Whether you call it "Global Warming" or "Climate Change" or a hoax, something is clearly happening to our weather. Climate scientists have been sending out warnings for years now that the atmosphere's ability to absorb carbon dioxide and certain other gases with no effect has ended.
The inevitable changes will affect everyone's life in the future. No matter which path we take, try and limit CO2 emissions or just carry on as business as usual or something in between, change is inevitable. To me it makes sense to try and limit the amount of greenhouse gas emissions.
The popularity of the provincial gas tax holiday and the federal Conservatives "Axe the Tax" campaign shows that many people are unwilling to pay more to as they say "fight" climate change.
During the world wars of the last century the government sold war bonds to its citizens. The bonds were basically a loan to the government that used the funds to support the war effort. The bonds paid interest on the loan.
After the war bonds were phased out, another financial tool was put in place with the advent of Canada Savings Bonds. Again, it was basically a loan to the government and the bonds paid interest.
As economists noted, both bond issues increased the national debt.
I propose that we should implement a climate or environmental bond. Like the war bonds and savings bonds, they would pay interest and be redeemable when matured. As pointed out they would be part of the national debt.
In order to be attractive financially, they would have to pay a reasonable interest. Like Canada Savings bonds, they could be purchased by deductions from pay or pension checks or purchased through banks and credit unions.
Of course, not everyone would buy one, but I believe there are enough people who are genuinely concerned about the future environment to make the bonds attractive. On the negative side they increase the national debt, but the costs of dealing or not dealing with climate change are coming and will increase government spending. This debt would at least be owed to Canadian citizens and would increase their net worth.
There may well be a very good reason why this idea is a bad one. I certainly am in no way an economist or accountant. But I think it is an idea that should be considered. We will pay the costs of climate change one way or another.
