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Some coastal cities will experience extreme flooding every year if climate change remains unchecked, according to a new report from the United Nations. Global sea levels could rise more than three feet by 2100, with melting glaciers harming water supply and heated oceans wiping out sea life. (The Logic)

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Talking point: While there is still little political consensus in Canada around how to tackle climate change, a growing number of the country’s wealthiest and most powerful institutions are trying to tackle it on their own. Canada has the sixth-most organizations in the world that have agreed to make climate-related financial disclosures. On Monday, pension giant Caisse de dépôt et placement du Québec, which manages $327 billion in assets, pledged to make its portfolio carbon neutral by 2050. Whether such changes come fast enough to make the necessary impact is an open question. According to the UN report, if nothing improves by 2060 British Columbia and the Maritimes will be hit annually by coastal floods, the likes of which are currently seen once a century.

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Democratic members of the group are reviewing the draft legislation, which would impose fines of US$1 million per day on companies that act as financial institutions or issue tokens. The new rules would apply to companies with more than US$25 billion in annual revenue whose primary product is an online platform. (Reuters)

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Talking point: Twelve tech companies exceed the threshold, but only Facebook has announced plans to launch a digital coin. While President Donald Trump and Federal Reserve chairman Jerome Powell, a Trump appointee, have both expressed concerns about Facebook’s plans for Libra, the legislation is unlikely to be supported by enough Republicans in the House of Representatives or Senate to pass. But it shows that policymakers in the U.S. are ready to back up their worries about Big Tech’s currency plans with legislation. Maxine Waters, the committee’s chair, first called for Facebook to stop work on Libra until elected officials had a chance to study the token on June 18, hours after the company had announced it.

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The Canada Pension Plan Investment Board (CPPIB), which manages $368.5 billion, wants to open a Beijing office as soon as next year. The Beijing staff would work closely with the CPIBB’s 130 employees in Hong Kong. The CPPIB has already invested $4 billion in China. (Bloomberg)

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Talking point: Despite Canada-China tensions amid Canada’s Huawei cybersecurity review and the arrest of Huawei CFO Meng Wanzhou in Vancouver, the CPPIB—Canada’s largest pension fund and among the world’s 10—still sees the country as an opportunity to diversify its portfolio in the long term. In an interview with CNBC, CPPIB CEO Mark Machin said China’s position as the second-largest economy in the world—as well as the second-largest equity market and third-largest bond market—overshadowed any short-term challenges.