B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Canada's financial sector could be exposed to significant economic shocks from the transition to lower emissions according to early scenario modelling from the Bank of Canada and the banking regulator.
The pilot study isn't meant as a forecast but considers several climate policy scenarios and how they could play out across the Canadian economy. The scenario work, however, does emphasize the immense transitions underway, said Toni Gravelle, deputy governor of the Bank of Canada.
"All scenarios showed that as we globally transition to net zero, some sectors will be significantly impacted, and the economy as a whole will undergo significant structural changes."
Speaking at a media briefing, Gravelle said that the study shows that Canada's banking and insurance industries need to plan carefully for the transition underway.
"For the financial sector, mispricing these climate risks could expose financial institutions and investors to sudden and large losses."
The Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) say the initiative is an early attempt to better understand the long-term risks posed by the transition away from greenhouse gas emissions, and to assess how well banks and other financial institutions are themselves modelling the risk.
Gravelle said it's clear that both financial institutions and financial authorities are in the early stages of building capacity to better understand the risks and transitions ahead.
Ben Gully, assistant superintendent at OSFI, said that while many institutions are just starting to ramp up efforts, there's still time as the regulator aims to establish resiliency by the end of the decade.
"We have some time, but no time to waste in preparing for 2030."
The report says that Canada is at higher risk of economic impacts from the transition because of significant exposure to commodities that will see price declines as climate policies such as carbon pricing strengthen globally.
The scenarios show that faster action on climate change will lead to a smoother, less risky transition, while modelling for especially abrupt global policy changes showed potential financial-market disorder as Canada's GDP falls 10 per cent lower than where it would be by 2050 compared with the baseline scenario.
The pilot study found that fossil fuel sectors are particularly exposed to risk, though others including crop and livestock sectors would also take a hit, and the electricity sector would get a boost.
One scenario, which looked at moving immediately toward the policies needed to keep warming to two degrees Celsius, found that refined oil producers would see by 2050 a 72 per cent drop in net income and a 450 per cent increase in the possibility of default compared with the baseline, while the crop sector could see a 32 per cent drop and a 141 per cent increase in potential default.
The scenarios, looking at a 30-year timeline, make numerous assumptions and also didn't factor in several key factors such as the physical risks of climate change and how some new technological innovations could change the trajectories.
The report, which was produced in collaboration six financial institutions, found that modelling can take more effort than expected, and is still hampered by spotty access to data.
Gully said that while an early effort, the pilot was a success as it raises awareness of the risks and works towards better understanding the implications.
"Climate scenario exercises like this one make clear the potential impacts of transition risk across a range of different climate pathways."
This report by The Canadian Press was first published Jan. 14, 2022.
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.