With the climate crisis looming, it is becoming increasingly clear that humanity's window to safeguard its future is shrinking. In this context, numerous global climate initiatives have been drafted, garnering hundreds of signatures from nations across the globe. Canada has signed several of these, the most notable being the 2015 Paris Agreement. As a supplement, Canada has created its own domestic emissions target and, thus far, it has not met a single one. If wealthy nations like Canada are unable to meet their own targets, it is preposterous to expect developing nations–whose economies are more dependent on less sustainable energy–to match these efforts.

In 2022, Canada set a target to lower 2005-level emissions by 40-45% before the end of 2030. However, there is a good reason to be skeptical that Canada will meet this goal: since the 1990s, Canada has missed every single climate target that it has set, and is the only member of the G7 with to hold this record of failure . While the United Kingdom has managed a roughly 40% reduction relative to its 2005 emissions, Canada has so far managed to cut back by a mere 8%.

Therefore, what Canada can–and indeed should–do is to recognize its shortcomings in living up to climate pledges, abide by both domestic and international commitments, and invest in innovative solutions to the climate crisis. While many scientists argue that there is no replacement for simply cutting back on greenhouse gas emissions, solutions exist that can both mitigate the impacts on the Canadian economy and protect its environment. Already existent technologies have shown to be effective in the world’s fight against climate change: according to the International Monetary Fund (IMF), “[t]hree innovation opportunities alone—direct air capture and storage, advanced batteries, and hydrogen electrolyzers—can deliver roughly 15 percent of cumulative emissions reductions between 2030 and 2050.” Many emerging technologies can make renewable and climate-friendly energy sources more practical and efficient. All of this, however, “will require the work of public and private action.” As a result, the Canadian government needs to build on the incentives it has already created and promote innovative solutions for a more ecological future. Crucially, Canada is already in a position to do this, as “low-carbon tech ventures” in Canada are some of the most sought-after climate-friendly investments in the world.

As has already been mentioned, it is crucial to note that the global fight against climate change requires a  consolidated global effort. However, developing economies rely heavily on many carbon-intensive power sources, as these are often both the most accessible and affordable fuel options. It is imperative, then, that countries such as Canada–which accounts for a mere 1.5% of global emission– lead by example and utilize its privileged position to invest in and create affordable, practical, and feasible tools that can reduce the impact of harmful fossil fuels. Despite having low emissions and a limited role on the global stage, Canada’s influence in the global fight against the climate crisis can be influential; demonstrating that technological advances and environmentally friendly policies are viable, if not practical, can influence other nations to follow suit, especially when it is in their best interest–as is the case for many of the world’s largest polluters. 

While Canadian geography may spare the nation from some of the worst effects of the climate crisis. developing countries will likely be hit the hardest by climate change, and are cruelly the least equipped to deal with it. Canada may not have the resources to immediately assist these countries in their transition to climate-friendly power sources, but by focusing on long-term solutions, it can help find innovative solutions that are less costly and more environmentally friendly. This may seem like a cop-out, but investing in new technologies does not need to come at the expense of assisting other nations who have been hit harder by climate-related disasters. Instead, it just means that instead of looking for temporary solutions that are yet to be effective, Canada can channel both public and private resources toward advancements that have the potential to mitigate the effects of the climate crisis.

While Canada may have both the means and the attention of investors, long-term projects are still being overlooked. Canada’s annual investments in renewable energy infrastructure, while significant, simply do not suffice if the true goal is a systemic shift away from fossil fuels. Furthermore, many investors in the clean energy industry are hyperfocused on short-term gains that will maximize profits as opposed to longer-term solutions. Many venture capitalists argue that by creating new markets, other investors will increasingly see the expansion of those markets as a way to make profits, and will begin to pour their resources into it as well. Government initiatives, as well as guiding regulation, can promote this growth.

The world is without a coherent solution to the climate problem. While the obvious answer is to reduce our carbon emissions, there appears to be little hope in hedging the success of the fight against climate change on mere reduction. The world, for better or worse, will also need innovation and significant investments to save our future.