Mapping Quebec’s low-carbon economy highlights sectors positioned to take advantage of the transition
Montreal, December 7, 2021 – At the recent Conference of the Parties (COP26), the Glasgow Financial Alliance for Net Zero (GFANZ), led by former Bank of Canada Governor Mark Carney, announced a historic commitment to provide $130 trillion in capital to finance the global net zero transition. Against this backdrop of unprecedented mobilization for climate action, the companies and economic sectors that will be best positioned will be those on a transition pathway compatible with 1.5°C global warming. The sooner companies position themselves on such transition pathways, the better able they will be to cope with the risks and seize the new business opportunities that emerge.
To better visualize the key sectors of this important transition underway, QNP is today publishing an update to its mapping of Quebec’s low-carbon economy ecosystem. Originally published on June 5, 2020, this map highlights promising sectors that are poised for growth in a low-carbon future, as well as those that act as levers for accelerating the transition. The map highlights key sectors that Quebec can rely on to generate sustainable prosperity and jobs.
The update reflects the evolution of the low-carbon economy ecosystem since the initial publication, with the addition of growth sectors and levers that have emerged during this first year of the great decade of transition towards 2030. Here are a few points to remember for this new version:
- The cartography is presented in the form of an interactive PDF document, with access to a glossary, and is available in French and English to encourage constructive dialogue around a common language.
- A database containing more than 600 stakeholders at the time of publication was created by QNP to enable the team to conduct thematic and regional research in support of local initiatives and research projects.
- Indigenous Peoples and Indigenous Knowledge have been included as levers of transition. First Nations, Inuit and Métis are feeling the effects of climate change first-hand. Their close relationship with the environment, their knowledge of it and their traditional knowledge are assets on which to base new collaborations to ensure the collective success of the transition.
- The Finance sector has been enhanced to better represent the latest advances in sustainable finance, as well as emerging trends that are driving the transition, including the presence of the Carbon Marketplace, Canada’s Carbon Neutral Advisory Group, the Climate Change Financial Reporting Task Force (CCFRT) and the Nature Financial Reporting Task Force (NFDRT), and the recent announcement of the International Sustainability Standards Board (ISSB), which will be headquartered in Frankfurt and Montreal.
The proposed visualization enables us to assess the scale of the transition that is taking shape. Its success requires individual commitment from every company, as well as a collective effort in which every region and every sector of the economy imagines what its contribution to tomorrow’s economy will be.
The mapping provides an overview of the sectors that are best placed to seize new business opportunities and prosper during the transition. Energy is positioned at the heart of the growth sectors, thanks in part to the fact that Quebec is one of the only jurisdictions in the world to produce nearly 100% renewable electricity. In terms of leverage sectors, it’s the Finance sector that plays this leading role, at the heart of the transition. The map also shows other sectors where signs of accelerating the transition are already present, including: tourism; agriculture and agri-food; transport and logistics; energy; construction and buildings; industry, manufacturing and fabrication; nature-based solutions; clean technologies and carbon solutions; retail and services; and finance.
The mapping update was made possible thanks to the support of Desjardins Group and the McConnell Foundation as Partners. QNP is committed to continuous improvement and will publish further updates in the future to show how Quebec’s low-carbon economy ecosystem is evolving as the transition progresses.
“It is becoming essential for leaders and investors to identify companies that are aligned with a transition pathway compatible with a low-carbon future,” emphasizes Anne-Josée Laquerre, Executive Director of QNP. “These are the companies that will provide long-term quality jobs and sustainable prosperity for Quebec.”
About Québec Net Positif
QNP is an independent, non-profit think tank whose purpose is to accelerate the transition of Quebec’s economy toward a low-carbon, net-positive future. Its mission is to educate, equip, and mobilize businesses to help them go beyond risk mitigation and activate their full potential to create positive impacts on society and the environment.