Pursuing a Practical and Durable Environmental Transformation
In the face of intensifying environmental crises, the world is grappling with the need for urgent action towards a sustainable future. However, major agreements, such as the one on plastics, have yet to materialize, further reducing prospects for global cooperation.
To navigate this complex landscape, public expenditure management must take into account geopolitical, economic, environmental, and health risks. For instance, England requires 120% compensation for each development, a demand that other countries like Australia, New Zealand, and the European Union are addressing through innovative approaches.
Implementing sectoral plans that consider climate, biodiversity, and pollution could provide a stable regulatory context for long-term investments. Germany, for example, has mandated 65% renewable energy in new buildings and innovations in the transport sector, backed by a comprehensive climate protection report detailing progress towards its 2030 and 2045 climate neutrality goals. Spain exemplifies a just transition model with a legally binding climate and energy transition law, a national energy plan, and a focused strategy to socially and regionally address challenges related to coal phase-out regions.
Meanwhile, many states' financial situations have weakened, limiting their ability to fund the ecological transition. The decrease in funds intended to support developing countries and the public sector's diminished willingness to invest in structural changes have further compounded the issue.
In response, a rigorous regulatory framework for the certification and exchange of environmental credits could attract significant private investments. Preparations should also be made to meet the environmental requirements of trading partners. A national approach is needed to identify, manage, and offset the impacts of development projects while facilitating access to public, private, and philanthropic investment for the ecological transition.
Successful approaches can be found in countries like those in Scandinavia and in local initiatives such as the Plan Nord and the Nunavut Land Use Plan. Large-scale territorial planning, carried out before industrial projects, could accelerate approvals and protect ecosystems.
However, governments are inheriting a historical situation: the multiplication of environmental control measures has created a complex system of permits that slows down economic development. This complexity, coupled with recent geopolitical upheavals, has added to uncertainty, hindering investment and complicating international negotiations.
Canada's hesitation regarding the ecological and energy transition threatens its reputation and comparative advantages on the global stage. Integrating private and philanthropic capital into the ecological transition, in addition to public resources, is essential. An integrated vision is needed in Canada and Quebec to build a prosperous and resilient future based on a robust economy and responsible management of all assets, including natural capital and environmental services.
The Global Biodiversity Framework was enthusiastically adopted in Montreal in 2023, but much has changed environmentally since then. Quick implementation of these strategies is necessary to reap the benefits of the ecological and energy transition and maintain competitiveness with commercial partners. Solutions for reconciling economic and environmental objectives already exist, and the time to act is now.
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