Young Canadians say they feel the pressure to make environmentally friendly choices. Unfortunately, those choices sometimes cost more. As they struggle with affording basic necessities, some people feel guilty about not being able to do more to combat climate change. The planet is dangerously close to crossing the carbon emissions threshold of 1.5 °C in 10 years, says the Intergovernmental Panel on Climate Change. The effects would be devastating and irreversible. Experts say climate action efforts from governments, institutions and individuals are all critical to the fight against climate change. But young Canadians say the rising cost of living is getting in the way. The November 2022 United Nations Climate Change Conference, commonly known as COP27, stressed that the pressure is on to implement substantive changes rather than “snazzy promises,” said Julie Segal, conference attendee and climate finance manager at Environmental Defence, a Canadian environmental advocacy organization. “People always say that we’re the leaders of tomorrow,” said 27-year-old Segal. “First of all, we’re leading today.” But, as costs of living increase, making eco-conscious choices can make that leadership a struggle. Eden Schwinghamer says he understands his responsibility to prevent further harm to the planet, but the second-year Toronto Metropolitan University (TMU) photography student says financial constraints have proven to be a significant obstacle. “I look at my budget and the fact that I’m putting myself through school, I am the only person in this ship with me,” said Schwinghamer. “I look at my bank account and I look at what I need and unfortunately, a lot of the more sustainable options do not line up as being more affordable.” Schwinghamer says he feels a certain level of guilt for not being able to afford making bigger changes, such as buying more ethically sourced clothes, in his efforts to be eco-conscious. His situation isn’t unique. TMU environmental sciences graduate Claire Davis also says she feels guilt about being unable to invest more into green living. “I do what I can, but there’s only a certain degree of change people can individually contribute to protecting the environment,” she said.”
Finextra hosted the first workshop of its two-day virtual event, Sustainable Finance Live. The interactive session brought together expert investors and asset managers to explore how to build a portfolio that effectively supports biodiversity, natural capital, and ecosystem services.
