Investment Increase Urged in Quebec for Risk Mitigation against Climate Change
Quebeckers ain't shying away from the climate crisis, but they're hollering for more action from the Legault government, according to Alain Bourque, co-president of the Expert Group on Climate Change Adaptation (GEA). Even though he acknowledges the progress and new investments announced this week, he's still shouting that it's not nearly enough. The total budget for the 2030 Green Economy Plan? A cool $10.1 billion over five years, with $1.3 billion earmarked for climate adaptation.
Now, if you're thinking that seems like a boatload of cash, you'd be right. Quebec's pumping an extra $305 million into combating flood risks, $177 million into projects to safeguard against heat and heavy rains, and $143 million to combat coastal erosion in maritime zones. That might sound like a plan, but Bourque ain't satisfied. He's saying that scientists recommend more investment, citing the need for more than the $177 million to prepare for heat and flood risks.
Bourque's been shouting this for years. He's saying we gotta develop and speed up measures to prepare for a worsening climate, including more intense heat events, degradation of critical infrastructure, amplified forest fire risks, the spread of zoonoses, potential issues with drinking water, and even testing the healthcare system. A 2023 study commissioned by the Union of Quebec Municipalities even suggested the municipalities' costs alone could top $20 billion over a decade.
Despite some progress, Bourque's throwing shade on the Legault government for not going far enough. He's praising Quebec for keeping its focus despite surrounding worries, but he's calling for more cooperation from the federal government to make those investments happen. Meanwhile, Ottawa's still twiddling its thumbs, not having put in place any "effective" strategy to tackle the effects of climate change.
On a brighter note, bigger investments are being made by institutional actors like La Caisse de dépôt et placement du Québec (La Caisse). They're looking to up their climate action investments to a whopping $400 billion by 2030, focusing on companies with credible decarbonization plans and funding climate solutions. Corporations promoting renewable energy growth, like Boralex, are also stepping up to the plate. They're doubling renewable energy capacity every five years, increasing contract durations, and maintaining financial discipline in support of net-zero trajectories by 2050. These private-sector strategies complement government investments by expanding clean energy infrastructure and capacity.
So, it's high time the Quebec government hears the call to action. Quebec can't afford to stick its head in the sand any longer; it's time to step up and tackle the climate crisis head-on before it's too late.
Sources
[1] Better Finance (n.d.). Transition Report: Asset Owners’ Guidance on Climate-Related Financial Disclosures. Accessed 2023-03-27 from https://www.betterfinance.org/wp-content/uploads/2022/07/TFCD-report_en.pdf
[2] Carbon Disclosure Project (n.d.). Global Climate Change Voting Policy. Accessed 2023-03-27 from https://www.cdp.net/en/companies/our-research/shareholder-disclosure-requests/shareholder-voting-tactics
[3] Investor Group on Climate Change (n.d.). Net-Zero Company Benchmark. Accessed 2023-03-27 from https://igcc.org/nzc100/
[4] Nature Finance (n.d.). Financing Nature: 2021 Status Report. Accessed 2023-03-27 from https://www.naturefinance.org/wp-content/uploads/2021/11/Financing-Nature-Status-Report-5th-Edition.pdf
[5] Boralex (2021). Building an Industry-Leading Renewable Energy Growth Strategy. Accessed 2023-03-27 from https://boralex.com/en/about-us/sustainability/building-an-industry-leading-renewable-energy-growth-strategy/
- The Legault government in Quebec is being criticized for not investing enough in environmental science and climate-change mitigation, with Alain Bourque, co-president of the Expert Group on Climate Change Adaptation, advocating for more funds to prepare for heat and flood risks.
- Despite progress and new investments in the Green Economy Plan, politicians, scientists, and policymakers are raising concerns about the lack of cooperation between the Quebec and federal governments in tackling climate change.
- While the Quebec government and institutional actors like La Caisse de dépôt et placement du Québec are making significant investments in climate action, corporations like Boralex are also stepping up, focusing on renewable energy growth and doubling their renewable energy capacity every five years.
