Hon. Rosa Galvez: Honourable senators, I rise today in this chamber to talk about the importance of Earth Day, which was celebrated on April 22. Over 50 years have passed since the first Earth Day, and yet, the nine planetary boundaries that are necessary to our survival are under unprecedented threat. We are already existing outside the safe operating space for four of those boundaries, including the loss of biodiversity and climate change.

We cannot afford to delay taking action. Canada, like the rest of the world, must take bold action to deal with the climate crisis. As senators, we have a responsibility to act, not just for ourselves but also for future generations.

We need to adopt a new economic approach that is fair, sustainable and equitable. We need to transition to a low-carbon future, while ensuring that no one is left behind. That means that we need to invest in clean and resilient technologies and infrastructure and ensure a just transition for workers and communities.

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Financial institutions have a catalyzing role to play in providing the necessary funding for this transition. We need a financial sector that is aligned with the Paris Agreement goals and that integrates climate impacts in decision-making processes. This will help us be more competitive with other jurisdictions, such as Europe and the United States, that have already modernized their regulatory frameworks.

Even the multilateral banks such as the World Bank, the Inter‑American Development Bank and the Asian Development Bank are already aligning their activities with the Paris Agreement.

We must also recognize the importance of protecting nature, biodiversity and the ecosystems that sustain life on earth and represent more than 80% of our GDP. This means preserving and restoring lands, reducing pollution and protecting oceans and forests.

Colleagues, the climate crisis is the greatest challenge of our time and will require an unprecedented transformation. It will take us out of our comfort zone, yes, but it is also an opportunity for us to come together and build a better future. Let us use this Earth Day to reaffirm our commitment to protecting our planet and to working together towards a sustainable future for us all.

Thank you, meegwetch.