Canadian bank fossil fuel funding rose in 2024 despite record heat: report
TORONTO - Canadian banks were once again ranked as among the world's top fossil fuel financiers in a report that showed overall funding rose in 2024 despite it being the hottest year on record.
The Banking on Climate Chaos report by a coalition of environmental groups found that lending and underwriting among the world's 65 top banks rose by US$162.5 billion last year to US$869 billion, a reversal of a downward trend since 2021.
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Winnipeg Free Press
32 minutes ago
- Winnipeg Free Press
Construction sector ramping up tech investments to address labour gap: KPMG survey
TORONTO – A new survey says most Canadian construction companies are still coping with a shortage of skilled labour, however their productivity and efficiency has improved in recent years as a result of investments in technology. KPMG in Canada's third biennial survey on digital maturity and tech adoption in the construction industry found a shift is underway. Nearly eight in 10 respondents indicated that procurement processes are changing to encourage innovation and digital adoption. The survey of 265 construction companies across Canada, conducted from March 18 to April 4 in collaboration with the Canadian Construction Association, also highlighted the need for tech investment to continue ramping up throughout the industry amid a growing labour shortage. In recent years, experts have been sounding the alarm as the construction industry faces the dual challenges of replacing soon-to-retire workers while trying to grow the sector to address Canada's rising need for homes. The Canadian Home Builders' Association has estimated 22 per cent of residential construction workers are set to retire over the next decade. It has also said Canada would need more than one million additional residential construction workers to meet the Canada Mortgage and Housing Corp.'s target of boosting home construction by 3.5 million units by 2030 in order to restore affordability. Nearly three-quarters of construction leaders said they expect it will become 'increasingly difficult' to meet demand over the next five to 10 years, particularly as retirements outpace recruitment, according to the survey released Wednesday. 'The industry is well aware of their labour conundrum,' said Jordan Thomson, KPMG in Canada's national sector leader of building and construction, in a press release. 'The pressure is intensifying on the construction industry to do far more with less.' The survey said 78 per cent of companies are currently experiencing a shortage of skilled workers. While still 'incredibly high,' said Thomson, the figure is down from 90 per cent in 2023. Seven-in-10 said the labour crunch is affecting their ability to bid on projects and meet project deadlines according to the report, compared with 86 per cent in 2023. Those declines come as respondents indicate their companies are increasingly turning to digital technology to fill gaps. Around 81 per cent said labour productivity and efficiency have improved thanks to recent investments in technology, while 56 per cent are prioritizing technologies underpinning a demand-driven supply chain. In addition, 53 per cent are prioritizing artificial intelligence and AI-driven software in their operations. Nine-in-10 said better tools, such as AI and analytics, can boost efficiency and labour effectiveness, up from 86 per cent in 2023. Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. Some of the technologies being adopted include drones for site surveys, robotic bricklaying and other forms of automation, along with advancements in modular or prefabrication construction — when buildings are constructed in a controlled factory environment and then transported to the construction site for assembly. Prime Minister Mark Carney has placed a large emphasis on scaling up prefabricated home construction as part of his housing plan, pledging $26 billion in financing to prefabricated home builders to reduce construction times by up to 50 per cent. 'It's encouraging to see signs that procurement is beginning to evolve, but we're not there yet,' said Canadian Construction Association president Rodrigue Gilbert in a press release. 'Too often, the system prioritizes lowest price over long-term value, which prohibits investment in innovation. If we want a modern, productive construction sector, governments must reform procurement to foster collaboration, ensure fair risk-sharing, and create the confidence companies need to invest and grow.' This report by The Canadian Press was first published June 18, 2025.
Cision Canada
an hour ago
- Cision Canada
Canada's construction industry gets serious about investing in technology as pressure mounts to do more with less Français
Nine in 10 construction leaders say digital tools are needed to boost productivity to build more, faster, finds new KPMG in Canada report TORONTO, June 18, 2025 /CNW/ - In the face of growing pressure to build more, faster, nine in 10 Canadian construction leaders agree that the industry must move quickly to embrace new and advanced technologies, with most saying digital tools are already starting to boost their productivity, finds a new KPMG in Canada report on digital maturity in the construction industry. "It is good to see that the sector is investing in the technologies that are desperately needed to address persistently poor productivity levels," says Tom Rothfischer, Partner and National Industry Leader, Building, Construction and Real Estate, KPMG in Canada. "These investments are about to pay dividends and transform how we build in Canada. But the current economic and trade environment is squeezing bottom lines, putting at risk much-needed continued spending on tech – technology that is essential if we are to address the chronic housing supply shortage in this country and transform our economy through an ambitious era of nation-building mega-projects." Clients – those who commission and fund construction projects -- can play a key role in influencing the industry to modernize, the report says. Nearly eight in 10 (78 per cent) say procurement processes are changing to encourage innovation and digital adoption, and 43 per cent indicated that their clients play a "highly influential" role in their decision to adopt technologies. "It's encouraging to see signs that procurement is beginning to evolve, but we're not there yet," says Rodrigue Gilbert, President of the Canadian Construction Association. "Too often, the system prioritizes lowest price over long-term value, which prohibits investment in innovation. If we want a modern, productive construction sector, governments must reform procurement to foster collaboration, ensure fair risk-sharing, and create the confidence companies need to invest and grow." The level of tech investment will need to ramp up given that the industry's labour crunch is expected to worsen as the workforce ages and retirements increase in the next decade, the report points out. Nearly three-quarters (73 per cent) of construction leaders expect that it will become "increasingly difficult" to meet demand over the next five-to-10 years, particularly as retirements outpace recruitment. "The pressure is intensifying on the construction industry to do far more with less," says Jordan Thomson, Director, Global Infrastructure Advisory, KPMG in Canada. "The industry is well aware of their labour conundrum, with eight in 10 companies still experiencing a shortage in skilled labour that's affecting their ability to take on new work and complete current jobs. While it's improved slightly from two years ago, it's still incredibly high. "The industry is also counting on the removal of interprovincial trade barriers," he adds. "The challenges of working under 14 different sets of provincial rules and regulations is a further and unneeded drag on productivity that needs to be addressed if we expect the industry to be able to handle the growing volume of projects in the pipeline." The report finds that the industry is focused on deploying a wide range of technologies to improve productivity and expedite project completion, with 81 per cent of construction companies saying their recent investments in technology are already making a difference. Some of these technologies include advancements in modular or prefabrication construction that streamline processes, reduce waste, and accelerate timelines by constructing buildings in a controlled factory environment and then transporting them to the construction site for assembly; robotics and automation, such as robotic bricklaying that improves productivity and safety, or drones for site surveys; and, building information modelling (BIM), which improves planning and collaboration among stakeholders by providing a comprehensive digital view of the project from the architectural design to the materials, systems and infrastructure that will be needed. Investing in technologies to create a demand-driven supply chain that aligns supply with actual demand was ranked the top priority by more than half (56 per cent) of respondents surveyed, the report finds. "The industry has always faced supply chain challenges, whether it's the cost or availability of materials," says Mr. Thomson. "But that's recently been exacerbated by, among other things, U.S. tariffs, ongoing ripple effects from the pandemic, and other global macroeconomic events, prompting many companies to invest in supply chain innovation that uses digital tools, data analytics and automation that drive real-time visibility into projects and material requirements." The report shows that industry players are prioritizing a number of new technologies in parallel, spanning from 56 per cent exploring demand-driven supply chain innovation to 40 per cent exploring robotics, drones, exoskeletons. More than half (53 per cent) are prioritizing prefabrication as well as artificial intelligence (AI) and AI-driven software. Engineering firms and suppliers are focused on deploying intelligent automation, institutional owners are investing in AI, and contractors are prioritizing cybersecurity technologies. "We're seeing much more interest in tech adoption compared to where we were even two years ago. However, the sector still has a long way to go to move the needle on productivity," says Mr. Thomson. "Making a commitment to invest in technology is the first step. Delivering returns requires careful integration and only works if you also invest in up-skilling your people to use it effectively." Key Survey Findings: 87 per cent of 265 Canadian construction leaders agree the industry will need to implement new and advanced technologies to meet the demand for housing 90 per cent agree that better tools, such as AI, analytics, BIM and digital twins, can boost efficiency and labour effectiveness, up from 86 per cent in 2023 78 per cent say procurement processes are changing to encourage innovation and digital adoption 43 per cent say their clients are "highly influential" in their decision to adopt technology to meet project or contractual requirements 73 per cent expect it will become "increasingly difficult" to meet demand over the next five-to-10 years, particularly as retirements outpace recruitment 78 per cent are currently experiencing a shortage of skilled workers, compared to 90 per cent in 2023 70 per cent say the labour crunch is impacting their ability to bid on new projects and/or meet project deadlines, compared to 86 per cent in 2023 84 per cent want to see interprovincial trade barriers eliminated as quickly as possible 81 per cent say labour productivity and efficiency has improved as a result of their company's recent investments in technology 56 per cent are prioritizing technologies underpinning a demand-driven supply chain 53 per cent are making prefabrication and modularization a top or high priority in their business and another 27 per cent have it as mid-level priority 53 per cent are also prioritizing AI and AI-driven software "The construction sector is the foundation of Canada's nation-building ambitions. From housing to trade-enabling infrastructure to clean energy, nothing gets built without us," said Mr. Gilbert. "It's time for coordinated action. The government must modernize procurement, cut red tape, and provide the clear, consistent policy direction our sector needs to deliver. The time to act—together—is now." Read the full report here. About the Survey In its third biennial survey, KPMG in Canada surveyed 265 construction companies across Canada from March 18 through April 4, 2025, in collaboration with the Canadian Construction Association to measure the sector's digital maturity. The survey was conducted among KPMG clients and Sago's construction industry business panel respondents on the polling agency's online Methodify platform. The survey included general contractors (63 per cent), engineering firms (15 per cent), subcontractors (12 per cent), suppliers (8 per cent), and institutional owners (3 per cent). About KPMG in Canada KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada's top employers and one of the best places to work in the country. The firm is established under the laws of Ontario and is a member of KPMG's global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, see About the Canadian Construction Association CCA represents more than 18,000 member firms drawn from 57 local and provincial integrated partner associations across Canada. CCA gives voice to the public policy, legal and standards development goals of contractors, suppliers and allied business professionals working in, or with, Canada's institutional, commercial, industrial, civil and multi-residential construction industry. The construction sector is one of Canada's largest employers and a major contributor to the country's economic success. The industry, 99.6 per cent of which is made up of small and medium enterprises, employs more than 1.6 million Canadians and contributes 7.5 per cent of Canada's Gross Domestic Product. For media inquiries: Caroline Van Hasselt National Communications and Media Relations KPMG in Canada (416) 777-3288 [email protected] Anthony Valenti Manager, Media Relations Canadian Construction Association (613) 608-2716 [email protected] SOURCE KPMG LLP
The Market Online
an hour ago
- The Market Online
Gold Report: Junior miners building conviction
Ten-bagger stock Founders Metals (TSXV:FDR) successfully increased its ownership in the 20,000-hectare Antino gold project in Suriname from 51 to 70 per cent. Click here for the full story. By the ounce At the time of writing on Tuesday, the price of gold was US$3,405 per ounce, down from US$3,368 in our June 11 report, according to data from The Globe and Mail, as the death count in the war escalating between Israel and Iran continues to rise and destabilize global markets. This week in gold The bullish environment for gold companies across the mining life-cycle is incentivizing investors to build positions in proven operations, with assets and leadership teams equipped to leverage rising prices into shareholder value. Pinnacle Silver and Gold (TSXV:PINN) is a name worth putting on your radar to put this thesis in play. Westhaven Gold (TSXV:WHN) will undertake a C$3.16 million financing, including expected participation from Earthlabs (TSXV:SPOT) and Eric Sprott, one of Canada's most storied mining investors. NexGold Mining (TSXV:NEXG) received Industrial Approval from the government of Nova Scotia for its Goldboro gold mine, which houses billions of dollars in resources and reserves. Top trending gold stocks Join the discussion: Find out what everybody's saying about the stocks in this week's gold report on Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
