Canada

WHAT'S NEXT?: The U.S. and Canada's new governments will have their work cut out dealing with potential changes to their trade agreements while simultaneously Canada will be anxious to implement CETA with the EU.

• [New] Canada has committed to eliminating 200 million tonnes of greenhouse gases by 2030 under the Paris climate change agreement.
• [New] North America is at the forefront of the global digital twin market, with high market penetration rate in the U.S., Canada, and others, which are expected to display robust market growth in the coming five years.
• [New] The big go-forward risk remains that re-escalation of virus spread in the United States will prompt renewed shutdowns and weigh on Canadian trade flows once again as a result.
• [New] The Conference Board of Canada has stated that the combined direct and indirect costs of COPD will increase from just under Can $4 billion (US $ 2.93 billion) in 2010 to Can $9.5 billion (US $ 6.96 billion) by 2030, an increase of 140%.
• [New] By 2030, Canada is expected to replace Russia as the tenth-largest economy in the world and maintain that ranking through the rest of the century.
• Canada faces huge hurdles in meeting its target of reducing greenhouse gases from 2005 levels by 30% by 2030 and achieving net-zero emissions by 2050, as pledged by the Liberal government.
• Twelve more European countries will follow at the beginning of next year, while Plug & Charge will also be available from Electrify America and Electrify Canada at many charging points as of the start of 2021.
• Canadian oil sands production will experience its largest annual decline on record in 2020, dropping an average of nearly 175,000 barrels per day due to problems associated with the COVID-19 pandemic.
• Oil supply in Canada is rebounding and could potentially gain some market share in U.S. refining centres.
• Canada is phasing out coal-fired electricity by 2030, has a price on carbon and is bringing in a clean fuel standard.
• The Canadian Association of Broadcasters said Wednesday that it believes as many as 150 private radio stations - or one out of five - could go dark within the next year and a half.
• There has been no end to discussions in Canada over the introduction of Open Banking, but it appears that it will appear in Canada from next year.
• Canada's oil sands production should hit nearly 3.8 million barrels per day (bpd) in 2030, representing a nearly 1.1 million-bpd increase from current levels.
• Canada's economy is expected to contract by 6.8% in 2020 as a whole, its sharpest drop since the Great Depression, before recovering some of the lost ground, with a rebound of 5.5% in 2021.
• Last year, the Bank of Canada warned of the lack of climate risk disclosure in Canada and urged widespread adoption of a framework developed by the Task Force on Climate-related Financial Disclosures.
• Policymakers are facing pressure to reverse or suspend legislation that would address plastic waste and pollution, such as Canada's proposal to ban harmful single-use plastics by 2021.
• Policy-makers are facing pressure to reverse or suspend legislation that would address plastic waste and pollution, such as Canada's proposal to ban harmful single-use plastics by 2021.
• The additional crude oil that will be delivered by the Keystone pipeline will increase the secure and reliable source of Canadian oil to meet growing demand from refineries and markets in the United States.
• Among the other noteworthy acetaldehyde geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.9% respectively over the 2020-2027 period.
• Canada signed an agreement for undisclosed financial terms with Pfizer Canada and BioNTech SE for 100 million coronavirus doses of their experimental vaccine in 2020, and more than one billion in 2021, under Project Lightspeed.
• Among the other noteworthy geographic Styrene-Butadiene-Styrene (SBS) Block Copolymer markets are Japan and Canada, each forecast to grow at 0.7% and 2% respectively over the 2020-2027 period.
• The unemployment rate in Canada could reach 11% in the second quarter of the year.
• Mendicino proposed adding a total of one million new permanent residents to Canada by the end of 2022, a slight increase that raises the annual immigration level to around one per cent from 0.9% currently.

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Last updated: 16 September 2020