Biden administration may be more open to work with Canada on climate:
BoC's Macklem
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[November 18, 2020] By
Julie Gordon
OTTAWA (Reuters) - The incoming
administration of Joe Biden and Kamala Harris in the United States may
be more willing to work with Canada on addressing climate change, Bank
of Canada Governor Tiff Macklem said on Tuesday.
Macklem's remarks followed a presentation where he noted climate change
would have a profound impact on Canada's economy and said the country
must mobilize quickly to mitigate the threat as well as capitalize on
opportunities.
"I think there is a potential, with a Biden-Harris administration, for a
more integrated and more rational North American approach to climate
change," Macklem said during a Q&A session that followed his
presentation.
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The United States is Canada's largest trading partner, though the
relationship has been fraught at times during the presidency of Donald
Trump. President-elect Joe Biden has pledged to make his country a
leader in global efforts to curb climate change.
Macklem said such a shift in the United States could increase
competitive pressure on Canadians firms, though he encouraged businesses
on both sides of the border to "take advantage of our historical links
and work together" on climate issues.
"I think there is some risk, but there is also some opportunity," he
said.
Earlier, Macklem said Canada's financial system is critical to helping
businesses and households manage climate change risks, both in terms of
extreme weather and the transition to low-carbon growth.
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![](../images/111820PIX/busine47.jpg)
Bank of Canada Governor Tiff Macklem speaks during a news conference
in Ottawa, Ontario, Canada October 28, 2020. REUTERS/Blair
Gable/File Photo
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"Our financial system proved to be resilient during the global financial crisis
and has been a key shock absorber so far through the COVID-19 pandemic," Macklem
said. "We need to ensure the financial system is just as resilient in the face
of climate change."
With the world facing more frequent and more intense severe weather events, and
scientists warning that temperatures will continue to warm, the need to address
climate change is becoming more urgent, Macklem said.
"We need to position Canada to seize the climate-smart opportunities that
consumers, workers and investors are looking for," he said. "But to mitigate the
threat and capitalize on the opportunity, we all need to mobilize."
($1 = 1.3074 Canadian dollars)
(Reporting by Julie Gordon in Ottawa; Additional reporting by David Ljunggren in
Ottawa; Editing by Matthew Lewis and Lincoln Feast.)
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