Tag Archives: Ministry of Finance

Feds release flimsy first report on climate risk managment

Canada’s National Observer, Local Journalism Initiative Reporter

The federal government expects the cost of disaster relief funding to balloon to a billion dollars or more each year as the climate crisis advances, according to a new risk-management report. 

The document, examining steps by the federal public service to manage the financial risks and possible rewards tied to climate change, was released by Minister of Finance Dominic LeBlanc on Monday. 

Over the past decade, the federal government spent an average $793 million annually to help provinces and farms, businesses, industries and communities overcome natural disasters, according to the inaugural Federal Climate-Related Risk Management report. 

However, as extreme weather and catastrophes aggravated by climate change — like the 2021 flooding in B.C. or Hurricane Fiona in Atlantic Canada the following year — occur more frequently, funding transfers to provinces through the Disaster Financial Assistance Arrangement (DFAA) are expected to spike, the report noted. 

Continue reading Feds release flimsy first report on climate risk managment

Freeland insists TMX will recoup billions; opposition MPs say no way

By Natasha Bulowski, Canada’s National Observer, Local Journalism Initiative Reporter

Finance Minister Chrystia Freeland is “very confident” the federal government will get back the $34 billion in public funds spent on the Trans Mountain Pipeline expansion. But her statement produced widespread skepticism from opposition MPs.

“If you look at market analysis right now, the consensus view is this is a project that is worth a lot of money,” Freeland said at the natural resources committee meeting Monday.

Continue reading Freeland insists TMX will recoup billions; opposition MPs say no way

Trans Mountain wants higher tolls, and they won’t cover even half its price tag

By Natasha Bulowski, Canada’s National Observer, Local Journalism Initiative Reporter

Trans Mountain wants to charge oil shippers more to use the Trans Mountain expansion pipeline (TMX), but those increased tolls wouldn’t cover even half of the project’s $30.9-billion price tag.

“There has never been an instance in any western country — that I’m aware of — where tolls have been set below the level required to cover the cost of the operation of a pipeline,” said Thomas Gunton, professor and director of the Resource and Environmental Planning Program at Simon Fraser University in B.C.

Continue reading Trans Mountain wants higher tolls, and they won’t cover even half its price tag

Trans Mountain expansion’s price tag surpasses $30-billion threshold

By Natasha Bulowski, Canada’s National Observer, Local Journalism Initiative Reporter

The Trans Mountain expansion project is now expected to cost $30.9 billion in yet another sign it is becoming a fiscal disaster for Trudeau’s government.

“Buying and building this pipeline will go down in the history books as one of, if not the, worst infrastructure decision a Canadian government has ever made,” said Greenpeace Canada senior energy strategist Keith Stewart. “It was always a disaster from a climate change perspective, but this is now an economic crime that has stolen $30 billion of public funds from real climate solutions.”

Continue reading Trans Mountain expansion’s price tag surpasses $30-billion threshold

Bloc Québécois MP Monique Pauzé confronts feds about Trans Mountain’s ‘cooked’ books

By Natasha Bulowski, Canada’s National Observer, Local Journalism Initiative Reporter

Bloc Québécois MP Monique Pauzé blasted the federal government in question period after a report forecasted roughly $17 billion of Trans Mountain’s public debt will be forgiven.

“The government has cooked the books to hide the fact that it continues to sink our money into the Trans Mountain pipeline,” the MP for Repentigny told the House of Commons in French on Oct. 7.

Continue reading Bloc Québécois MP Monique Pauzé confronts feds about Trans Mountain’s ‘cooked’ books