Canada's Delayed Taxonomy Decision Costs Investors and Competitiveness

Canada's government has been delaying a crucial decision on steering capital towards a net-zero economy, which is costing investors certainty and Canada's competitiveness in the global market. This decision involves creating a taxonomy that would guide investments towards sustainable projects. However, according to Senator Rosa Galvez, this objective becomes impossible if it tries to satisfy two contradictory goals: accelerating the transition while protecting industries that must transform.

Galvez argues that every year of delay costs Canada 'transition capital' and hampers its competitiveness in the global market. The government has been working on drafting a taxonomy since 2018, but so far, no concrete action has been taken.