Canada ties coronavirus help to climate goals

Canada announced a plan Monday to help its largest companies hit hard by the coronavirus pandemic -- but tied loans and financial aid to its climate goals. Tens of millions of dollars will be available for companies with annual revenues of more than C$300m, to mitigate lockdowns caused by the outbreak, Finance Minister Bill Morneau said. He told a news conference the cash would "make sure that companies that came into this crisis on a strong footing, get to the other side, and can rebound quickly." "Companies that receive this funding will be required to commit to future climate disclosures, and environmental sustainability goals," Morneau added. Canada relies on a patchwork of carbon taxes and cap-and-trade systems to help reach its Paris Agreement target of reducing CO2 emissions by 30% from 2005 levels by 2030. Details of the corporate loans and grants program are to be released over the coming days. Morneau cited airlines as an example of companies that might tap into the emergency funding. The nation's flagship carrier Air Canada, after a profitable 2019, slashed 90% of flights and furloughed 20,000 employees as its Q1 losses topped C$1b.<br/>