One hundred fifty billion. It’s a huge number that means different things to different people in Canada.
The Carney government claims its recent budget will spur at least $150 billion in capital investment through major projects. But for environmentalists, that same number represents the carbon stored in Canada’s peatlands—150 billion tonnes. Peatlands hold the largest terrestrial carbon stock on Earth. This stark contrast highlights a potential conflict.
The areas targeted for development overlap significantly with peatlands. Projects like pipelines from Alberta’s oil sands to the B.C. coast will cross rich, carbon-storing peatland areas. Without a change in perspective, these developments could release immense amounts of carbon emissions, impacting future generations. No carbon capture technology can fully address this risk.
Canada is at a critical crossroads here. The Wildlife Conservation Society Canada’s recent national peatland strategy offers a viable path forward. It incorporates research from over 130 experts and outlines how current policies fall short. The strategy emphasizes the need for a binding peatland conservation target linked to Canada’s goal of protecting 30% of nature by 2030.
Wetlands, for instance, contribute over $225 billion annually through services like flood protection and water filtration. This value is equivalent to about 10% of Canada’s GDP. Yet, nature’s contributions often go unrecognized, even though Canadians clearly value it. An Abacus Data poll shows that 91% of people believe nature is one of Canada’s most valuable economic assets, and 93% think it should be treated as such.
However, the Carney government’s recent policies seem to view nature merely as a risk rather than a vital asset. The federal climate competitiveness strategy largely overlooks the importance of ecosystems in managing climate issues, reducing its ecological mention to just three vague references.
In contrast, Europe is adopting “nature-positive” development strategies. Countries there prioritize not just economic growth but also the health of ecosystems, recognizing their role in risk management and long-term economic returns. For example, about 50% of peatlands in Europe are degraded and now emit significant greenhouse gases, underlining the importance of proactive conservation efforts.
Canada is home to a quarter of the world’s peatlands and a large share of its freshwater resources. The moral responsibility lies with Canada to find a balance that benefits both the economy and nature.
Immediate action is needed. This involves properly assessing ecological impacts and integrating them into planning decisions. If nature is ignored in major projects, Canada could compromise its climate goals. The federal government has a vital leadership role and needs to prioritize nature in its economic strategy.
True nation-building means preserving and valuing the natural resources that will ensure our long-term prosperity.
To delve deeper into the importance of peatlands and effective conservation strategies, consider joining the WCS Canada’s free webinar on February 2. It will cover insights from the national peatland strategy and how stakeholders can drive collaborative action.
This article was first published on Policy Options and is republished here under a Creative Commons license.
