Name: Quebec to use $1.8B meant for climate action to pay down government debt
Uploaded: 2025-11-26T03:44:27.857Z
Duration: 3 min 16 s
Description: Quebec’s finance minister has presented his last fall economic update before the next provincial election in October 2026. The province’s economy continues to face times of turbulence due to U.S. tariffs.

Quebec’s finance minister has presented his last fall economic update before the next provincial election in October 2026. The province’s economy continues to face times of turbulence due to U.S. tariffs.

Quebec City

The Quebec government has announced it will transfer a $1.8 billion surplus from its Green Fund, which was intended for climate initiatives, to the Generations Fund to help pay down provincial debt. The decision is part of an economic update that also includes measures to support businesses affected by U.S. tariffs and to provide modest savings for workers and employers through reduced social security contributions.

Critics argue that shifting the Green Fund surplus does little to address climate change and accuse the government of prioritizing debt management over environmental action. The update also introduces a two-year payroll tax break for industries hit hardest by U.S. tariffs, while opposition parties claim the measures fail to adequately address the cost of living and housing crises.

Quebec to use $1.8B meant for climate action to pay down government debt

In this pre-election period, the finance minister's main goal is to reassure Quebecers about the state of the economy amid the U.S. President Donald Trump's tariffs. Éric Gérard is looking to help businesses and protect Quebecers' purchasing power. Let's see what's in there for you. We are by far the government in Canada that has made the most of it. We also see that purchasing power has increased in Quebec more than in other provinces. Let's go back to the basics first. Quebec's economic growth will be slowed down more than expected by U.S. protectionism in 2026. But there is some resilience. The estimated deficit will be less than expected, going from $13.6 billion to $12.4 billion. And Quebec still plans to return to a balanced budget by 2029-2030. The economy is performing well and that the unemployment rate is low. For fairness to Quebec's future generations, the $1.8 billion cumulative surplus of the so-called Green Fund will be transferred to the Generations Fund. They're taking away from your left pocket to put into your right pocket, but at the end of the day it helps the government in looking as if they're managing the debt level better. So finally, no gas tax reduction. But Quebec Solidaire isn't happy either. If you want to be fair with future generations, to stop climate change right now is to invest in green initiatives. That was more fair and that was the deal. There are measures for taxpayers to save a bit of money in the economic update. Workers will see a decrease in social security contributions to the Quebec Pension Plan and the Quebec Parental Insurance Plan. They will save on average $80 in 2026. Employers will benefit from the same measure. It's possible because those funds are doing well. Where we're doing extremely well is on the timing. Because this will be felt January 1st, well, first paycheck of 2026. So our measures are coming into play really fast. But for the opposition parties, the help proposed is insufficient. This is a fail. There's nothing for people to help them in the cost of living in the housing crisis or the crisis they are living right now. Quebec will also help the industries more affected by US tariffs. Fisheries, agriculture and the forestry sectors in providing businesses a two-year payroll tax break. It's marginally, when we reduce payroll taxes, we're doing a lot of good to Quebec businesses. Premier François Legault has said many times that the worst is yet to come with the impact of US tariffs on Quebec's economy. His government has one last shot in the spring to table a budget before the next provincial election. Voters will decide at the polls where there are not. They trust the CEQ to handle the economy. Cathy Sonnet, CBC News, Quebec City.

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