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Want to invest in Canada’s clean economy? Good luck

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As of last year, close to one thousand institutions with three per cent of global savings under management have engaged in some form of divestment from fossil fuels.

In June 2019, Norway’s parliament unanimously voted in favour of directing its $1.06 trillion Government Pension Global Fund (GPGF), the Norges Bank, to divest more than $13 billion from fossil fuels while dedicating more investments to clean technologies.

The caveat is that this will apply only to companies that are exclusively in the business of upstream oil and gas production and some coal sector investments. The GPGF is Norway’s sovereign fund derived from oil industry revenues to assure Norway has a steady source of revenues in the post-oil world.

Shell has expressed concern that the growing fossil fuel divestment movement could impact on the company’s performance.

Trudeau Bet On A Pipeline At A Time When Batteries Are The New Oil

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The prime minister’s dead-end investment of $4.5 billion would have been better spent catching up to competitors in the global green economy.

Trudeau’s True Colours: Trans Mountain Support Meets Greenwashing Of Bill C-69

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Taken together, the Liberals’ approach to each of these items demonstrate that their mindset rests with yesterday’s resource-based economy.

As Big Oil tanks, why is Canada so slow to adapt?

The business model of Big Oil has already started to collapse.  The model is premised on strong growth to fuel high prices and render economically viable the exploitation of expensive-to-develop, non-conventional fossil fuels, including the tar sands and shale oil and gas.

Note to Justin: Pipelines don’t help transition to green economy

When Justin Trudeau talks of oil pipeline projects as part of an energy transition, what exactly is he talking about?

That we will be on the path to reducing our dependency on fossil fuels by increasing our oil dependency in the short term? And that by immaculate conception we will reduce these very same dependencies over the long term? Supposedly, we will switch to a green economy sometime between now and when we are all dead, with the help of Adam Smith’s “invisible hand”.

Canada’s Green Economy needs public investment

Both the Intergovernmental Panel and Climate Change and the International Energy Agency have concluded that public policies, rather than the availability of resources, are among the key determinants for a shift from fossil fuels to clean technology development and deployment.  Public banks are critical agents for change along these lines.

Public financial institutions and the green economy around the world

Starting with some of the largest public banks, in July 2013, both the World Bank and the European Investment Bank announced that they will limit to the bare minimum investments in fossil fuel projects, while shifting the lion’s share of their respective energy investments to renewables.