This translation has been automatically generated and has not been verified for accuracy.May was a bad month for Canada’s beleaguered oil producers. First, the Norges Bank, which manages Norway’s sovereign wealth fund, announced its divestment from four oil sands producers, citing their “unacceptable greenhouse gas emissions.” Then, presumptive Democrat nominee Joe Biden announced that, if elected U.S. president, he would cancel the permits for the Keystone XL pipeline.
The Norges Bank’s decision is predicated on a misrepresentation of carbon pricing in Canada. Mr. Biden’s announcement represents a diplomatic failure, and a potentially fatal setback for a vital project. But those two developments underscore the ways in which Canada has failed to provide a credible pathway for our petroleum producers to flourish in a future of peak oil demand and global decarbonization.
Today, companies face an unstable patchwork of provincial and federal policies around GHGs. The flashpoint around the since-scuttled Teck Frontier mine project – which promised to outperform other facilities on emission intensity – only highlighted the
GlobeDebate Alberta's Western Canadian Select costs more to produce than we can sell it for. Alberta loses money on every barrel. Kenney's already given O&G $14 billion in subsidies and tax breaks. How long do taxpayers have to keep carrying these losers?
GlobeDebate Clarity? They ought to be able to see the future by now. Within 20 years max need for their product will be a fraction of what it is today. Given long term investment horizon, there is no point in committing new funds to oil/tar sands development.
GlobeDebate Nothing would make the Globe happier. When and why did most media start choosing sides?
GlobeDebate Diversify, don’t subsidize
GlobeDebate they didn't vote for TrudeauDictatorship so that's okay
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