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illuminem summarizes for you the essential news of the day. Read the full piece on The Canadian Press or enjoy below:
🗞️ Driving the news: Canada is advancing plans for sustainable investment guidelines, but the government has yet to provide details, leaving investors and environmental groups frustrated
• Finance Minister Chrystia Freeland emphasized the need for private capital to support the country's transition to net-zero emissions by 2050, a goal requiring up to $140 billion annually
🔭 The context: The development of green taxonomies in Canada has been slow, despite growing pressure to establish frameworks that would attract investment in low-carbon projects
• Debate continues over whether fossil fuel projects, especially natural gas, should be included in the transition category
🌍 Why it matters for the planet: Clear guidelines on sustainable investments are crucial to accelerating Canada's path to net zero
• Without them, the necessary capital for climate action may not materialize, delaying progress on emissions reductions
⏭️ What's next: The government will task a third-party organization with developing the guidelines within a year, while launching a regulatory process to determine corporate climate disclosure requirements
💬 One quote: “We need to crowd in even more private capital to have a transition happening at the pace and scale the climate requires” – Finance Minister Chrystia Freeland
📈 One stat: Canada needs up to $140 billion annually to achieve net-zero emissions by 2050, compared to the current $15 to $25 billion being invested
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