Economy
Feds spend $3 million to fly 182 politicians and bureaucrats to climate conference
From the Canadian Taxpayers Federation
Author: Ryan Thorpe
Feds trip to COP28 in Dubai cost $3 million
The cost for Canada to send hundreds of people to COP28 in Dubai has doubled, rising to nearly $3 million, according to government records obtained by the Canadian Taxpayers Federation.
Included in those costs is $1.3 million the federal government dished out to host a “Canada Pavilion” at the summit, which featured a rapper performing a song on “climate disinformation,” while giving a shoutout to Environment Minister Steven Guilbeault.
“Nothing screams fighting climate change like flying around the world burning through jet fuel and millions of tax dollars,” said Franco Terrazzano, CTF Federal Director. “Here’s a crazy idea: maybe the feds don’t need to spend $3 million flying 182 politicians and bureaucrats to Dubai.”
The federal government paid for at least 182 people to go to COP28, held from Nov. 30 to Dec. 12, 2023, in Dubai, United Arab Emirates.
A previous report from the National Post pegged the cost for Canada’s delegation at $1.4 million.
But the bill now sits at $2,954,188, including $825,466 for transportation, $472,570 for accommodations and $295,455 for meals and incidentals, according to the records.
The records indicate the cost could rise even higher, as certain invoices and travel claims “have yet to be processed.”
Costs included $1.3 million for a “Canada Pavilion” to “showcase the breadth of Canadian climate leadership.”
At the Canada Pavilion, a Canadian rapper known as Baba Brinkman – the son of Liberal MP Joyce Murray – performed a rap on “climate disinformation.”
“Climate disinformation, get that immunization, the vaccine for bad meme infiltration,” Brinkman rapped. “Climate misinformation, it leads to polarization, which leads to radical conspiracy ideation.”
Environment Minister Steven Guilbeault also received a shoutout during Brinkman’s rap.
“Really? Hosting a rapper half-way around the world to drop rhymes at a government podium will help the environment?” Terrazzano said.
The records were released in response to an order paper question from Conservative MP Dan Mazier (Dauphin-Swan River-Neepawa).
Most of the hotel expenses came from the Dubai Marriott and the Premier Inn at the Dubai Investment Park, with rooms coming in between $150 and $400 per night.
The most expensive digs was a $816-per-night suite at the Pullman Dubai Jumeriah Lakes Towers, a “five-star hotel offering upscale accommodations.”
The Canadian delegation also handed out $650 worth of gifts during the trip.
From the Fraser Institute
Despite growing skepticism among investors, as evidenced by their withdrawal of billions of dollars from ESG equity funds so far in 2024, many finance industry leaders continue to claim that ESG-focused investing produces above-average returns.
But is that true?
Environmental, social and governance (ESG) is a movement designed to pressure businesses and investors to pursue larger social goals. According to ESG theory, firms that receive poor ratings from ESG rating agencies should lose investment dollars. Yet the claim that ESG-focused investing can help investors do well by doing good has received surprisingly little empirical support from academic studies.
However, according to a new study published by the Fraser Institute, which tracked 310 companies listed on the Toronto Stock Exchange from 2013 to 2020, neither ESG rating upgrades nor downgrades were related in a statistically significant way to the stock market performance of companies.
Moreover, because the study finds that ESG ratings changes—which, when released, are effectively new information for investors—are not consistently related to financial returns, ESG ratings are likely not relevant to the expected future profitability of publicly listed companies in Canada.
This of course raises the question—if new information (i.e. ratings changes) about a company’s ESG-related practises is not statistically related to equity returns from investing in that company, why do money managers pay for the services of ESG rating companies?
One possible reason is that managers pass a substantial share of the costs along to customers who are willing to sacrifice financial returns (due to higher management fees) to express their commitment to environmental sustainability and other social causes. Another possible reason is that promoting ESG-focused investment alternatives appears to have been, at least until recently, an effective marketing tool.
But again, the empirical evidence suggests there’s no reliable statistical relationship between ESG-focused investing and the risk-adjusted returns earned by investors. And since asset managers typically charge higher fees for ESG-focused mutual funds, ESG investment strategies are more likely to underperform than overperform conventional investment strategies.
Certainly, if some percentage of investors choose to pursue ESG-related investment strategies, even at the cost of lower risk-adjusted investment returns, there should be no legal or regulatory restrictions on doing so. However, securities regulators should closely monitor the investment industry to ensure it provides reliable and up-to-date information about the financial performance of ESG-focused investment products that portfolio managers market to the public.
At the same time, when ESG advocates push for more government-mandated ESG disclosures from companies in Canada, policymakers should be wary of any claims that greater disclosure mandates will improve the financial performance of companies.
Author:
From the Canadian Taxpayers Federation
Author: Jay Goldberg
“Trudeau is determined to make Canadians’ lives more expensive and he’s willing to risk a trade war with the United States to do it”
The Canadian Taxpayers Federation is calling on the Trudeau government to scrap its Digital Services Tax in the wake of warnings from the United States Trade Representative that the United States will “do what’s necessary” to respond to the Trudeau government’s new tax.
“Canadian consumers know that Trudeau’s Digital Services Tax is nothing more than a tax grab, plain and simple,” said CTF Ontario Director Jay Goldberg. “With providers virtually certain to pass along increased costs to consumers, Prime Minister Justin Trudeau is sticking Canadians with higher taxes and risking the possibility of a trade conflict with the United States.”
The DST targets large foreign companies operating online marketplaces, social media platforms and earning revenue from online advertising, such as Amazon, Facebook, Google and VRBO. It is a three per cent tax on all online revenue these companies generate in Canada.
The Trudeau government pushed its new DST through Parliament last month and plans to apply it retroactively to as far back as 2022.
Since the Trudeau government first explored the idea of imposing a Digital Services Tax three years ago, the USTR has repeatedly warned the United States would retaliate.
“Should Canada adopt a DST, USTR would examine all options, including under our trade agreements and domestic statutes,” said the USTR in 2022.
USTR Katherine Tai is now warning that the U.S. is looking at “all available tools” to respond to Trudeau’s new tax.
“Trudeau is determined to make Canadians’ lives more expensive and he’s willing to risk a trade war with the United States to do it,” said Goldberg. “It’s clear the Digital Services Tax must go.”
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