As one other Donald Trump presidency begins, Canada might even see itself at a crossroads. In actuality, wanting past the subsequent 4 years and the politics of our neighbour, there may be nonetheless just one true highway forward, even when it’s a little bumpier. And in the case of our financial system, a bumpy highway is best than a useless finish.
The vitality transition is underway and unstoppable, and whereas there’s a query of velocity, the vacation spot leaves little question. Our different largest buying and selling companions, Europe and China, are all in, with the latter now seeing EV gross sales of round 50 per cent, a pattern the Worldwide Power Company initiatives will displace six million barrels of oil a day in simply 5 years.
Or a few yr after Trump leaves workplace.
Certainly, as Trump introduced has introduced he’ll, as soon as once more, withdraw the U.S. from the Paris Settlement, it’s value noting that solely three nations globally haven’t ratified their participation: Iran, Libya and Yemen. It’s the U.S. authorities underneath Trump that’s going it alone and undermining its companions and allies.
Canada shouldn’t comply with swimsuit.
Canadians don’t want a knee-jerk financial system. They want a sustainable financial system. Whereas america has lengthy been our most vital buying and selling companion and ally, it’s also a rustic of states, like California and New York, that perceive intimately the risks of local weather change and alternatives for clear vitality. They, too, intend to remain the course and construct up their clear economies.
In the meantime, $74 billion in ‘Trump-proof’ clear vitality funding is already out the door, most of it to crimson states: factories are being constructed, important minerals unearthed and recycled, renewable energy added to the grid.
Even U.S. automakers acknowledge the worldwide transition to EVs is inevitable and, in an uncommon transfer for the trade, the large three now want to be regulated, realizing that America’s EV-incentivizing tailpipe necessities (which additionally apply right here in Canada) assist even the taking part in discipline as they transition collectively.
Canada should additionally maintain each eyes on the horizon. In a geopolitically-fluid world, this implies strengthening relationships with like-minded allies. It additionally means working collectively right here at residence — constructing, for instance, a extra interprovincial, resilient vitality grid. Clear vitality is safer vitality, shielding shoppers from worth shocks and commerce wars.
Moreover, Canada can shield its investments in constructing cleaner vehicles, houses, applied sciences and vitality sources by supporting a stronger market at residence via incentives, constructing codes, training and different measures.
Along with guarding our nationwide pursuits, there is no such thing as a higher method to help cash-constrained Canadians. EVs, warmth pumps, good thermostats and residential vitality programs are options that, as soon as unlocked, pay again dividends month after month, usually to the tune of tons of of {dollars}.
Sure, Canada has a bumpier highway forward than it did on Monday, however it stays the one highway with an actual vacation spot. When the pavement finally smooths out — effectively, each EV driver is aware of they speed up just like the wind.
This put up first appeared in Canada’s Nationwide Observer.