Canada has a new plan to help companies stay afloat during the coronavirus and promote corporate sustainability. The new relief program provides bridge loans of up to $60 million and even up to $80 million for companies with annual revenue over $300, but companies applying for the loans must agree to certain measures including restricting executive bonuses and investing in climate action.
Companies who receive the loans will be expected to publish reports on their climate impact and investments including how they plan to reduce their personal carbon footprint and how they will contribute towards the country’s commitments made under the Paris climate agreement.
Canada is currently still heavily reliant on fossil fuel industries, but hopes these corporate incentives will help restart the economy post COVID-19 in a greener way.
Many countries are addressing how they can stimulate their economies in a way that works for people and the planet. European leaders have encouraged “building back better“programs to incorporate climate action into coronavirus stimulus plans.
We at the Optimist Daily have been following sustainable reopening initiatives with our “Back to Better” stories. Strategies which reduce waste, boost equality, promote education, and encourage investment in renewables are key for stimulating our global economy for long-term prosperity and harmony with Earth.