Upcoming Alberta pension report to use exit formula from the ’60s: Opposition
A report on the viability of a provincial pension plan in Alberta is expected to be released by the end of the month — a report the Opposition is characterizing as a “misleading fantasy case” for leaving the Canadian Pension Plan.
On Tuesday, Shannon Phillips, Opposition finance critic for pensions and insurance, said she’s been informed of some of the contents of the report expected out in days.
“The report will rely on a withdrawal formula that dates back to 1966 and completely ignores how the Canada pension plan is currently invested,” Phillips said.
“It will claim erroneously, falsely, that Alberta is owed hundreds of billions of dollars from the fund. This is complete make believe, because if every province claims their quote-unquote ‘share’ of the fund as calculated by this coming report, it would total nine times what is currently stored in the CPP.” |Read more https://globalnews.ca/news/9972548/alberta-pension-report-exit-formula-60s-opposition/| globalnews.ca/news/9972548/alb…
Saudis come to Calgary warning of the consequences of ditching oil
Speaking to conference delegates Monday, the president and CEO of Saudi Arabia’s state-owned oil and gas company pushed back against the idea that the world is anywhere close to peak fossil fuel demand.
“The reality on the ground is that despite concerted effort to move to alternatives, global coal consumption is at record levels … with demand still robust,” said Amin Nasser, the company’s president and CEO, while accepting an industry leadership award at the conference.
Oil consumption also remains strong, he said, while natural gas has become an increasingly important “bridge fuel.” He said renewables still only account for a relatively small share of global energy consumption and new solutions like green hydrogen are currently pricey.
‘The world wobbles’
While alternatives like hydrogen, wind and solar are important, Nasser said, he warned that phasing out conventional fuels too quickly could put global energy and security at risk.
“As the recent energy crisis has shown, compounded by the conflict in Ukraine, the world wobbles if these realities are ignored or wished away, and the public anger we have already seen could ultimately derail climate ambition and action themselves,” he said. |Read more https://www.cbc.ca/news/canada/calgary/bakx-duhatschek-wpc-saudi-oil-wti-ccs-climate-1.6970637| www.cbc.ca/news/canada/calgary…
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