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Fossil fuel sector contrasts: Green transition engaged, but not enough

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.

Trudeau’s climate greenwashing mayhem

Justin Trudeau announced another of his Liberal government’s green plans in December. I have lost track of how many green plans we have had, but not a single one has met its targets. With the prime minister set to officially meet with the new U.S. president Tuesday, the Liberals’ environmental agenda looks embarrassingly unambitious by comparison.

Raising the price of carbon is one of the pillars of the government’s latest plan to reduce greenhouse gas emissions. But there are no magic bullets and piecemeal measures don’t work.

The new U.S. administration has announced plans for an international climate conference led by President Biden on April 22, which is Earth Day.

In other regions that have carbon pricing mechanisms, such as the European Union and China (with its pilot schemes), climate change abatement plans consist of many complementary measures, including stringent legislation.

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.