Latest news with #JeromeGessaroli
Toronto Star
28-07-2025
- Business
- Toronto Star
New Report Warns U.S. Tariffs on Lumber Could Trigger Systemic Risks Across B.C.
VANCOUVER, British Columbia, July 28, 2025 (GLOBE NEWSWIRE) — A new report by policy researcher Jerome Gessaroli for Resource Works explores how a significant downturn in British Columbia's forest sector could set off far-reaching ripple effects across the province's infrastructure, economy, and public safety systems. Titled 'Rising US Tariffs on Forest Products and the Systemic Risks Facing British Columbia,' the report looks at how sharply higher U.S. tariffs could accelerate a structural decline in BC's forest industry and expose hidden vulnerabilities in areas that depend on it, including road access, emergency response, Indigenous economic partnerships, and rural tourism. The report's findings are especially timely in light of the United States' recent decision to place tariffs on Canadian softwood lumber of 20.56%, which will intensify pressures on BC's already strained forest sector.
Hamilton Spectator
28-07-2025
- Business
- Hamilton Spectator
New Report Warns U.S. Tariffs on Lumber Could Trigger Systemic Risks Across B.C.
VANCOUVER, British Columbia, July 28, 2025 (GLOBE NEWSWIRE) — A new report by policy researcher Jerome Gessaroli for Resource Works explores how a significant downturn in British Columbia's forest sector could set off far-reaching ripple effects across the province's infrastructure, economy, and public safety systems. Titled 'Rising US Tariffs on Forest Products and the Systemic Risks Facing British Columbia,' the report looks at how sharply higher U.S. tariffs could accelerate a structural decline in BC's forest industry and expose hidden vulnerabilities in areas that depend on it, including road access, emergency response, Indigenous economic partnerships, and rural tourism. The report's findings are especially timely in light of the United States' recent decision to place tariffs on Canadian softwood lumber of 20.56%, which will intensify pressures on BC's already strained forest sector. 'Forestry in BC has long been more than just timber and mills; it quietly supports infrastructure, rural access, and emergency response in many regions,' said Gessaroli. 'If that foundation erodes, it could trigger disruptions in everything from wildfire suppression to Indigenous economic development. Our aim with this study is to help stakeholders anticipate and plan for those systemic risks.' Among the report's findings: 'The loss of forestry is not just a sectoral problem; it's a systems problem,' said Stewart Muir, CEO of Resource Works. 'Roads, services, and local economies across the province are all linked to this industry. This report shows that if policymakers don't plan ahead, we risk avoidable crises in public safety, infrastructure, and rural resilience.' The report was commissioned by Resource Works to support forward-looking dialogue on economic resilience and infrastructure planning amid trade and climate pressures. The full report is available at: About the Author Jerome Gessaroli is a Senior Fellow at the Macdonald-Laurier Institute and the Montreal Economic Institute. He leads the Sound Economic Policy Project at BCIT and is lead Canadian co-author of Financial Management: Theory and Practice . About Resource Works Resource Works is a British Columbia–based non-profit that advocates for responsible resource development as a foundation for economic prosperity and environmental stewardship. Through research, public education, and community engagement, Resource Works supports balanced solutions that benefit people, the economy, and nature. Media Contact Simon Turner, ph. (672) 833-3775 simon@
Yahoo
28-07-2025
- Business
- Yahoo
New Report Warns U.S. Tariffs on Lumber Could Trigger Systemic Risks Across B.C.
VANCOUVER, British Columbia, July 28, 2025 (GLOBE NEWSWIRE) -- A new report by policy researcher Jerome Gessaroli for Resource Works explores how a significant downturn in British Columbia's forest sector could set off far-reaching ripple effects across the province's infrastructure, economy, and public safety systems. Titled 'Rising US Tariffs on Forest Products and the Systemic Risks Facing British Columbia,' the report looks at how sharply higher U.S. tariffs could accelerate a structural decline in BC's forest industry and expose hidden vulnerabilities in areas that depend on it, including road access, emergency response, Indigenous economic partnerships, and rural tourism. The report's findings are especially timely in light of the United States' recent decision to place tariffs on Canadian softwood lumber of 20.56%, which will intensify pressures on BC's already strained forest sector. 'Forestry in BC has long been more than just timber and mills; it quietly supports infrastructure, rural access, and emergency response in many regions,' said Gessaroli. 'If that foundation erodes, it could trigger disruptions in everything from wildfire suppression to Indigenous economic development. Our aim with this study is to help stakeholders anticipate and plan for those systemic risks.' Among the report's findings: If even 25% of BC's forestry roads go unmaintained due to reduced logging, approximately 125,000 km of backcountry access could be lost through decommissioning or disrepair, affecting remote communities, mining, pipelines, and tourism. Emergency services, including wildfire crews and ambulance access to Indigenous communities, could be impacted. Supply chains for residues used in pulp mills, wood pellets, and agriculture (e.g. livestock bedding) would face severe pressure. Road closures could reduce outdoor recreation and rural tourism, harming small businesses. Indigenous communities face dual challenges: a loss of forestry income and less access to traditional lands and services. 'The loss of forestry is not just a sectoral problem; it's a systems problem,' said Stewart Muir, CEO of Resource Works. 'Roads, services, and local economies across the province are all linked to this industry. This report shows that if policymakers don't plan ahead, we risk avoidable crises in public safety, infrastructure, and rural resilience.' The report was commissioned by Resource Works to support forward-looking dialogue on economic resilience and infrastructure planning amid trade and climate pressures. The full report is available at: About the AuthorJerome Gessaroli is a Senior Fellow at the Macdonald-Laurier Institute and the Montreal Economic Institute. He leads the Sound Economic Policy Project at BCIT and is lead Canadian co-author of Financial Management: Theory and Practice. About Resource WorksResource Works is a British Columbia–based non-profit that advocates for responsible resource development as a foundation for economic prosperity and environmental stewardship. Through research, public education, and community engagement, Resource Works supports balanced solutions that benefit people, the economy, and nature. Media ContactSimon Turner, ph. (672) 833-3775simon@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vancouver Sun
15-05-2025
- Automotive
- Vancouver Sun
B.C. car dealers brace for end of EV rebate as zero-emission targets remain in place
The pace of electric vehicle sales has slowed considerably over the past year in B.C. and could drop even further with the pausing of provincial rebates this week, which had offered up to $4,000 off the cost of eligible vehicles. The percentage of all new vehicle purchases that are electric has slid from 22.5 per cent in late 2024 to 18 per cent in February 2025, according to data compiled by Jerome Gessaroli for the Energy Futures Institute. According to Statistics Canada, EV sales across the country dropped 44 per cent in March compared to the same time last year, with both the federal government and Quebec pausing their rebate programs in the first two months of 2025. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The B.C. NDP government plan from 2017 to address climate change sets ambitious targets to reduce emissions by 40 per cent by 2040, although the most recent accountability report projects the government will only reach half of that goal. Part of that plan includes legislatively mandated EV targets, which require 90 per cent of all new vehicles sold in 2030 and 100 per cent in 2035 to be zero emission. Leigh Heppner, general manager of Preston Chevrolet Buick GMC Cadillac in Langley, told Postmedia that the rebate had been successful in drawing customers toward EVs but that cost pressures are ramping up and the lack of a rebate is likely to drive down sales. He said the mandates are unrealistic and keeping them in place, with the rebate gone, has the potential to force manufacturers to reduce the number of gas-powered cars they import into the province. This could in turn reduce the number of vehicles dealerships are selling, hurting their bottom line, and forcing some British Columbians to go elsewhere for their business. 'I think that by restricting the supply of gas vehicles into the province, we aren't going to see an automatic uptick in EV sales,' said Heppner, who explained that manufacturers could also choose to pay the fine of up to $20,000 for not meeting the targets. 'As a dealer, we're caught in the middle, where we live with what the manufacturer decides to do. So if that's restrict supply, that's one factor, if it's pay the penalty, then at the end of the day, we know that that's going to work its way into the cost for the consumer in one way or another.' Blair Qualey, CEO of the New Car Dealers Association of B.C., added the industry already saw the costs added to vehicles during the COVID-19 pandemic when supply chains broke down. Between 2019 and 2021, the average price of a new vehicle rose by 13 per cent, according to a report released earlier this year by Car Help Canada. Qualey said he hopes to see the province bring back the rebates and continue investments into charging stations and educating consumers on the benefit of electric vehicles. At the same time, he wants the province to back off on the mandates, which he said the industry will not be able to meet. Premier David Eby has acknowledged that target may not be achievable and that the legislation is under review. 'Their concerns are real,' the premier told reporters at the beginning of April, stating that Energy Minister Adrian Dix will examine the rebate program as part of a wider review of the CleanBC climate plan. Interim Green leader Jeremy Valeriote believes the rebate program was never meant to be permanent and that the price of an electric vehicle has come down enough that it may no longer be necessary. He said he would have preferred the rebate continue but that there are changes that could be made to make it more targeted. At the same time, he wants steps taken to ensure the province can reach its legislatively mandated EV targets and believes it is still possible despite the setbacks, stating that '10 years is a long time.' 'Yes, it's achievable. Yes, we need incentives, whether in the form of the rebates, or some other way of incentivizing it,' said Valeriote. 'We're meeting our target for now, and we need to keep adjusting and to make sure that we keep meeting those targets. I think 2035 is entirely possible with the way technology is moving.' However, even if the province can reach those targets there is some concern about whether B.C. has the electricity necessary to power those EVs. The province has been a net importer of power for the past two years, and Barry Penner, Energy Futures Institute chair and a former B.C. Liberal environment minister, said his institute's research estimates the government would need to build two more Site C dams just to meet EV energy demand. 'We're driving up electricity demand in British Columbia before we have dealt with our self-sufficiency issues,' said Penner. 'In other words, we are putting the cart before the horse.' For his part, Dix echoed Eby and Valeriote in saying that the province is on track to meet its target of 26 per cent new vehicles being zero-emission by 2026 and the goal is to find additional ways to encourage EV uptake. He said the federal government announced the end of their own rebate program in January, which had offered up to $5,000, and his government is focused on increasing the number of charging stations in B.C. The government says there are now over 7,000 charging stations around the province. 'We're continuing to work with everyone involved to ensure that people have an opportunity to purchase EVs, to see the advantage of EVs,' said Dix. 'For many people the key issue is not just an issue of price level, although that's an important question, the issue is of being able to use EVs across the province.'
Yahoo
30-03-2025
- Automotive
- Yahoo
New Report: EV Mandates Risk Economic Disruption, Deepen Inequality
Current policies may benefit Tesla and increase vulnerability to United States VANCOUVER, British Columbia, March 30, 2025 (GLOBE NEWSWIRE) -- A new report commissioned by the Energy Futures Institute, Are EV Mandates and Market Reality on a Collision Course?, warns that government-mandated electric vehicle (EV) sales targets in British Columbia and Canada could destabilize markets, reduce consumer choice, drive up costs and benefit car companies like Tesla. 'The push for EV mandates ignores fundamental market realities,' said policy researcher Professor Jerome Gessaroli, who authored the report. 'These policies force automakers to sell electric vehicles regardless of demand or buy credits from competitors like Tesla, likely leading to financial losses, higher vehicle prices, and fewer choices for consumers. The result is an artificial market distortion that makes it more expensive for people to get the vehicles they need, disproportionately impacting lower income people. A more flexible approach to emissions reduction is required.' Barry Penner, Chair of the Energy Futures Institute, noted that while the government's EV mandates aim to accelerate electrification, they may instead funnel millions of dollars into the pockets of Tesla and Elon Musk—at the expense of Canadians. 'These mandates could end up directing consumer dollars straight to Tesla as the dominant EV manufacturer with vehicles currently available in Canada,' said Penner. 'That would be an unacceptable consequence of forcing the market in one direction, rather than allowing competition and innovation to shape the future of transportation.' Key Findings: EV Sales Depend on Subsidies: Sales have proven highly sensitive to purchase incentives. Reductions in government support in British Columbia, Quebec and at the national level have led to significant declines in adoption, with EV sales dropping to 18% of new vehicle sales last month in BC from about 23% last year. Market Distortions: If consumer demand lags behind government mandates, automakers may be forced to discount EVs heavily or reduce production of profitable gas-powered vehicles—causing losses, shortages and price hikes for both new and used vehicles. Infrastructure Gaps: Public charging remains costly and insufficient. In Metro Vancouver, estimates suggest charging infrastructure investments could reach $2.9 billion by 2050. Policy and Supply Chain Uncertainty: Recent shifts in U.S. tariffs and EV policies have created an unpredictable business climate, leading some companies to pause or cancel planned EV manufacturing projects in Canada. Worsening Income Inequality: Affordability: EVs remain about $8,000 more expensive upfront, limiting access for lower-income buyers. Meanwhile, subsidies disproportionately benefit higher-income households earning up to $100,000. Charging Access: Residents without home charging pay up to $0.39/kWh at public stations—nearly five times the $0.08/kWh rate currently available to BC Hydro customers with home chargers who opt for time-of-use rates. Professor Gessaroli cautioned that 'government intervention at this scale rarely comes without consequences. By distorting the auto market, mandates will drive up costs for both electric and gas-powered vehicles, hurting consumers who may not be ready or able to transition to an EV.' Penner also warned that British Columbia's growing reliance on electricity imports from the United States increases vulnerability to capricious actions from President Donald Trump. 'Since 2023, B.C. has been importing roughly 20% of its electricity needs from the U.S. due to a lack of domestic generation. If fully implemented, EV mandates will increase electricity demand by the equivalent of two more Site C dams worth of power, potentially increasing our dependence on imported energy, leaving BC in a precarious position,' Penner explained. 'With trade relations at an all-time low, it's dangerous to assume we'll always have access to affordable U.S. electricity. We need a plan that strengthens B.C.'s energy security, not makes us more vulnerable.' Recommendations: The report urges policymakers to replace rigid EV sales mandates with more flexible, emissions-based targets. This approach would allow market forces and technological advancements to drive cleaner transportation solutions while mitigating economic disruptions. 'Encouraging emissions reductions without dictating specific technologies will lead to better outcomes for both the environment and the economy,' said Professor Gessaroli. 'Policymakers should prioritize affordability, energy security, and consumer choice over one-size-fits-all mandates.' Media ContactSimon Turner, ph. (672) 755-2050simon@ Background: Jerome Gessaroli Jerome Gessaroli is a senior fellow at the Macdonald Laurier Institute and leads the Sound Economic Policy Project. He writes on economic and environmental matters, from a market-based principles perspective. Jerome teaches full-time at the British Columbia Institute of Technology's School of Business, courses in corporate finance, security analysis, and advanced finance. He was also a visiting lecturer at Simon Fraser University's Beedie School of Business, teaching in their undergraduate and executive MBA programs. Jerome is the lead Canadian co-author of 4 editions of the finance textbook, Financial Management Theory and Practice. He holds a BA in Political Science and an MBA from the Sauder School of Business, both from the University of British Columbia. Prior to teaching, he worked in the securities industry. Jerome also has international business experience, having worked for one of Canada's largest industrial R&D companies, developing overseas business opportunities in China, Hong Kong, Singapore, and India. Barry Penner, KC Barry Penner served as BC's Minister of Environment, Minister of Aboriginal Relations and Attorney General during his four terms as a MLA. Penner represented Chilliwack in the BC Legislature from 1996 to 2012. During this time, he also served as both President and Vice President for the Pacific Northwest Economic Region (PNWER) and chaired a number of Legislative Committees. As Minister of Environment, Penner introduced BC's first climate action plan, which included North America's first revenue-neutral carbon tax. Penner was named Chair for the Energy Futures Institute in December 2023. Energy Futures Institute The Energy Futures Institute is a Resource Works-sponsored project bringing a fresh perspective to discussions surrounding the future of energy in British Columbia. Energy Futures has been exploring some of the greatest challenges facing British Columbia's energy security, affordability and independence, working to answer the big questions on how we meet BC's growing energy demand while protecting our environment, not just today but for the coming decades and century ahead. Resource Works Resource Works is a public-interest advocacy and communications not-for-profit organization based in Vancouver, British Columbia. Their mission is to reignite the promise of Canada's economic future by leading respectful, inclusive and fact-based dialogue on natural resource development. Resource Works helps show how resources have 'worked' for citizens in the past and how they can continue to do so in a new era defined by environmental responsibility and reconciliation. We communicate the importance of resource sectors to personal well-being and opportunity, demonstrating how responsible development creates jobs and incomes, both directly and indirectly, while maintaining a clean and healthy in to access your portfolio
