030 Emission reduction plan to provide a concrete roadmap to achieve its targets. This plan commits to $9.1 billion in new investments and outlines a sector-by-sector path for Canada to reach its emissions reduction target. Additionally, The ERP and Budget 2022 announced a new $15billion Canada Growth Fund (CGF) to invest in climate-related commitments. Some of the key highlights of these plans and related commitments include:
Carbon capture, utilization, and storage (CCUS)
Clean Energy and Renewables Tax Credits
Cap on oil and gas emissions
Sustainable transportation and buildings
Waste and circular economy
For the abovementioned plans to be implemented effectively, it is necessary to recognize the urgency to accelerate these efforts through dedicated actions, and partnerships. Having concrete implementation plans to achieve the targets will also provide ample opportunities for stakeholders in all sectors for a sustainable economy.