۴ý

Business

    • Bank of Canada plans to keep eye on climate change impact on inflation

    Share
    OTTAWA -

    The Bank of Canada says it plans to more closely monitor how increasingly frequent and severe weather events could impact the prices consumers pay for goods as part of its mandate to keep inflation in check.

    The central bank's promise Wednesday, which it linked to the UN climate summit in Glasgow, U.K., will also see it explain in a more public way how climate change could impact the path of the Canadian economy.

    The announcement comes just ahead of a report the bank intends to publish about the risks climate change poses to the financial system, including granular details on sectoral impacts, and a renewal of the Bank of Canada's mandate.

    The central bank is mandated to keep annual inflation rates hovering around two per cent, but its monetary policy framework gets renewed every five years.

    Conservative Leader Erin O'Toole warned Prime Minister Justin Trudeau in a letter late last month that his party will oppose any "growth or other social mandate expansions" to the Bank of Canada's mandate.

    Although not officially part of the Bank of Canada's marching orders, other central bankers argue they should take more of a leading role in helping economies adapt to climate change.

    "We cannot leave them in a blind spot, and it will haunt us back if we're not fully aware of it," Alejandro Diaz de Leon Carrillo, governor of the Bank of Mexico, said Wednesday during a virtual panel hosted by the Toronto Centre.

    Speaking on the same panel, Bank of Canada deputy governor Toni Gravelle said policies to mitigate the impact of climate change will slow economic growth as carbon-intensive sectors that have helped fuel gains shrink significantly.

    He also said there could also be an impact on the financial system, noting the possibility of losses as prices drop for assets not considered as green as others.

    It's why Gravelle said there needs to be better climate-risk disclosures from corporations so financial institutions understand their own exposure.

    Duff Conacher, co-founder of Democracy Watch, said in a statement that the big banks and financial institutions shouldn't be allowed to keep details of their fossil-fuel industry loans, investments and insurance secret, or be allowed to make up their own voluntary disclosure and investment standards.

    The Bank of Canada has been working with some of the country's largest banks to get a handle on what that risk looks like to help them and others in the financial system wrap their heads around the financial risk climate change poses.

    That report, Gravelle said, is due out by the end of November or early December. It will include what he described as how-to guides for reporting risk.

    That work will likely dovetail with an international reporting body's decision to locate one of its offices in Montreal. The Chartered Professional Accountants of Canada said it would help create one reporting standard.

    Gravelle said the looming economic change would be similar to how much technological innovation affected the economy over the last few decades, except "on steroids" that would have broad impacts on sectors and labour markets.

    Mitigating the impact would require investments in productivity-enhancing technology that would make workers more efficient, he said.

    "The problem is you've got to line up the policies, you have to get the incentives right, and that in the short term might feel very hard to swallow, but in the long term, you have actually a lot more jobs, you have an economy that's much more flexible," Gravelle said.

    This report by The Canadian Press was first published Nov. 3, 2021.

    CTVNews.ca Top Stories

    Elections BC released its first partial results of the final count in B.C.'s 2024 provincial election Saturday afternoon, and the data shows NDP candidates gaining in some tight races.

    Huntsville OPP and the Special Investigations Unit (SIU) are conducting a homicide investigation after three individuals were found dead in a Huntsville neighbourhood Friday evening.

    Angela Salvatore had been away from her father's hospital bedside for just over an hour when she says she got a frantic call from a nurse, pleading with her to calm him down.

    Ontario Provincial Police say a 16-year-old has been charged with second-degree murder after a 15-year-old was found dead at a home in Perth, Ont. Friday afternoon.

    Canadian Ryan James Wedding finished in 24th place in the parallel giant slalom at the 2002 Winter Games in Salt Lake City, but the snowboarder wouldn’t go on to improve his results in Torino four years later.

    Canada

    • Huntsville OPP and the Special Investigations Unit (SIU) are conducting a homicide investigation after three individuals were found dead in a Huntsville neighbourhood Friday evening.

    • Elections BC released its first partial results of the final count in B.C.'s 2024 provincial election Saturday afternoon, and the data shows NDP candidates gaining in some tight races.

    • Ontario Provincial Police say a 16-year-old has been charged with second-degree murder after a 15-year-old was found dead at a home in Perth, Ont. Friday afternoon.

    • The mystery of a 100-year-old letter sent from Manitoba to Ireland is slowly unraveling thanks to the work of one amateur sleuth.

    • Canadian Ryan James Wedding finished in 24th place in the parallel giant slalom at the 2002 Winter Games in Salt Lake City, but the snowboarder wouldn’t go on to improve his results in Torino four years later.

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    • Former Chicago Blackhawks star and Hall of Fame hockey executive Bill Hay, who was also a past president and CEO of the Calgary Flames, has died. He was 88.

    • Stuart Skinner made 27 saves for his fifth career shutout and Evan Bouchard and Mattias Ekholm each had a goal and an assist as the Edmonton Oilers snapped a two-game losing skid with a 4-0 victory over the Pittsburgh Penguins on Friday.

    Autos

    Local Spotlight

    A new resident at a Manitoba animal rescue has waddled her way into people's hearts.

    Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.

    He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

    A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.

    Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.

    A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.

    A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.

    A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.

    Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.

    • Elections BC released its first partial results of the final count in B.C.'s 2024 provincial election Saturday afternoon, and the data shows NDP candidates gaining in some tight races.

    • Three people have suffered serious but non-life-threatening injuries following a stabbing at a New Westminster casino in the early hours of Saturday morning.

    • Work crews were called to deal with a barge that appeared to be stuck near the shore of the Fraser River in Langley Saturday morning.

    • Canadian Ryan James Wedding finished in 24th place in the parallel giant slalom at the 2002 Winter Games in Salt Lake City, but the snowboarder wouldn’t go on to improve his results in Torino four years later.

    • Huntsville OPP and the Special Investigations Unit (SIU) are conducting a homicide investigation after three individuals were found dead in a Huntsville neighbourhood Friday evening.

    • Seneca Polytechnic says it is temporarily closing one of its campuses north of Toronto because of the federal government's recent cuts to the number of international student permits.

    • One person is in hospital with potentially life-threatening injuries after a crash between a motorized scooter and a vehicle.

    • Mr. Steam got its online business listing back.

    • One person is in hospital in stable condition following a shooting in southeast Calgary at around 2 a.m. Saturday morning.

    • Ontario Provincial Police say a 16-year-old has been charged with second-degree murder after a 15-year-old was found dead at a home in Perth, Ont. Friday afternoon.

    • A veteran Ottawa journalist is firing back against what he says are "entirely false" claims by a former Conservative cabinet minister that he acted as a Russian agent.

    • CTVNewsOttawa.ca looks at things to do in Ottawa and eastern Ontario this weekend.

    • Montreal police (SPVM) are investigating an alleged case of voyeurism on the metro involving an 18-year-old woman, with video footage of the incident now circulating on social media

    • CAA Quebec hosted a child car seat safety check in Laval to promote the importance of proper installation and prevent potential tragedies on the road.

    • Steve Begin is back at school, speaking to students. A place the former Montreal Canadien says was difficult for him growing up.

    • RCMP are looking for a man they believe is armed and dangerous in the Lac La Biche area.

    • A worker was killed on the job in Stony Plain on Tuesday, one day after a worker was killed in northwest Edmonton.

    • A former Alberta teacher has been sentenced to four years for sexually abusing a student.

    • Hundreds of people got dressed up Saturday for an afternoon of trick-or-treating in East Chezzetcook, N.S., during the fourth annual ‘Halloween Trick or Treat on the Trail Walk.’

    • The GoFundMe page for the family of an employee found dead at a Halifax Walmart last weekend has paused donations after almost $200,000 was raised in roughly 24 hours.

    • This weekend brings Menahqesk PowWow 2024 to Saint John, N.B., the first traditional powwow to be held in the city.

    • Winnipeg police have arrested and charged a man believed to be connected with an assault at a University of Manitoba dorm room.

    • The mystery of a 100-year-old letter sent from Manitoba to Ireland is slowly unraveling thanks to the work of one amateur sleuth.

    • Pop culture connoisseurs made their way by the masses to the fourth annual Winnipeg Comiccon this weekend.

    • Saskatchewan was one of the regions that experienced one of the hottest heat waves in Canada this summer, according to Environment and Climate Change Canada (ECCC).

    • A group of Regina youth gathered to give back to veterans of the First World War.

    • With mere days until votes are counted up – the provincial party leaders have entered the final phase of campaigning and are looking to appeal to undecided voters for support.

    • Police are investigating after a Guelph home was broken into early Saturday morning.

    • Fire crews responded to a fire at a Waterloo waste management site Friday evening.

    • All the evidence has now been called at the trial of Erick Buhr, who has pleaded not guilty to second degree murder in the death of his grandmother, Viola Erb.

    • Saskatoon fire crews responded to a major house fire on the 400 block of 24th Street West on Friday evening.

    • The Saskatoon Police Service is cautioning residents about a phone scam involving fraudulent lottery claims.

    • Saskatchewan was one of the regions that experienced one of the hottest heat waves in Canada this summer, according to Environment and Climate Change Canada (ECCC).

    • Huntsville OPP and the Special Investigations Unit (SIU) are conducting a homicide investigation after three individuals were found dead in a Huntsville neighbourhood Friday evening.

    • Creditors have moved to take ownership of most of the properties in northern Ontario owned by a group of 11 insolvent companies.

    • The Town of Cochrane plans to roll out its $10-lot program in a month or two.

    • London police say they’ve arrested a man allegedly responsible for a number of non-fatal overdoses that prompted a safety warning Friday afternoon.

    • Cornelius Woelke and his two boys, who were badly burned in a fire in Springfield, Ont., are continuing their recovery in hospital.

    • Alongside a panel of industry experts, Ontario NDP Leader Marit Stiles joined MPP Terence Kernaghan to discuss hot button topics leading up to a possible election.

    • Huntsville OPP and the Special Investigations Unit (SIU) are conducting a homicide investigation after three individuals were found dead in a Huntsville neighbourhood Friday evening.

    • A commercial truck driver was stopped for allegedly travelling nearly twice the speed limit through a community safe zone in Caledon Saturday morning.

    • Several students have been banned from being spectators at school sporting events, and others suspended from school, after verbal and physical exchanges at a high school soccer game.

    • Windsor police say the death of a 69-year-old man has been ruled a homicide.

    • A U.S. citizen was arrested by Customs and Border Protection (CBP) officers at the Gorder Howe International Bridge on Oct. 18 for an active warrant for possession of synthetic drugs.

    • Witches and dinosaurs walked the Downtown Windsor Farmers’ Market Saturday morning in search of an early Halloween treat.

    • Elections BC released its first partial results of the final count in B.C.'s 2024 provincial election Saturday afternoon, and the data shows NDP candidates gaining in some tight races.

    • There were tense moments at a ferry terminal outside Victoria, B.C., on Friday after the lion’s share of standby spots on an early sailing were claimed by “assured loading” passengers – leaving regular customers who had been waiting for hours out of luck.

    • Hulitan Early Years Centre is a brand new, 48-seat childhood learning centre in Colwood. It was built to support Indigenous children throughout the capital region.

    • More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.

    • Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.

    • A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.

    • A tentative agreement has been reached between the City of Lethbridge and more than 900 employees belonging to CUPE Local 70.

    • The Hurricanes will be happy to be back home in Lethbridge Saturday night after losing their third in a row on the road Friday night, a 4-1 decision to the Broncos in Swift Current.

    • About 15,000 students are enrolled at Lethbridge’s post-secondary schools, and now the city is working with those schools to try to find ways to get them s to stick around a while.

    • Creditors have moved to take ownership of most of the properties in northern Ontario owned by a group of 11 insolvent companies.

    • Ontario Provincial Police have been cleared in the case of a woman who crashed her vehicle intentionally while she was high on drugs and fled into the woods earlier this year.

    • The union that represents hospital workers across the province is used a symbol from Greek mythology Friday in Espanola to drive home its campaign about the perils of privatization in health care.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at ۴ý. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow ۴ý