India is pushing for a formal commitment in the deal to which global leaders will agree at the end of the UN’s COP27 climate conference in Sharm el-Sheikh, Egypt. But Canada’s environment minister, Steven Guilbeault, said because the federal government doesn’t control the use of the country’s natural resources, if Canada signed on to such an agreement it would likely lead to constitutional challenges from provinces and companies at home. (The Logic)
Indonesian Investment Minister Bahlil Lahadalia, in discussion with his Canadian counterpart Mary Ng on the sidelines of the G20 summit in Bali, floated the formation of a group to “coordinate and integrate nickel policy” as the growing electric-vehicle industry spurs demand for critical minerals and metals. (The Logic, Reuters)
At their summit in Bali on Wednesday, members of the group reaffirmed their commitment to limit global warming to 1.5 C above industrial temperatures, and urged developed countries to follow through on providing US$100 billion a year for climate financing to developing nations. (The Logic)
At SaaS North on Wednesday, Laura Lenz, a partner at the Ontario public pension fund’s venture capital arm, described an increasingly two-tiered marketplace, where “great companies with fundamentals, with strong metrics, are still raising at premium multiples,” while “a lot of companies that aren't hitting revenue growth [are] having to raise in a down round.” (The Logic)
Wang Yuesheng, who was accused of obtaining “trade secrets to benefit the People’s Republic of China, to the detriment of Canada’s economic interests,” is seeking bail for what prosecutors say is the first economic espionage charge under a law that is more than two decades old. (The Globe and Mail)
At the close of the summit in Indonesia, Xi Jinping told the prime minister it was “not appropriate” that everything they discussed in a previous exchange had been “leaked” to the press. A roving camera crew captured the moment. Trudeau told Xi Canada and China can work together on issues they agree on. “Let’s create the conditions first,” Xi said through an interpreter, but offered Trudeau a handshake to end the exchange. (The Logic)
Canada’s largest pension fund is willing to divest assets in companies that don’t take environmental, social and governance issues seriously, CEO John Graham said during a panel at the Bloomberg New Economy Forum in Singapore. (Bloomberg)
The Toronto autonomous-truck startup led by computer scientist Raquel Urtasun revealed the latest iteration of its technology Waabi Driver, including photos of Peterbilt trucks with humans in the driver’s seat, who are depicted using its AI program, sensors and computer. (The Logic)
Nate Glubish, the province’s newly appointed technology and innovation minister, was asked to develop the tax policy in his mandate letter, published Tuesday. (The Logic)
Four years after the federal Treasury Board told departments to think about moving their software and data into the cloud, it hasn’t given them money to do it, or the tools for deciding whether it’s worthwhile and how to keep systems secure if they do, the auditor general said. (The Logic)