Economy’s performance will depend on how we handle climate change

It is often said that there is no greater responsibility for the federal government than providing security and stability for its citizens. I agree.

Security and stability include ensuring that economic prosperity is sustainable for current and future generations. Unfortunately, the existing Conservative government is massively failing in its responsibility towards Canadians by creating utter policy confusion when it comes to sustainable development. I would argue that the Conservative government is risking the future security and stability of our country and citizens.

Our economy’s performance, and by extension employment activities and living standards for Canadians, will largely depend on how we tackle the most pressing issue facing our time: climate change. It will depend on how we reconcile future economic growth with environmental needs. Ultimately, the well-being of Canadians is and will be dramatically influenced by how the federal government manages these fundamental needs.

Regrettably, the Conservative government has shown little political will to demonstrate any leadership on this matter.

Despite years of denial, climate change sceptics are now reverting to different tactics. Now that the science is indisputable, those that have historically denied climate change are arguing that implementing any major new policies will have a traumatic effect on our economy and will erode jobs and prosperity. This rhetoric is consistent with their pattern of rejecting logic and common sense. The reality is that adjusting our industrial and economic activities to reduce our ecological footprint will not only be beneficial to the environment and to future generations, but it will create exciting business opportunities that will produce new jobs and new wealth.

In an era of increased security vigilance, the Conservatives have never argued that increasing security regulations would have a devastating effect on our economy in spite of the major financial costs. Instead, it has been understood and accepted as an inevitable priority. While there is an ongoing and healthy debate about balancing individual civil rights and new security regimes, there are virtually no voices that argue that such security measures might cause economic ruins.

While new security regimes may have imposed new economic pressures, the overall economic outcome has been interesting to observe. Billions of dollars of new business opportunities have emerged to address these new needs and new jobs and creative technologies were created.

Markets always respond to new demands. Businesses and countries that recognize new markets ahead of others are always able to position themselves as leaders and are able to harness greater economic rewards than those that are followers.

The Conservatives need to understand how markets work and realize that positioning Canada as a leader in combating climate change will not just be morally right but will also be economically profitable. It is not a stretch to predict that new sustainable development regimes would create new industries and employment opportunities that would enhance our economy and prosperity.

As we exist in a new age of security vigilance, it is undeniable that we are also facing a new era of environmental adaptation and awareness. The whole world has accepted the urgency and significance of the climate change impact on our lives. The sooner the Conservative government recognizes that Canada can be a world leader in achieving simultaneous economic success and sustainable development, the greater the chance will be for Canada and Canadian businesses to help the environment and make money while doing it.

The federal government has a responsibility to pave the way for businesses and individuals to champion these new opportunities. Businesses tend to be risk averting in their decision-making for understandable reasons. When the government shows a lack of enthusiasm for creating new regimes and regulations for the pursuit of sustainable development, businesses will be reluctant to invest and research new technologies to facilitate and help implement those new regulations. But when the government sends a clear message and takes decisive action by mandating new methods that are environmentally conscious, businesses will be racing and competing to offer solutions.

If you don’t believe me, then listen to what Canada’s CEOs are saying. Thomas d’Aquino, Chief Executive Officer and President of the Canadian Council of Chief Executives, warned a business audience in Toronto on November 26 that the current government’s “policy chaos” on global warming has led to confusion, uncertainty and inertia. Mr. d’Aquino went on to say that, “The opportunities far exceed the liabilities.”

If Canadian business leaders are telling us that there are more opportunities than risks in pursuing responsible and environmentally friendly policies, why are the Conservatives telling Canadians that such policies would cause severe economic sacrifices and unbearable job losses?

It is time that we moved beyond the notion that combating climate change would lead to reduction in economic activities and lower living standards. Instead, what needs to be done, and very quickly, is to position Canada and its industries as world leaders in producing new technologies and processes that would be environmentally sustainable and economically profitable. The world is going to leave us behind if we don’t act fast and then we will have no choice but to purchase other countries’ technologies and miss out on a massive new market of opportunities.