Task Force for a Resilient Recovery Releases Final Report Calling for $55b in Green Investment
The Task Force for a Resilient Recovery (the Task Force) today released its final report (the Report) calling for $55.4 billion in green and climate-focused investment by government over the next five years. We expect that some of the Report's recommendations may feature significantly in the federal government's Speech from the Throne set for September 23, 2020. The Task Force was formed in May 2020 to provide independent advice on how government can build a resilient economic recovery to the COVID-19 global health and economic crisis. The Report recommends five overarching “bold moves”, supported by 22 recommendations, for a resilient economy recovery:
1. Invest in climate-resilient and energy-efficient buildings ($27.25b). The Report calls for Canada’s post-COVID economy to be a champion of energy-efficient and climate-resilient buildings and recommends:
expanding existing provincial and municipal building retrofit programs to enhance energy efficiency and climate resilience;
training a green building workforce;
demonstrating large-scale standardized retrofits;
working with provinces to ensure that new buildings meet stringent net-zero and resilience codes (including developing a “ResiliGuide” rating system); and
creating an Indigenous infrastructure fund to bolster investment in sustainable infrastructure in Indigenous communities.
2. Jumpstart Canada’s production and adoption of zero-emission vehicles (ZEV) ($7b). The Report recommends:
supporting the development of the Canadian ZEV industrial ecosystem through repayable and non-repayable funding streams to support ZEV and e-mobility component manufacturing;
introducing a phased-in ZEV mandate for all vehicle classes;
kickstarting the adoption of ZEVs across Canada by increasing and targeting consumer incentives; and
accelerating the installation of EV charging infrastructure across the country through increased funding.
3. Go big on growing Canada’s clean energy sectors ($11.5b). The Report recommends:
accelerating investments in clean, robust electricity grids through a $5-billion Clean Power Fund that facilitates investments in (1) transmission and distribution to accommodate large-scale electrification of transportation, heating, and industrial needs and (2) “smart” infrastructure to enable grids to receive and balance more renewables;
supporting next-generation energy solutions by scaling up shovel-ready projects and investing in earlier-stage technologies including geothermal power, advanced energy storage, renewable fuels, SMRs, and bitumen beyond combustion;
catalyzing and supporting national Indigenous clean energy action platforms; and
supporting Canadian leadership in an emerging low-carbon hydrogen economy.
4. Invest in the nature that protects and sustains us ($4.65b). The Report recommends:
investing in natural infrastructure by adding a new, dedicated $500-million allocation for natural infrastructure to the Disaster Mitigation and Adaptation Fund;
accelerating global leadership in conservation and supporting Indigenous reconciliation;
growing financing for nature-based services (stewardship by landowners, farmers, communities, and resource managers); and
growing and training the workforce for ecosystem restoration, monitoring and management, and nature tourism through a $400-million investment.
5. Growing clean competitiveness and jobs across the Canadian economy ($5b). The Report recommends:
developing clean competitiveness roadmaps, capital strategies, and action plans for key sectors in alignment with the first recommendation of the Expert Panel on Sustainable Finance;
investing in advanced skills and infrastructure;
accelerating the production and adoption of clean technologies across the economy using targeted investment, blended finance, and other incentives; and
increasing the fairness of climate action.