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Sunday, 19 January 2025
Sunday, 12 January 2025
Corporate Risks Mount as Poor Leadership Stalls Climate Action
While politicians argue over corporate climate action, Canadian companies are recognizing the risks of climate change and are taking steps to address them—but their progress is being slowed by a lack of investor leadership.
Companies that delay on addressing the risk stand to suffer significant losses from climate change—to the tune of 7% of corporate earnings annually by 2035, “an impact akin to COVID-19-level disruptions every two years”—finds a recent report by the World Economic Forum (WEF). Telecommunications, utilities, and energy sectors face the highest risk of fixed asset losses from climate hazards like extreme heat, which are becoming more severe as natural systems approach “tipping points.”
“Consider factories losing their water supply, data centres which struggle to cool, offices under water or fields hit by floods and drought,” writes [pdf] the WEF, describing the potential fallout.
Already, losses from climate change have mounted to US$3.6 trillion since 2000 and stand to become much worse, especially if companies don’t plan for it, the WEF adds [pdf] in a separate report. “Climate inaction could cost far more than global action” as avoided losses pay back transition costs five or six times over. While many companies recognize these risks, “most are insufficiently prepared.” They must embed climate risks into their strategies and “ramp up scenario thinking” to prepare for a 3°C world.
But skirting the corporate world, politicians question whether environmental, social, and governance (ESG) standards have a place in driving company decisions. Conservative politicians in the United States have argued that ESG standards distort the “free market,” prompting some companies to roll back their climate commitments under political pressure.
Similar rhetoric is surfacing in Canada, where Conservative Party leader Pierre Poilievre dismissed ESG ideologies as “garbage.” Poilievre—who is no fan of the WEF—said he instead supports “free enterprise economics where businesses get ahead by having the best product, not by having the best lobbyists,” wrote alt-right newsletter True North.
The arguments about corporate climate accountability come as companies await new sustainability and climate reporting guidelines, expected this month from the Canadian Sustainability Standards Board (CSSB).
Some research indicates that companies are onboard with ESG policies and are concerned about climate risks to their bottom lines—even if, as WEF writes, they “seem to underestimate these financial losses and overestimate the cost of action.”
Lawyer Rima Ramchandani, co-head of Torys LLP’s capital markets practice, told the Globe and Mail that anti-ESG sentiments will not likely cause companies to change their approach on “how they prudently and responsibly manage and oversee risks.” She added, however, that “because of the politicization, some companies are choosing to be more cautious about what they say.”
A recent report by Torys found that 95% of companies publish reports connected to their sustainability, ESG, climate action, or transition goals. Among them, 69% say they are reporting in accordance with the international benchmark—the Taskforce on Climate-related Financial Disclosures—that is the expected basis for the upcoming CSSB rules.
Also published recently was the Globe’s “Board Games” ranking of corporate governance practices at Canada’s largest companies. Of 215 companies considered, only 15 received zero points for climate policies. At the same time, only 21 got a full score.
But the Board Games are neither universal nor a signal of real climate action. RBC received full marks for its climate criteria for the ranking, but a lineup of critics like Environmental Defence Canada take issue with RBC being the “largest financier of fossil fuels in Canada.” The bank is also the focus of an inquiry by the federal Competition Bureau for misleading advertising about its climate commitments.
Still, the data show a disconnect between the politicization of climate and ESG policies, and the attitude of companies themselves, that—at least on paper—are less conflicted about taking steps to avoid climate losses.
Yet, companies continue to drag their feet, Transition Accelerator CEO Dan Wicklum told last month’s Sustainable Finance Forum in Ottawa. He attributed the slow progress to a lack of investor leadership on climate action.
“Companies do what boards tell them to,” said Wicklum, “and boards do what shareholders tell them to.”
Sunday, 5 January 2025
North Hatley council reviews zoning amendments - Flood Zone
By William Crooks
Local Journalism Initiative
On Dec. 10, the Village of North Hatley held a public consultation meeting at Sainte-Élisabeth Church to address proposed zoning changes in the C-4 zone. Councillor Andrew Pelletier, in a Dec. 11 interview, outlined the process while deferring specific commentary, emphasizing the ongoing nature of deliberations.
The proposed amendments, detailed in public notices issued by the municipality on Dec. 3 and Dec. 10, include removing single- and two-family homes, motels, and religious establishments from permissible uses. Instead, they introduce multi-family dwellings (with 8 to 24 units per building), commercial spaces, and increased building heights, from 10 metres to 15 metres. These changes aim to accommodate a prospective project in the C-4 zone, which includes properties like the Pilsen and the old Grist Mill building.
“We collected all kinds of information,” Pelletier said of the Dec. 10 meeting, which included a presentation by municipal officials and drew about 20 attendees. According to Pelletier, the consultation primarily focused on the rationale behind the zoning amendments and allowed residents to voice their concerns. He added that the feedback gathered will be reviewed at a Jan. 13 council meeting.
The village’s ongoing master plan process, supported by an anonymous donor, was a recurring theme at the meeting, according to Pelletier and the Dec. 10 notice. Residents questioned why zoning changes were being considered ahead of the plan’s completion, expected in late summer 2025. “A lot of people said, look, you guys are doing the master plan, so why are you doing this sort of thing?” Pelletier explained.
The Dec. 10 public notice highlighted the master plan’s timeline, with consultations set to begin in early 2025 and final adoption anticipated in September. It also clarified that the zoning changes align with the village’s vision of creating a denser, mixed-use core while addressing the need for rental housing.
Pelletier, however, was tight-lipped about specific discussions from the meeting, citing respect for council processes. “We can’t really talk about the project until we get the zoning change,” he said. He encouraged residents to attend the January meeting, where more concrete details will be addressed.
Thursday, 2 January 2025
Hobart Race, Vendee Globe news, Mini Globe Race
Triumph and tragedies in the Sydney Hobart Race, Vendee Globe news, Mini Globe Race
by David Schmidt 31 Dec 2024 11:00 ESTDecember 31, 2024
Celestial V70 - Rolex Sydney Hobart Yacht Race - Tattersall Cup © Carlo Borlenghi / ROLEXLooking back, 2024 has been year that can be metaphorically bookended by mighty Ultims and tiny Alma Globe 5.80s. This year of "an embarrassment of riches" began on Sunday, January 7 with the start of the Arkea Ultim Challenge, which saw Ultim-sized trimarans (read 105-footers) race singlehanded around the world, and it's ending with the December 28 start of the Mini Globe Race 2025, which is seeing a fleet of 19-foot Alma Globe 5.8s race singlehanded around the world.
In between, the sailing world got to enjoy the 2024 Paris Olympics, the 37th America's Cup, and the start (and most of the Southern Ocean section) of the ongoing Vendée Globe, plus a host of other high-level events.
Monday, 30 December 2024
SpaceX faces opposition to Starlink expansion from Ukrainian group concerned about Musk ties to Russia
Friday, 27 December 2024
LawConnect clear Line Honours victor
- 28 Dec, 2024 03:23:00 AM
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LawConnect clear Line Honours victor
Christian Beck has defied the pundits, his 100 footer, LawConnect, pulling off Line Honours in the Rolex Sydney Hobart Yacht Race for a second year running, crossing the finish line at Castray Esplanade in Hobart early this morning at 02.35.13, in the time of 01 day 13 hours 35 minutes 13 seconds.
LawConnect’s finish time was 4hrs 19mins 49secs outside the race record of 01 day 09 hours 15 minutes 24 seconds set by LDV Comanche in 2017 in the Cruising Yacht Club of Australia’s (CYCA) 628 nautical mile race. This is her third Line Honours victory – her first was as Perpetual LOYAL in 2016 when the now 16-year-old broke the race record.
Unlike last year’s thriller which saw LawConnect and the John Winning Jr’s Andoo Comanche go head-to-head with the former coming out on top by 51 seconds, Beck’s yacht had the Derwent to herself after Master Lock Comanche damaged her mainsail yesterday, forcing her out of the race.
Late last night, at 11.10pm, Race Liaison advised that LawConnect had rounded Tasman Island, when her navigator, Christopher Lewis, gave an ETA at the finish line of 02.45am this morning.
On board were all but one of last year’s victorious sailing crew along with Beck’s usual few from his business, each given the priceless opportunity of taking part in one of Australia’s greatest sporting events.
Celestial V70, the Volvo Open 70, better known as Willow and chartered by CYCA Commodore, Sam Haynes, is the next yacht due over the line. The 70 footer, tailor made for the conditions in this race, was just over 20 nautical miles behind LawConnect when the latter crossed the finish line.
Celestial V70 is also the current overall leader of the race, with LawConnect sitting in second place. Grant Wharington’s 100 footer, Wild Thing 100, with her short rig, is the third boat due into Hobart where the crowds are gathered on the water and ashore. The Queensland yacht is presently placed third overall.
Monaco unveils its groundbreaking €2 billion floating eco-district
Monday, 23 December 2024
Yoann Richomme is new Vendee Globe leader
After leading on December 1st Richomme (PAPREC ARKÉA) gave up many miles when he elected to sail north out of the track of a big Indian Ocean depression on December 2nd. Four days later he was 540 miles behind Dalin but Richomme’s recovery is complete this morning.
There is less than 50 miles between the top three contenders, Seb Simon (Groupe Dubreuil) doing a remarkable job hanging on with no starboard foil.
Behind them the regrouping promises an utterly engaging second half of the race. There are just 14 miles between Nico Lunven (HOLCIM PRB), Thomas Ruyant (VULNERABLE) and Jérémie Beyou (Charal) in sixth.
And behind them 80 miles between the 2020-2021 Vendée Globe champion Yannick Bestaven (Maître CoQ V) and Briton Sam Goodchild (VULNERABLE).
And Germany’s Boris Herrmann (Malizia Seaexplorer) continues a recovery which almost matches Richomme’s as he launches himself back into the top ten, ninth this morning as this group make the most of the fast, windy conditions.
Sunday, 22 December 2024
Most Audacious Watch of the Year
How Sylvain Berneron Created the Most Audacious Watch of the Year
The independent watchmaker took home a GPHG award for his unusually shaped Mirage timepiece.
Earlier this month, at the Grand Prix d’Horlogerie in Geneva, a.k.a. the Oscars of watchmaking, Sylvain Berneron stood on stage at the Théâtre du Léman before a crowd of some 1,400 people and accepted the Audacity Prize for his Mirage timepiece, a sublime example of shaped watchmaking that he spent nearly $900,000 of his own money to develop.
In his acceptance speech, Berneron, an industrial designer who’d worked at Breitling for five years before pursuing his own endeavor, remarked on the perseverance the project required and the risks he took to bring the Mirage to market.
“There is a real form of self-endangerment which is the foundation of artistic art,” he said. “I would also like to thank my team with whom I work. I was able to start by surrounding myself with their courage.”
On the morning after the awards, I met Berneron and his wife, Marie-Alix, for breakfast at the Beau Rivage hotel on Geneva’s lakefront, where he told me about the journey to making the original 38 mm Mirage as well as the smaller 34 mm stone-dial version he introduced at Geneva Watch Days in late August. He kicked off the conversation with a potent anecdote about how, in the earliest stage of his work on the Mirage, a supplier who also happened to be a friend tried to talk him out of making the timepiece, implying that carrying on with his plan would be akin to professional suicide. That Berneron defied the warning and instead committed himself entirely to the project seems like the very essence of audacity. Below, he talks about why he thinks making art requires some “personal endangerment,” how the Mirage is like “an offering to God,” and what collectors and fans of his work can look forward to seeing from Berneron in 2025.
Friday, 20 December 2024
International students enrich our communities
News release
January 22, 2024—Ottawa—International students enrich our communities and are a critical part of Canada’s social, cultural and economic fabric. In recent years, the integrity of the international student system has been threatened. Some institutions have significantly increased their intakes to drive revenues, and more students have been arriving in Canada without the proper supports they need to succeed. Rapid increases in the number of international students arriving in Canada also puts pressure on housing, health care and other services. As we work to better protect international students from bad actors and support sustainable population growth in Canada, the government is moving forward with measures to stabilize the number of international students in Canada.
The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship announced today that the Government of Canada will set an intake cap on international student permit applications to stabilize new growth for a period of two years. For 2024, the cap is expected to result in approximately 360,000 approved study permits, a decrease of 35% from 2023. In the spirit of fairness, individual provincial and territorial caps have been established, weighted by population, which will result in much more significant decreases in provinces where the international student population has seen the most unsustainable growth. Study permit renewals will not be impacted. Those pursuing master’s and doctoral degrees, and elementary and secondary education are not included in the cap. Current study permit holders will not be affected.
IRCC will allocate a portion of the cap to each province and territory, who will then distribute the allocation among their designated learning institutions. To implement the cap, as of January 22, 2024, every study permit application submitted to IRCC will also require an attestation letter from a province or territory. Provinces and territories are expected to establish a process for issuing attestation letters to students by no later than March 31, 2024.
These temporary measures will be in place for two years, and the number of new study permit applications that will be accepted in 2025 will be re-assessed at the end of this year. During this period, the Government of Canada will continue to work with provinces and territories, designated learning institutions and national education stakeholders on developing a sustainable path forward for international students, including finalizing a recognized institution framework, determining long-term sustainable levels of international students and ensuring post-secondary institutions are able to provide adequate levels of student housing.
In order to better align the Post-Graduation Work Permit Program, we are changing the eligibility criteria:
- Starting September 1, 2024, international students who begin a study program that is part of a curriculum licensing arrangement will no longer be eligible for a postgraduation work permit upon graduation. Under curriculum licensing agreements, students physically attend a private college that has been licensed to deliver the curriculum of an associated public college. These programs have seen significant growth in attracting international students in recent years, though they have less oversight than public colleges and they act as a loophole with regards to post-graduation work permit eligibility.
- Graduates of master’s degree programs will soon be eligible to apply for a 3-year work permit. Under current criteria, the length of a postgraduation work permit is based solely on the length of an individual’s study program, hindering master’s graduates by limiting the amount of time they have to gain work experience and potentially transition to permanent residence.
In the weeks ahead, open work permits will only be available to spouses of international students in master’s and doctoral programs. The spouses of international students in other levels of study, including undergraduate and college programs, will no longer be eligible.
The important measures announced today complement other recently announced reforms to the International Student Program. Taken together, they aim to ensure genuine students receive the support they require and have the resources they need for an enriching study experience in Canada, while at the same time stabilizing the overall number of students arriving and alleviating pressures on housing, health care and other services in Canada.
Quotes
“International students are vital to Canada and enrich our communities. As such, we have an obligation to ensure that they have access to the resources they need for an enriching academic experience. In Canada, today, this isn’t always the case. Today, we are announcing additional measures to protect a system that has become so lucrative that it has opened a path for its abuse. Enough is enough. Through the decisive measures announced today, we are striking the right balance for Canada and ensuring the integrity of our immigration system while setting students up for the success they hope for.”
– The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship
Wednesday, 18 December 2024
The 10 Largest Sailing Yachts on the High Seas
While Lürssen claims a whopping 13 of the 25 largest yachts in the world, Oceanco rules the waves when it comes to sailing vessels. The Dutch shipyard scoops the top two spots on this list, with a total of three overall, including the famed Black Pearl.
For four years, Black Pearl ranked as the largest sailing vessel until early 2023 when Amazon founder Jeff Bezos’s 417-foot sailing gigayacht Koru delivered, and a new flagship was born. That’s because the most unusual and easily recognizable of the largest sailing yachts in the world doesn’t even qualify for this list. The 468-foot sailing yacht A, which has been subject to sanctions, is officially designated as a sail-assisted motoryacht, meaning it’s a hybrid that only uses its sails to supplement its diesel propulsion.
But the rest of this list comprise true sailing vessels, many with classic lines and others employing modern racing and cruising designs to the fullest.
Here, our top 10 largest sailing yachts in the world in 2024.
Sunday, 15 December 2024
Charlie Dalin at the gateway to the Pacific Ocean
Friday, 13 December 2024
SailGP, CBS Sports extend partnership
“We are thrilled to make history with the largest-ever U.S. broadcast deal for SailGP as the appetite for the most exciting racing on water continues to grow in the U.S. market,” said Russell Coutts, SailGP CEP. “Coming off record-breaking audience figures from last season, CBS Sports’ expanded commitment to our league provides another proof point that SailGP is one of the world’s fastest growing sports and entertainment properties.”
Greg Trager, CBS Sports’ vice president of Programming added, “SailGP is high-octane, dynamic racing against the backdrop of the world’s most beautiful vistas. They have a growing fanbase and we look forward to welcoming them back for another exciting season.”
The 2025 SailGP schedule features three event in key United States markets – Los Angeles, San Francisco, and New York.
Thursday, 12 December 2024
A Brief History of Ferrari Supercars, From the 288 GTO to the F80
Most terms in the automotive world have fixed definitions: a spark plug, a station wagon, etc.
A few, however, are a bit more slippery. At the tail end of the last millennium, the fastest, most powerful road cars went by a magnificent superlative: supercar. Here in the 21st Century, though, that name apparently seems banal; the term has found itself spread far and wide to describe any road car of a certain type of design and level of performance, no matter where in the lineup it lies, Nowadays, we call most machines at the top of the charts a hypercar.
But at the end of the day, the supercars of the 20th Century and the hypercars of today are the same thing: the tip of the spear for a car company, their greatest achievement of the era. The difference in names is an arbitrary decision, but by the standards of their respective decades, they mean the same thing.
For the purposes of this story, we’ll use the newer term where appropriate, to put the performance of those earlier models in a modern context. The LaFerrari, for example, is probably Ferrari’s first hypercar, unless you think the Enzo was, but the 288 GTO is not a hypercar, and it may not have even been a supercar but merely a sports car. What the 288 GTO, Enzo, LaFerrari, F40, F50, and F80 all have in common, though, is that they were and are Ferrari’s range-toppers. This is their history.
Wednesday, 11 December 2024
CaPQ pushes back on Quebec nationalism at Bromont event
Sunday, 8 December 2024
Louis Burton has had to abandon the Vendee Globe
At around midday UTC Wednesday 4 December, Louis Burton (BUREAU VALLÉE) informed the Vendée Globe race management that he had to abandon the race.
He is heading towards Cape Town, which he should reach in around 36 hours.
While sailing in 16th place ahead of a depression, in brisk but manageable conditions, Burton suffered a sudden damage to a mechanical element of the rigging.
This meant he could no longer manoeuvre his boat. For 10 hours after that the skipper of Bureau Vallée searched for a solution to repair it. But his efforts have proven to be in vain.
After a careful analysis of the situation, even with the determination that characterises the skipper who finished third on the 2020-21 race, Burton has had to abandon the race.
After having repaired serious cracks in his boat alone at sea a fortnight ago this second major damage has substantially affected the integrity of his boat at a time when the weather conditions in the Southern Ocean are extremely demanding.
This decision was difficult to make but it is as a sailor who has two round the world races under his belt including that third place in the last Vendée Globe and fifteen years of experience on the IMOCA circuit and fifteen transatlantic races to his credit that Burton leaves the 10th edition of the Vendée Globe.
Saturday, 7 December 2024
Both Ultim 3 foiling trimarans aborte their Jules Verne Trophy record attempts
The Ultim 3 foiling trimarans of Thomas Coville’s Sodebo and Francois Gabart’s SVR-Lazartigue have both aborted their Jules Verne Trophy record attempts.
The two Ultim foiling trimarans which had set off on the 29/30 November 2024, on a Jules Verne Trophy around the world non-stop record attempt, are both returning to France after suffering damage on Tuesday 3 December.
Francois Gabart’s SVR-Lazartigue reported that the trimaran’s starboard foil was damaged with an ‘OANI’, or an unidentified animal or object, around 500 miles from the Azores.
Thomas Coville’s Sodebo also aborted their attempt on Tuesday 3 December, following damage to the solenoid valve of the central hydraulic control block.
Their trimaran is currently en route to the team Sodebo base in Lorient for repairs.
Thursday, 5 December 2024
Chef Boyardee Statue in Omaha, Nebraska
Tuesday, 3 December 2024
French start Jules Verne Trophy quest
Sunday, 1 December 2024
SailGP team rules
eComTechnology RG Richardson Communications
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