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…

#politics #abpoli #CPP #pension #misinformation #OutDated

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…

#politics #abpoli #SaudiArabia #yyc #warning #energy #transition

Bill C-22 will provide income security to Canadians with disabilities, but it needs to be done right

Canada’s first national disability benefit, Bill C-22, received royal assent on June 22, 2023. The bill was reintroduced in 2022 after initially being tabled two years prior.

Bill C-22 remains short on details, but has two notable features. The first is that it will focus on poverty reduction and financial security for working-age persons with disabilities. The second is that it will be delivered through the tax system via changes to the Income Tax Act.

When the bill was reintroduced, then-Employment Minister Carla Qualtrough said the bill aimed to create a monthly benefit for working-age Canadians with disabilities modelled after the Guaranteed Income Supplement. Qualtrough also said the benefit is designed to fill a significant income security gap that leaves one in four adults with disabilities living below the poverty line.

While Canada does have economic support already in place for persons with disabilities, they aren’t as wide-reaching as they need to be. Canadians with disabilities can apply for the federal disability tax credit on their income tax form if they have certification from a medical practitioner.

However, while about 1.4 million Canadians had obtained a disability tax credit certificate as of 2020, less than 900,000 received any benefit.

This shortfall can be attributed largely to the non-refundable nature of the credit, which means it doesn’t provide benefits to persons with disabilities in families with insufficient taxable income. These are precisely the families that are targeted by Bill C-22. |Read more https://theconversation.com/bill-c-22-will-provide-income-security-to-canadians-with-disabilities-but-it-needs-to-be-done-right-213344| theconversation.com/bill-c-22-…

#politics #cdnpoli #GIS #bill-C22 #disability #support

Hundreds of Thousands March in Global Climate Strike

From Canada and the United States to southeast Asia, from Africa to Europe, tens of thousands of climate activists and concerned citizens held protests Friday through Sunday to call for an end to the burning of planet-warming fossil fuels as the globe suffers dramatic weather extremes and record-breaking heat.

The protests—led by several mostly youth-based, local and global climate groups and organizations, including Greta Thunberg’s Fridays for Future movement—took place in dozens of countries and hundreds of cities worldwide, The Associated Press reports.

In Canada, hundreds of protesters showed up on Parliament Hill Friday afternoon, and thousands marched in Vancouver. Climate Action Network-Canada (CAN-Rac) said more than 50 communities across the country, from Halifax to Vancouver, were expected to rally through the weekend, and a map published by Fridays for Future Canada had the details.

“The effects of the climate crisis can be felt coast to coast to coast,” Chris Camaso of Climate Justice Victoria said in the CAN-Rac release. “From devastating fires across Vancouver Island to the destruction of our old-growth forests, it’s time to shift away from fossil fuels before it’s too late.”

“We will not let fossil fuel executives and bankers burn everything we love to the ground,” added veteran campaigner Aliénor Rougeot of Toronto. “Our homes, our health, and our loved ones are under attack.” |Read more https://www.theenergymix.com/2023/09/19/hundreds-of-thousands-march-in-global-climate-strike| www.theenergymix.com/2023/09/1…

#politics #cdnpoli #ClimateChange #ClimateStrike #world #protest #environment

Canada Risks More Than C$50 Billion In Cleantech As Incentives In Limbo

(Reuters) — More than a year after Canada first announced incentives to jumpstart clean technology projects there is still no money flowing, and if they are not in place soon, more than C$50 billion ($37 billion) in investments could be at risk, industry groups said.

Prime Minister Justin Trudeau’s Liberal government has pledged a bevy of investment tax credits (ITCs) worth some C$27 billion over five years to spur investment in green technologies, partly in response to the generous incentives that have been on offer in the United States for more than a year.

“Companies are going to get pretty tired of waiting around given the certainty that they do have in the U.S.,” said Bob Masterson, president and CEO of the Chemistry Industry Association of Canada. The government “urgently needs to get as much of this out the door this fall as possible.”

Masterson says there are “well beyond C$25 billion of proposed investments” in more than a dozen projects in his industry that are waiting for the incentives. |Read more https://www.dailyoilbulletin.com/article/2023/9/18/canada-risks-more-than-c50-billion-in-cleantech-as/| www.dailyoilbulletin.com/artic…

#politics #cdnpoli #cleantech #OnHold #subsidies #incentives #jobs #environment #climateChange