China has declared war on coal and coal consumption is down as a result. But this coal war offers some good news, some not so good news for Canada, and some bad news, all at the same time.
Not all Big Oil firms are alike. Some are engaged in a rapid green migration, many are sitting on the fence and others are still in climate denial. Meanwhile, the value of fossil fuel assets are declining but the industry is camouflaging this by selling assets and debt financing to keep shareholders happy.
BlackRock, the world’s largest investment firm, has indicated that those that don’t tackle climate change will lose money in 5 years. Some financial institutions have made multi-trillion commitments from now to 2030 to invest in the green economy while still focusing the majority of investments in fossil fuels. Canadian banks are among the global top fossil fuel investors.
Canada’s 2030 Emissions Reduction Plan (ERP) was made public March 29, 2022. Since the country’s oil and gas sector with methane included, plus transportation components, together, represent about half of Canadian emissions, one would have thought these sectors would be objects of strong climate initiatives. Yet, for these sectors, the ERP appears to be the product of accommodation of industry lobbies. The action items stupendously lack integrity and are weak. As such, the ERP like all previous government emission reduction targets, will not achieve its goals.
With so many Canadians eagerly awaiting the end of the anti-democratic, unaccountable Harper regime, some seem to be inclined to support any alternative that may stand a chance for replacing the Cons in 2015, after the next federal election. But maybe we should take a pause to think this through just a little more. Canadian Idol Trudeau, though he hasn’t said that much so far, has already shown that he shares many of the policy positions of Harper. This is where things get scary.
“Not everything that can be counted counts, and not everything that counts can be counted.” -Albert Einstein
With the recent National Energy Board approval of the Kinder Morgan pipeline and Justin Trudeau’s enthusiastic post-election remarks to the effect that Canada can build pipelines and address climate change concurrently, it is time to take stock of just where the current government is heading us.