Clock Ticking for Climate Change Solutions – US-Canada Summit
-
bookmark
-
print
As the frequency of extreme weather events continues to rise, the effects of climate change are quickly becoming less abstract, and while the race to achieve net zero carbon emissions by 2050 has always been viewed as a marathon, not a sprint, there is a growing sense that Canada and the U.S. need to move faster to mitigate the impacts of climate change.
At the inaugural US-Canada Summit, co-hosted by BMO and the Eurasia Group, a panel that brought together important Indigenous, scientific and geopolitical climate perspectives, Setting the Climate Change Agenda - From Policy to Clean Tech Investments, showed optimism for all the untapped potential to reduce greenhouse gases in North America, as well as a hint of frustration that not enough action is happening fast enough.
Moderated by Gerald Butts, Vice Chairman of Eurasia Group, the panel saw Katharine Hayhoe, Chief Scientist at The Nature Conservancy, Catherine McKenna, former Federal Minister of Environment and Climate Change, and Mark Podlasly, Chief Sustainability Officer at the First Nations Major Project Coalition, a collection of more than 130 First Nations from across the country with their own energy and mining projects, explore how climate change impacts every aspect of our lives and why it is critical to bring all voices to the table to seek solutions.
“We need to understand that climate change is an everything issue,” noted Hayhoe. “It is a human issue, it’s an equity and poverty and hunger issue, and it is without a doubt an economic issue.”
Collaboration is Key
With the climate changing faster than at any other time in human history, everyone on the panel agreed that collaboration is key to transitioning quickly to a sustainable economy and environment.
Podlasly, a member of the Nlaka’pamux Nation in British Columbia, noted the exact same conversations happening during the Summit were also happening in similar Indigenous conferences elsewhere. The issue is that despite these parallel interests, conversations and goals, neither group is in the room with the other. Throughout the day, he added, panellists spoke about how to engage Indigenous people for critical minerals, how to get Indigenous people involved in corporate ESG frameworks and the Sustainable Development Goals at the UN.
“But this conversation is happening among Indigenous people. They’re not here. You’re not there. That’s the greatest thing that’s been of impact here.”
McKenna agreed with Podlasly, adding that while she wouldn’t name each group missing, many people not in the room had valuable contributions to make that would hasten the clean energy transition.
Elite Athlete Approach
Quick action is critical to solving the climate crisis, and McKenna urged the audience to think like elite athletes, establishing more manageable incremental goals that help public and private stakeholders build momentum towards achieving the net zero emissions target by 2050.
“There’s a massive opportunity here. We could talk about the cost curves. We could talk about where the puck is going,” she said. “But to be honest, we’ve just got to get on with things, figure out how we’re going to get there and drive action.”
Part and parcel of the athlete analogy is the issue of competition. President Biden’s Inflation Reduction Act pushed the envelope on climate incentives worldwide, but Canada clearly felt the most pressure. Included in the federal government’s most recent budget were new incentives to match or keep pace with the U.S. But while Canada and the U.S. have materially different approaches to climate change – namely, using a carbon tax versus issuing green tax incentives – ultimately, both countries are trying to achieve the same reduction in greenhouse gas emissions.
As Hayhoe pointed out, we often focus on the differences between our two countries, but the reality is that we have far more in common than what divides or separates us.
Reasons for Optimism
Those commonalities, along with the fact that so many climate solutions are actually good for the planet, the people and the economy, help Hayhoe remain optimistic. “Those solutions clean up our air and our water. They make our cities healthier; they improve people’s well-being; oh, and they help with climate change,” she said.
Podlasly is inspired by the number of Indigenous organizations across North America looking to raise Indigenous issues for the benefit of capital markets. But, he noted, Indigenous people need access to affordable capital to ensure they can be co-owners of the infrastructure projects they propose.
“There’s a benefit in this and as Katharine [Hayhoe] pointed out, we will not get this done unless we do it all together,” said Podlasly.
Much like Hayhoe, McKenna is excited by the solutions that already exist to reduce carbon and methane emissions and transition to a clean energy economy. She just wants governments and corporations to move quicker to implement those solutions.
“In the end, you are leaders here, and leaders have to decide to lead. So, I implore you to look at the science, the evidence, the economic case, the national security case, and then leave and do the work.”
Captured in photo (L-R): Catherine McKenna, former Federal Minister of Environment and Climate Change; Katharine Hayhoe, Chief Scientist at The Nature Conservancy; Mark Podlasly, Chief Sustainability Officer at the First Nations Major Project Coalition
- Minute Read
- Listen Stop
- Text Bigger | Text Smaller
As the frequency of extreme weather events continues to rise, the effects of climate change are quickly becoming less abstract, and while the race to achieve net zero carbon emissions by 2050 has always been viewed as a marathon, not a sprint, there is a growing sense that Canada and the U.S. need to move faster to mitigate the impacts of climate change.
At the inaugural US-Canada Summit, co-hosted by BMO and the Eurasia Group, a panel that brought together important Indigenous, scientific and geopolitical climate perspectives, Setting the Climate Change Agenda - From Policy to Clean Tech Investments, showed optimism for all the untapped potential to reduce greenhouse gases in North America, as well as a hint of frustration that not enough action is happening fast enough.
Moderated by Gerald Butts, Vice Chairman of Eurasia Group, the panel saw Katharine Hayhoe, Chief Scientist at The Nature Conservancy, Catherine McKenna, former Federal Minister of Environment and Climate Change, and Mark Podlasly, Chief Sustainability Officer at the First Nations Major Project Coalition, a collection of more than 130 First Nations from across the country with their own energy and mining projects, explore how climate change impacts every aspect of our lives and why it is critical to bring all voices to the table to seek solutions.
“We need to understand that climate change is an everything issue,” noted Hayhoe. “It is a human issue, it’s an equity and poverty and hunger issue, and it is without a doubt an economic issue.”
Collaboration is Key
With the climate changing faster than at any other time in human history, everyone on the panel agreed that collaboration is key to transitioning quickly to a sustainable economy and environment.
Podlasly, a member of the Nlaka’pamux Nation in British Columbia, noted the exact same conversations happening during the Summit were also happening in similar Indigenous conferences elsewhere. The issue is that despite these parallel interests, conversations and goals, neither group is in the room with the other. Throughout the day, he added, panellists spoke about how to engage Indigenous people for critical minerals, how to get Indigenous people involved in corporate ESG frameworks and the Sustainable Development Goals at the UN.
“But this conversation is happening among Indigenous people. They’re not here. You’re not there. That’s the greatest thing that’s been of impact here.”
McKenna agreed with Podlasly, adding that while she wouldn’t name each group missing, many people not in the room had valuable contributions to make that would hasten the clean energy transition.
Elite Athlete Approach
Quick action is critical to solving the climate crisis, and McKenna urged the audience to think like elite athletes, establishing more manageable incremental goals that help public and private stakeholders build momentum towards achieving the net zero emissions target by 2050.
“There’s a massive opportunity here. We could talk about the cost curves. We could talk about where the puck is going,” she said. “But to be honest, we’ve just got to get on with things, figure out how we’re going to get there and drive action.”
Part and parcel of the athlete analogy is the issue of competition. President Biden’s Inflation Reduction Act pushed the envelope on climate incentives worldwide, but Canada clearly felt the most pressure. Included in the federal government’s most recent budget were new incentives to match or keep pace with the U.S. But while Canada and the U.S. have materially different approaches to climate change – namely, using a carbon tax versus issuing green tax incentives – ultimately, both countries are trying to achieve the same reduction in greenhouse gas emissions.
As Hayhoe pointed out, we often focus on the differences between our two countries, but the reality is that we have far more in common than what divides or separates us.
Reasons for Optimism
Those commonalities, along with the fact that so many climate solutions are actually good for the planet, the people and the economy, help Hayhoe remain optimistic. “Those solutions clean up our air and our water. They make our cities healthier; they improve people’s well-being; oh, and they help with climate change,” she said.
Podlasly is inspired by the number of Indigenous organizations across North America looking to raise Indigenous issues for the benefit of capital markets. But, he noted, Indigenous people need access to affordable capital to ensure they can be co-owners of the infrastructure projects they propose.
“There’s a benefit in this and as Katharine [Hayhoe] pointed out, we will not get this done unless we do it all together,” said Podlasly.
Much like Hayhoe, McKenna is excited by the solutions that already exist to reduce carbon and methane emissions and transition to a clean energy economy. She just wants governments and corporations to move quicker to implement those solutions.
“In the end, you are leaders here, and leaders have to decide to lead. So, I implore you to look at the science, the evidence, the economic case, the national security case, and then leave and do the work.”
Captured in photo (L-R): Catherine McKenna, former Federal Minister of Environment and Climate Change; Katharine Hayhoe, Chief Scientist at The Nature Conservancy; Mark Podlasly, Chief Sustainability Officer at the First Nations Major Project Coalition
Leveraging the North American Advantage
PART 1
BMO Experts at the 2023 US-Canada Summit
April 11, 2023
“This Summit is meant to be a serious dialogue about the opportunities and challenges our two countries face as we navigate the intri…
PART 2
The North American Advantage
Darryl White March 31, 2023
The state of one of the world’s largest trading relationships drives important decisions made every day by our clients on both sides …
PART 3
Global Markets Undergoing a Fundamental Shift – US-Canada Summit
Alan Tannenbaum April 11, 2023
When terms like ‘never before’ are used to describe markets, it can come across as hyperbole. But hear it from some of the most…
PART 4
Infrastructure is Key to a Competitive Market in North America – US-Canada Summit
Craig King April 11, 2023
For all the challenges that volley back and forth across the Canada-U.S. border, the central question being asked by the private sector is …
PART 6
North American Agriculture’s Role in Meeting the Global Food Insecurity Challenge – US-Canada Summit
Michael Cippoletti April 11, 2023
If there’s one industry that’s shown its resilience over the last three years, it’s agriculture. While food has made it t…
You might also be interested in
Why Sustainability Is Good Business: Key Takeaways from IEFA Toronto 2024
Building for Tomorrow: Real Estate, Construction, and Sustainability
A First in Western Canada: Avenue Living Leverages BMO's Retrofit Program to Add 179 New Rental Units in Downtown Edmonton
Women are Leading Across the Landscape of Climate and Sustainability
How NASA and IBM Are Using Geospatial Data and AI to Analyze Climate Risks
BMO Arranges Green Financing to Fund New Lawson Centre for Sustainability, Trinity College's Most Significant Build in a Century
BMO ranked one of the most sustainable companies in North America on the Dow Jones Sustainability Indices
Canada Has an Opportunity to Become a Global Leader in Carbon Dioxide Removal
Extreme Temperatures: How North American Cities Amplify Climate Change
Three Keys to Unlocking Energy Transition: Partnerships, Permitting, and Finance
More Companies Have Plans to Address Climate Change Based on Rising Business Importance: Survey Results
BMO Climate Institute Business Leaders Survey: Nearly Half of Business Leaders in the U.S. and Canada Believe Climate Change Has Already Affected Their Businesses, but Few Have a Strategy
How the Energy Sector Is Helping Canada Achieve Its Decarbonization Goals
Transforming the Global Food System to Benefit Investors and the Planet
Why Businesses Need to Accelerate Their Efforts to Fight Climate Change
Banco do Brasil and BMO Financial Group to Introduce First-of-its-Kind Program to Provide Sustainability-Linked Trade Loans Supporting Brazilian Exporters
BMO Donates $3 Million to GRID Alternatives to Provide Solar Energy Solutions for Low-Income Families
BMO Provides Innovative New Sustainability-Linked Deposit Product to Zurn Elkay Water Solutions
Quick Listen: Michael Torrance on Empowering Your Organization to Operationalize Sustainability
Quick Listen: Darryl White on the Importance of US-Canada Partnership
BMO and Bell Canada Execute Innovative Sustainability-Linked Derivative Tied to Ambitious GHG Emission Reduction Targets
BMO Named to UN-Convened Group Providing Guidance to Global Banks on Nature Target Setting
Driving Innovations In Tech To Strengthen Climate Resilience With Climate Engine’s Spatiafi, Built On Google Cloud
BMO Celebrates Earth Day with 3rd Annual Trees from Trades Day on its Global Trading Floors
BMO Donates $2 Million to the University of Saskatchewan to Accelerate Research Critical to the Future of Food
North American Agriculture’s Role in Meeting the Global Food Insecurity Challenge – US-Canada Summit
North America’s Critical Minerals Advantage: Deep Dive on Community Engagement
The Most Valuable Commodity is Trust: ICMM to BMO Global Metals, Mining & Critical Minerals Conference
Exploring North America’s Critical Minerals Advantage: Global Metals, Mining & Critical Minerals Conference
Rock Legends Reflect on Mining Hits and Misses: Global Metals, Mining & Critical Minerals Conference
Not All Carbon Credits Created Equal: BMO Global Metals, Mining & Critical Minerals Conference
BMO Experts at our 32nd Global Metals, Mining & Critical Minerals Conference
Evolving Mining for a Sustainable Energy Transition: ICMM CEO Rohitesh Dhawan in Conversation
Public Policy and the Energy Transition: Howard Learner in Conversation
Taskforce on Nature-Related Financial Disclosure (TNFD) – A Plan for Integrating Nature into Business
Takeaways from the BMO Climate Institute Small and Mid-Sized Businesses Climate Survey
BMO Ranked North America's Most Sustainable Bank by Corporate Knights for Fourth Consecutive Year
Is Green Financing for Nuclear the Next Frontier in the Energy Transition?
BMO ranked one of the most sustainable companies in North America on the Dow Jones Sustainability Indices
BMO Climate Institute Survey Shows Costs and Competing Priorities Slowing Climate Action for Small and Mid-Sized Businesses
Managing and Monetizing Your Transition to a Net Zero World with BMO and Radicle
BMO the Top Ranked Financial Institution on New Global Sustainability Benchmark Announced at COP 27
COP27 in Focus: Will Energy Security and Economic Uncertainty Impact the Climate Transition?
BMO to Invest in Innovative Carbon Offsets from CarbonCure to Permanently Store CO2
RoadMap Project: An Indigenous-led Paradigm Shift for Economic Reconciliation
A Canadian First: BMO and Concordia University Partner for a Sustainable Future with Innovative Sustainability-Linked Loan
Sustainability Strategy and Reporting for Small and Medium Sized Companies: A Discussion at the Conference of Montreal
BMO to Acquire Calgary-based Radicle Group Inc., a Leader in Environmental Services
Investment Opportunities for a Net-Zero Economy: A Conversation at the Milken Institute Global Conference
How Hope, Grit, and a Hospital Network Saved Maverix Private Capital Founder John Ruffolo
Hydrogen’s Role in the Energy Transition: Matt Fairley in Conversation
Exploring the Physical and Transition Risks Facing Food and Agriculture
Key Takeaways on Ag, Food, Fertilizer & ESG from BMO’s Farm to Market Conference
Building an ESG Business Case in the Food Sector: The Food Institute
Forging Ahead in the Energy Transition: Darryl White to Global Reserve and Asset Managers
BMO and EDC Announce Collaboration to Introduce Sustainable Finance Solutions for Canadian Businesses
Retrofitting Canada's Building Sector: Efficiency Canada’s Corey Diamond in Conversation
The Role of Hydrogen in the Energy Transition: FuelCell Energy CEO Jason Few in Conversation
BMO proud to support first Government of Canada Green Bond transaction as joint-lead manager
Tackling Climate Change in Metals and Mining: ICMM CEO Rohitesh Dhawan in Conversation
Op Ed: Government Action Can Help Spur More Home Building To Address Canada’s Housing Shortage
BMO Launches Business Within Reach: BMO for Black Entrepreneurs and Commits $100 million in loans to Help Black-led Businesses Start up, Scale up, and Grow
The Post 2020 Biodiversity Framework – A Discussion with Basile Van Havre
BMO Announces Plan to Partner with Breakthrough Energy Catalyst to Accelerate Climate Innovation
BMO Financial Group Named North America's Most Sustainable Bank for Third Consecutive Year
Mitigating the Physical Impacts of Climate Change with Spatial Finance
BMO Helps Boralex Go Beyond Renewable Energy, with the Transition of its Credit Facility to a Sustainability-Linked Loan
A Global First: BMO Supports Bruce Power with World's First Nuclear Green Financing Framework
BMO ranked one of the most sustainable companies in the world according to Dow Jones Sustainability Indices
The Future of Remote Work and Diversity in the Asset Management Industry
North American Metals & Mining first: BMO helps Sandstorm Gold Royalties achieve ESG goals with Sustainability-Linked Loan
Education, Employment and Economic Empowerment: BMO Releases Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ- First Annual Indigenous Partnerships and Progress Report
BMO Announces $12 Billion Financing Commitment towards Affordable Housing in Canada
In support of Canada’s bid to host the headquarters of the International Sustainability Standards Board
BMO supports Canada's bid to host the headquarters of the International Sustainability Standards Board
BMO Named to Canada's Best 50 Corporate Citizens Ranking by Corporate Knights
A North American First: BMO Helps Gibson Energy Fully Transition Credit Facility to a Sustainability-Linked Loan
Understanding Biodiversity Management: Best Practices and Innovation
Episode 29: What 20 Years of ESG Engagement Can Teach Us About the Future
BMO Financial Group 2020 Sustainability Report and Public Accountability Statement Now Available Online
Episode 28: Bloomberg: Enhancing ESG Disclosure through Data-Driven Solutions
BMO Ranked Among Most Sustainable Companies on Dow Jones Sustainability Index - North America
BMO investing in a sustainable future with $1M donation to the Institute for Sustainable Finance
BMO Financial Group Reaches Key Milestone in Matching 100 Per Cent of Electricity Usage with Renewables
BMO Financial Group Recognized as One of the World's Most Sustainably Managed Companies in New Wall Street Journal Ranking
Episode 23: TC Transcontinental – A Market Leader in Sustainable Packaging
BMO Financial Group to Source 100 Per Cent of Electricity Usage From Renewables
Episode 07: World Bank: Mobilizing Capital Markets for Sustainable Finance
Episode 06: Responsible Investing – Industry Trends and Best Practices from Canada