Sustainable Finance and Climate Risk

Tax Incentives Deployed in Countries Leading the Fight Against Climate Change:

How Does Canada Stack Up?

 

Peter van Dijk, Executive in Residence, Global Risk Institute
Angelo Bertolas, Senior Tax Advisor


INTRODUCTION

Climate change is an urgent and existential threat to humanity. In a press release, dated August 9, 2021, UN Secretary General Antonio Guterres calls the recent Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) a “code red for humanity.”

Scientists have warned that to avoid the worst effects of global warming we must limit the global temperature increase to well below 2°C, compared to pre-industrial levels,2 but strive to limit the global temperature increase to 1.5°C.3 As we have already  reached an increase in global temperatures of 1.2°C, the urgency to take action is clear.  The increased frequency of significant weather extremes – such as flooding, wildfires and drought – are already having a dramatic effect on people, animals and other forms of life around the world.

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Tax Incentives Deployed In Countries Leading The Fight Against Climate Change: How Does Canada Stack Up?