Montreal Climate Summit: divesting from fossil fuels and planting trees
The Caisse Commune des régimes de retraite des employés municipaux de Montréal says it plans to withdraw its investments from fossil fuels and plant at least 200,000 trees in the city's east end.
The announcement was made Tuesday at the Montreal Climate Summit, taking place at the Grand Quay of the Port of Montreal.
Environment Ministers Steven Guilbeault and Benoit Charette, as well as Montreal Mayor Valérie Plante, are taking part in the two-day event.
More than 900 people from the business, philanthropic, labour, political, environmental and civil society communities are also expected to attend the summit, which is in its third year.
Divesting from fossil fuels
Plante also announced that Montreal would be working with the Caisse Commune to repatriate almost all of its $10 billion investments.
Currently, only 23 per cent of these assets are managed locally, according to the city.
This collaboration aims to divest from fossil fuels and "benefit Montreal's entire financial ecosystem," according to the Plante administration.
"This commitment is a concrete first step and sends a strong signal to other cities, governments and public pension funds to strengthen the green economy," said Plante.
The C40, which brings together major cities worldwide for an ecological transition, welcomed the initiative.
"Montreal joins other pioneering C40 cities that are using every tool at their disposal to ensure that funding goes to the green economy and away from industries that pollute our planet and harm our communities," said Executive Director Mark Watt.
Plante is vice president of the C40 network.
Planting 200,000 trees
Together, the governments also announced plans to plant 230,000 trees and 57,000 shrubs in the city's east end.
According to a federal government press release, the project will "strengthen existing natural infrastructures in this area and provide access to natural environments."
The federal government is slated to "contribute up to a maximum of $27,710,192 to this project under the Disaster Mitigation and Adaptation Fund (DMAF)," and the City of Montreal's contribution "could amount to $40,000,000, or 60 per cent of the total value of the project."
According to the federal government, these types of investments "will have significant economic benefits down the road" as "every dollar invested in climate-related adaptation and disaster preparedness can yield between $13 and $15 in benefits."
The aim of the summit is "to identify solutions, measure collective progress and share lessons learned and pitfalls with a view to accelerating Montreal's climate transition."
The Montreal Climate Summit is organized by the Montreal Climate Partnership (MCP) in collaboration with the City of Montreal and other partners.
-- This report by The Canadian Press was first published in French on May 7, 2024.
CTVNews.ca Top Stories
Severe thunderstorms, 15 cm of snow: Canadian weather forecast highlights
Well into spring, some parts of Canada could experience a wintry comeback, while other areas are bracing for severe thunderstorms, according to local forecasts.
Pope apologizes after using 'homophobic terms'
Pope Francis apologized Tuesday after he was quoted using a vulgar term about gay men to reaffirm the Catholic Church's ban on gay priests.
At least 60 reports of Lyme disease so far as Ontario enters tick season
Peak tick season is only just beginning but reports of bites – and tick-borne illnesses – are already higher than normal in Ontario.
Spy watchdog's foreign interference review finds 'unacceptable gaps' in accountability
The Canadian Security Intelligence Service and Public Safety Canada lacked a system for tracking who received and read specific intelligence on foreign interference, creating 'unacceptable gaps in accountability,' the national spy watchdog has found.
House from 'Home Alone' hits the market for US$5.25 million
Kevin McCallister’s childhood home has hit the market for US$5.25 million. At just over 9,000 square feet, the house from the 'Home Alone' movie was last sold in 2012 for $1,585,000.
Teen was doing homework at family's Mississauga, Ont. restaurant when gunman opened fire: testimony
The 13-year-old sister of a young man killed in the attack on her family’s Mississauga restaurant in 2021 took the stand in a Brampton courthouse on Monday to describe the terrifying moments of coming under fire.
Tornado touches down west of the Island of Montreal
Emergency services in the town of Rigaud, Que. are investigating after a tornado touched down shortly after 5:30 p.m.
Richard Dreyfuss' comments about women, LGBTQ2S+ people and diversity lead venue to apologize
The actor Richard Dreyfuss showed up in a dress at a 'Jaws'-themed event in Massachusetts, where the blockbuster 1975 movie he starred in was shot, and then proceeded to make demeaning remarks about women, LGBTQ2S+ people and diversity.
More Canadians only making minimum payment on credit cards: TransUnion
Some Canadians are seeing their credit card balances grow as the cost-of-living crisis and higher interest rates eat into household budgets, a new report shows.