Derek Holt, head of capital markets economics at Scotiabank, wrote that he is watching for potential turmoil in energy, mining, tourism and agriculture due to fires and extreme heat. Meanwhile, the Canadian Climate Institute estimated that wildfire smoke takes a $19 billion annual toll on Canada, on average, due to health care and chronic mortality costs. (The Logic) 

Talking point: While Statistics Canada says the 2023-2024 wildfire seasons impacted less than one per cent of Canada’s overall business activity, local economies often can bear heavier burdens: About 74 per cent of GDP-creating businesses in Northwest Territories were affected during Yellowknife’s 2023 evacuation. So far this week, CN has suspended some rail service after videos showed workers navigating flames in northwestern Ontario. The city of Toronto cancelled FIFA’s Fan Festival event, and at least one mining company evacuated staff in northern Quebec. Four Republican lawmakers wrote a letter to Prime Minister Mark Carney warning that “sovereignty comes with responsibility” to prevent disasters from “crossing into another country’s airspace.”