Latest news with #MarisaBeck
Toronto Star
2 days ago
- Business
- Toronto Star
$30B in new investments needed to meet Canada's critical mineral demand: report
TORONTO - A newly released report estimates Canada will need at least $30 billion in new capital investments by 2040 if it wants to meet domestic demand for the critical minerals key to a green economy transition. But the Canadian Climate Institute's report says cutting back on environmental safeguards and Indigenous consultation to speed up those projects is likely to backfire. The report released Thursday says those cutbacks can lead to delays later on, due to community opposition or litigation. ARTICLE CONTINUES BELOW The think tank's latest report comes as the federal government, along with Ontario and British Columbia, face major pushback from First Nations and environmental groups to legislation intended to speed up mining project approvals. The report says Canadian governments should support Indigenous participation and reduce environmental risks as part of efforts to reduce regulatory delays. It says Canada has a big opportunity to capitalize on the surging domestic and global demand for critical minerals to build the batteries, solar panels and electric vehicles required to reduce greenhouse gas emissions. It estimates domestic demand alone for six key critical minerals, including lithium and copper, will reach $16 billion by 2040 if Canada keep up its climate policies, with almost half of that coming from EV manufacturers. To meet that demand, the think tank estimates Canadian mining projects will need a total of $30 billion in capital investments, and even more if the industry wants to help satiate international demand too. The report says that's also likely a lowball figure since it excludes major cost overruns that often plague mining projects. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The estimated domestic need 'vastly exceeds' current investment in the sector, which averaged about $2 billion per year from 2018 to 2023, the report said. The report suggests there's a role for governments to step in to support the sector with either equity investments or financial risk-sharing agreements. But it should not come at the expense of Indigenous consultation or environmental oversight, the authors say. 'Successful projects that are being developed fast are the ones that have participation from Indigenous communities, that have adhered to the highest environmental standard,' said co-author Marisa Beck, the think tank's clean growth research director. Critics say recently passed Bill 15 in B.C. and Bill 5 in Ontario gives those provinces sweeping powers to exempt mining projects from environmental oversight and undermines constitutional obligations to consult First Nations. The provincial governments disagree and say the legislation will help speed up approvals without sacrificing First Nations rights or environmental protections. Ottawa has also faced pushback to its legislation intended to speed up infrastructure approvals. The authors of Thursday's report declined to comment on the specifics of those legislative efforts, but it did put forward several policy recommendations. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Governments should also support Indigenous communities exercising their right to self-determination and economic participation, such as through funding for Indigenous-led environmental assessments, the report says. Elsewhere, the report recommends provinces strengthen mining regulations to reduce environmental risks and liabilities, such as requiring producers to make their closure plans publicly available. This report by The Canadian Press was first published June 12, 2025. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
National Observer
2 days ago
- Business
- National Observer
Canada risks squandering multi-billion-dollar critical minerals market without 'swift action': report
Canada risks squandering a $12-billion-a-year domestic market for minerals and metals key to the country's energy transition by 2040 if the federal government cannot attract the massive investments needed to propel development of copper, nickel, lithium, graphite, cobalt and rare earth element mines, a new report has concluded. The study out today by the Canadian Climate Institute (CCI), a think tank, found Canada's place in the global critical minerals market would be jeopardized unless at least $30 billion in capital flowed into the country's mining sector over the next 15 years to meet growing minerals demand driven by technologies ranging from EV batteries to wind turbines and power infrastructure. 'Securing Canada's place in the global critical minerals race requires swift action to unlock public and private investment that can power Canada's energy transition with these building blocks of clean technologies,' said the CCI's director of clean growth, Marisa Beck, who was lead author of the report. "We are at a phase globally in critical minerals market development where the market is reorganizing itself [against the backdrop of the energy transition] and in the midst of major geopolitical and trade upheavals, so it is the perfect time to establish policies to support Canada's mining sector and supply chain,' she added, speaking with Canada's National Observer. To meet skyrocketing worldwide demand for these six key critical minerals – which the International Energy Agency, an industry watchdog, forecasts to reach $770 billion by 2040 – investment in Canadian mines would have to rise to $65 billion by the end of the next decade. Facilitating this investment, according to the report, which comes ahead of next week's G7 leaders summit in Alberta where critical minerals is one of three topics topping the agenda, will require: agreements between government and the private sector sharing the financial burden of capital investments in critical mineral mines; more funding for Indigenous communities to partner on these projects; strengthened environmental regulations that reduce risks and liabilities for neighbouring communities; and streamlined mining project reviews and decision-making processes. "Securing Canada's place in the global critical minerals race requires swift action to unlock investment that can power our energy transition with these building blocks of clean technologies,' says the Canadian Climate Institute's Marisa Beck. 'We are seeing very fast progress in a lot of the technologies that will need these critical minerals, so it is important to focus on the high-level areas of mine development, but we also recognize that the processing side and the high-value manufacturing side must all be considered going forward,' said Beck. 'But this was outside the scope of this report.' Marilyn Spink, director of operations at the Canadian Critical Minerals and Metals Alliance, an industry advocacy group, warned that the report could entrench 'old-world thinking' by government and industry on new mining sector development that focuses on resource development but 'doesn't sufficiently consider demand-pull,' where future market strategy is more demand-determined rather than supply-led. 'What is Canada going after?' 'What is Canada going after? Materials enable the economy; critical minerals do not. We need to intelligently decide who the customers for these critical minerals will be — EV battery-makers, sure, but think about the wider clean-tech space, energy infrastructure, robotics and so on,' she said, speaking with Canada's National Observer. 'Then decide which critical minerals you mine and where you mine them, because then you can build the midstream facilities to process them and then add real high-value manufacturing that will lead to economic development and job creation.' She cautioned that without following this strategy, Canada could fall prey to the 'resource curse,' when a country 'fails to leverage a natural resource well because it doesn't add manufacturing value and this results in slowly eroding the wider economy.' In a bid to ramp up mining of critical minerals in a global market dominated in recent decades by China, Ottawa in 2022 announced $3.8 billion in federal funding to finance geoscience and exploration, mineral processing, manufacturing and recycling applications, as well as research and development. And last year, Canada's critical minerals list was updated with three new materials, bringing the total to 34. But only a handful of critical minerals mining projects have gained traction in the past year, with developments in BC, Manitoba, Ontario and Quebec recently receiving a financial boost from the $1.5 billion Canadian Critical Minerals Infrastructure Fund.
Winnipeg Free Press
2 days ago
- Business
- Winnipeg Free Press
$30B in new investments needed to meet Canada's critical mineral demand: report
TORONTO – A newly released report estimates Canada will need at least $30 billion in new capital investments by 2040 if it wants to meet domestic demand for the critical minerals key to a green economy transition. But the Canadian Climate Institute's report says cutting back on environmental safeguards and Indigenous consultation to speed up those projects is likely to backfire. The report released Thursday says those cutbacks can lead to delays later on, due to community opposition or litigation. The think tank's latest report comes as the federal government, along with Ontario and British Columbia, face major pushback from First Nations and environmental groups to legislation intended to speed up mining project approvals. The report says Canadian governments should support Indigenous participation and reduce environmental risks as part of efforts to reduce regulatory delays. It says Canada has a big opportunity to capitalize on the surging domestic and global demand for critical minerals to build the batteries, solar panels and electric vehicles required to reduce greenhouse gas emissions. It estimates domestic demand alone for six key critical minerals, including lithium and copper, will reach $16 billion by 2040 if Canada keep up its climate policies, with almost half of that coming from EV manufacturers. To meet that demand, the think tank estimates Canadian mining projects will need a total of $30 billion in capital investments, and even more if the industry wants to help satiate international demand too. The report says that's also likely a lowball figure since it excludes major cost overruns that often plague mining projects. The estimated domestic need 'vastly exceeds' current investment in the sector, which averaged about $2 billion per year from 2018 to 2023, the report said. The report suggests there's a role for governments to step in to support the sector with either equity investments or financial risk-sharing agreements. But it should not come at the expense of Indigenous consultation or environmental oversight, the authors say. 'Successful projects that are being developed fast are the ones that have participation from Indigenous communities, that have adhered to the highest environmental standard,' said co-author Marisa Beck, the think tank's clean growth research director. Critics say recently passed Bill 15 in B.C. and Bill 5 in Ontario gives those provinces sweeping powers to exempt mining projects from environmental oversight and undermines constitutional obligations to consult First Nations. The provincial governments disagree and say the legislation will help speed up approvals without sacrificing First Nations rights or environmental protections. Ottawa has also faced pushback to its legislation intended to speed up infrastructure approvals. The authors of Thursday's report declined to comment on the specifics of those legislative efforts, but it did put forward several policy recommendations. Governments should also support Indigenous communities exercising their right to self-determination and economic participation, such as through funding for Indigenous-led environmental assessments, the report says. Elsewhere, the report recommends provinces strengthen mining regulations to reduce environmental risks and liabilities, such as requiring producers to make their closure plans publicly available. This report by The Canadian Press was first published June 12, 2025.
Yahoo
2 days ago
- Business
- Yahoo
$30B in new investments needed to meet Canada's critical mineral demand: report
TORONTO — A newly released report estimates Canada will need at least $30 billion in new capital investments by 2040 if it wants to meet domestic demand for the critical minerals key to a green economy transition. But the Canadian Climate Institute's report says cutting back on environmental safeguards and Indigenous consultation to speed up those projects is likely to backfire. The report released Thursday says those cutbacks can lead to delays later on, due to community opposition or litigation. The think tank's latest report comes as the federal government, along with Ontario and British Columbia, face major pushback from First Nations and environmental groups to legislation intended to speed up mining project approvals. The report says Canadian governments should support Indigenous participation and reduce environmental risks as part of efforts to reduce regulatory delays. It says Canada has a big opportunity to capitalize on the surging domestic and global demand for critical minerals to build the batteries, solar panels and electric vehicles required to reduce greenhouse gas emissions. It estimates domestic demand alone for six key critical minerals, including lithium and copper, will reach $16 billion by 2040 if Canada keep up its climate policies, with almost half of that coming from EV manufacturers. To meet that demand, the think tank estimates Canadian mining projects will need a total of $30 billion in capital investments, and even more if the industry wants to help satiate international demand too. The report says that's also likely a lowball figure since it excludes major cost overruns that often plague mining projects. The estimated domestic need "vastly exceeds" current investment in the sector, which averaged about $2 billion per year from 2018 to 2023, the report said. The report suggests there's a role for governments to step in to support the sector with either equity investments or financial risk-sharing agreements. But it should not come at the expense of Indigenous consultation or environmental oversight, the authors say. "Successful projects that are being developed fast are the ones that have participation from Indigenous communities, that have adhered to the highest environmental standard," said co-author Marisa Beck, the think tank's clean growth research director. Critics say recently passed Bill 15 in B.C. and Bill 5 in Ontario gives those provinces sweeping powers to exempt mining projects from environmental oversight and undermines constitutional obligations to consult First Nations. The provincial governments disagree and say the legislation will help speed up approvals without sacrificing First Nations rights or environmental protections. Ottawa has also faced pushback to its legislation intended to speed up infrastructure approvals. The authors of Thursday's report declined to comment on the specifics of those legislative efforts, but it did put forward several policy recommendations. Governments should also support Indigenous communities exercising their right to self-determination and economic participation, such as through funding for Indigenous-led environmental assessments, the report says. Elsewhere, the report recommends provinces strengthen mining regulations to reduce environmental risks and liabilities, such as requiring producers to make their closure plans publicly available. This report by The Canadian Press was first published June 12, 2025. Jordan Omstead, The Canadian Press
