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Submission to the Hoc Standing Committee on Finance (PDF) Prospects for a green COVID-19 recovery in Canada Submission to the House of Commons Standing Committee on Finance Prepared by Brian O’Callaghan and Cameron Hepburn 09 June 2020 Oxford Smith School of Enterprise and the Environment [email protected] | [email protected] +44 (0)1865 614963 1 Submitting Organisation Smith School of Enterprise and the Environment (SSEE) was established with a benefaction by the Smith family in 2008 to tackle major environmental challenges by bringing public and private enterprise together with the University of Oxford’s world-leading teaching and research. Research at the Smith School shapes business practices, government policy and strategies to achieve net-zero emissions and sustainable development. We offer innovative evidence- based solutions to the environmental challenges facing humanity. We apply expertise in economics, finance, business and law to tackle environmental and social challenges in six areas: water, climate, energy, biodiversity, food and the circular economy. SSEE has several significant external research partnerships and Business Fellows, bringing experts from industry, consulting firms, and related enterprises who seek to address major environmental challenges to the University of Oxford. We offer a variety of open enrolment and custom Executive Education programmes that cater to participants from all over the world. We also provide independent research and advice on environmental strategy, corporate governance, public policy and long-term innovation. For more information on SSEE please visit: http://www.smithschool.ox.ac.uk The views expressed in this paper represent those of the authors and do not necessarily represent those of the Smith School or other institution or funder. The committee paper is intended to promote discussion and to provide public access to results emerging from our research. Biographies of Submitting Authors Cameron Hepburn is Professor of Environmental Economics at the University of Oxford, and Director of the Smith School of Enterprise and the Environment. He also serves as the Director of the Economics of Sustainability Programme, based at the Institute for New Economic Thinking at the Oxford Martin School. Cameron has published widely on energy, resources and environmental challenges in the world's leading journals (such as Nature and Science) and across disciplines including engineering, biology, philosophy, economics, public policy and law, drawing on degrees in law and engineering (Melbourne University) and masters and doctorate in economics (Oxford as a Rhodes Scholar). He has co-founded three successful businesses and has provided advice on energy and environmental policy to government ministers and international institutions. Brian O’Callaghan is a Researcher at the Smith School of Enterprise and the Environment, University of Oxford. He is an Australian Rhodes Scholar, completing a DPhil (PhD) with a focus on reducing risk in renewable energy finance. Brian is a Consultant at the Robertson Foundation, covering topics in Energy and the Environment. He is also a freelance consultant to government and business groups on issues relating to the energy and climate transitions. Brian is on a leave of absence from the Boston Consulting Group (BCG). Before BCG Brian worked in macroeconomic and energy policy for the Asian Development Bank, and prior to that he was a Junior Fellow for the Australian Centre for Innovation and International Competitiveness. He holds degrees in Engineering (1st Class Honours with the University Medal) and Commerce (Finance and International Business) from the University of Sydney. 2 Biographies of Additional Authors in cited Oxford Review of Economic Policy Paper Professor Lord Nicholas Stern is the IG Patel Professor of Economics and Government, Chairman of the Grantham Research Institute on Climate Change and the Environment and Head of the India Observatory at the London School of Economics. President of the British Academy, July 2013 – 2017, and was elected Fellow of the Royal Society in 2014. He was Chief Economist of the European Bank for Reconstruction and Development, 1994-1999, and Chief Economist and Senior Vice President at the World Bank, 2000-2003. He was Second Permanent Secretary to Her Majesty’s Treasury from 2003-2005; Director of Policy and Research for the Prime Minister’s Commission for Africa from 2004-2005; Head of the Stern Review on the Economics of Climate Change, published in 2006; and Head of the Government Economic Service from 2003-2007. He was knighted for services to economics in 2004. He has published more than 15 books and 100 articles. Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president's) Council of Economic Advisers. In 2000, Stiglitz founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received that university's highest academic rank (university professor) in 2003. In 2011 Stiglitz was named by Time magazine as one of the 100 most influential people in the world. Known for his pioneering work on asymmetric information, Stiglitz's work focuses on income distribution, risk, corporate governance, public policy, macroeconomics and globalization. He is the author of numerous books, and several bestsellers. His most recent titles are People, Power, and Profits, Rewriting the Rules of the European Economy, Globalization and Its Discontents Revisited, The Euro and Rewriting the Rules of the American Economy. Dimitri Zenghelis is a Senior Visiting Fellow at the Grantham Research Institute at the LSE where, from 2013-2017, he was Head of Climate Policy. In 2014 he was Acting Chief Economist for the Global Commission on the Economy and Climate (a.k.a The New Climate Economy). He was recently Senior Economic Advisor to Cisco's long-term innovation group and an Associate Fellow at the Royal Institute of International Affairs, Chatham House. Previously, he headed the Stern Review Team at the Office of Climate Change, London, and was a lead author on the Stern Review on the Economics of Climate Change, commissioned by the then Chancellor Gordon Brown. Before working on climate change, Dimitri was at HM Treasury including four years as Head of Economic Forecasting where he provided regular briefings to the Chancellor Gordon Brown and Prime Minister Tony Blair. He currently advises the Mayor of London and the UK Committee on Climate Change. 3 EXECUTIVE SUMMARY The Government of Canada has announced that it will seek to achieve net-zero greenhouse gas (GHG) emissions by 2050 (Trudeau, 2019). Canada has already made a commitment to reduce GHG emissions to 30% below 2005 levels by 2030, as part of its “Nationally Determined Contribution” (NDC) under the Paris framework. These commitments will not be met under “business as usual”. Canadian economic growth has historically been reliant on fossil fuel-intensive industries – change is necessary and in Canada’s interest. Addressing this challenge can begin with the COVID-19 economic recovery. The good news is that the economic argument for a green stimulus is very powerful. Green recovery measures can create more jobs, deliver greater long-term economic multipliers, and be deployed relatively quickly. Further, the trend in costs of clean technologies is clear – they are already cost competitive in many countries and they continue to decline in cost for understandable and predictable reasons. Given that the transition to a zero-carbon economy is required by the science, reflected in Canada’s international commitments, and popular with voters, the economics and politics of green recovery is compelling. Other nations such as Germany (German Coalition Committee, 2020) have used their fiscal recovery packages to prioritise clean industry and to accelerate the transition away from a fossil-fuel intensive system. Germany is directing approximately 40% of spending to initiatives designed to stimulate future growth centres like electric vehicles, clean shipping, and artificial intelligence. A recent paper in the Oxford Review of Economic Policy surveyed 231 central bank officials, finance ministry officials, and other G20 economic experts on the relative performance of 25 major fiscal recovery archetypes (Hepburn et al., 2020). These archetypes were assessed in four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. Our paper concludes that there are five priority policy archetypes with high potential to bring positive economic and climate impacts: a. Clean physical infrastructure b. Building efficiency retrofits c. Investment in education and training d. Natural capital investment e. Clean research and development funding In Canada, clean physical infrastructure investment could be directed to building new wind and solar electricity assets to complement existing hydroelectric generation. The prevalence of hydroelectricity in Canada, approximately 60% of the current electricity mix (Natural Resources
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