Climate action makes for good economic strategy. Cities including Vancouver, Winnipeg and Montreal, are already capitalizing on climate action to drive their economic growth. Through tried-and-true economic development approaches, such as industrial strategies, local workforce development, and investment attraction, they are meeting local and global demand for goods and services that support the transition off fossil fuels and towards net-zero.
Toronto has the opportunity to do the same. An Action Plan for Toronto’s Economy, to guide Toronto’s economic development policy, programming and decision-making over the next 10 years, will be presented to the City’s Economic and Community Development Committee on October 23.
The City’s globally-recognized TransformTO plan has guided our climate activity since 2017 and modelling shows its promise: an estimated investment of $145 billion (mainly private capital) to achieve net-zero by 2050 which in turn will generate $114 billion in savings, on top of significant social, public health, quality of life and other valuable ROIs for our City. The Action Plan and TransformTO can and should support one another.
We know where the opportunity lies
Last year, buildings, transportation and the energy they require, represented 92% of Toronto’s greenhouse emissions. Looking ahead, as Toronto continues to grow, our infrastructure needs repair and resilience to the changing climate, commercial real estate usage is shifting, we need more and better housing, and we need to improve how we get around.
The Action Plan for Toronto’s Economy should include two features to maximize economic benefits for the City in the race to meet local and global net-zero goals.
First, modernize Toronto’s electricity grid
Toronto’s future growth and development depends on an efficient, affordable and clean energy grid. We cannot achieve our economic aspirations without the power to heat our buildings, run our industry and our transport. Toronto’s grid is constrained and requires investment. This Action Plan provides an unmissable opportunity to attract local and global investment from government and private sector investors looking for breakthrough, net-zero projects. The Action Plan should feature an outlook on the opportunities for Toronto companies and workers to design, engineer and deliver demand-side management, distributed generation, energy efficiency, and innovative grid technologies, to support Toronto’s energy infrastructure projects, and wider Ontario, cross-border and global needs.
Second, enhance the performance of Toronto’s infrastructure and built environment through net-zero growth
Net-zero growth means efficient, healthy, and desirable development, improving and upgrading living, working, and transportation conditions for Toronto’s people and businesses. Policies and programs such as the Toronto Green Standard for new construction and upcoming Building Emission Performance Standard for existing structures create market certainty that can signals economic opportunity for innovators and entrepreneurs in technology, real estate and construction. The Action Plan should support attracting and growing the right mix of businesses and organizations to deliver this work, attract investment capital, including local economic development and social procurement strategies specifically, to deliver great jobs and community improvements for Toronto, while growing competitive, in-demand knowledge, skills and talent.
An economic plan that looks out to 2035 offers a pivotal timeframe for this City. For the coming generation, it represents the opportunity to seize the value and benefits of climate action and set the course for a vibrant and beautiful Toronto. The draft plan will be publicly available on October 16, and feedback and deputation requests can be submitted to the Clerk’s office.
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