Jason Kenney is misleading Canadians about reasons for Teck project’s failure
Teck Resource’s own statement on their decision, however, appears to contradict this account.
Teck pulls application for Frontier oil sands project
In a response to this letter, a Joint Statement by Minister Jonathan Wilkinson and Minister Seamus O’Regan on the Decision by Teck Resources Limited to Cancel the Frontier Oil Sands Project can be found here:
In a letter to Jonathan Wilkinson, minister of fisheries and oceans, Teck said the decision was made because of environmental unrest.
However, global capital markets are changing rapidly and investors and customers are increasingly looking for jurisdictions to have a framework in place that reconciles resource development and climate change, in order to produce the cleanest possible products. This does not yet exist here today and, unfortunately, the growing debate around this issue has placed Frontier and our company squarely at the nexus of much broader issues that need to be resolved. In that context, it is now evident that there is no constructive path forward for the project. Questions about the societal implications of energy development, climate change and Indigenous rights are critically important ones for Canada, its provinces and Indigenous governments to work through.
The promise of Canada’s potential will not be realized until governments can reach agreement around how climate policy considerations will be addressed in the context of future responsible energy sector development. Without clarity on this critical question, the situation that has faced Frontier will be faced by future projects and it will be very difficult to attract future investment, either domestic or foreign.
Global Financial Giants Swear Off Funding an Especially Dirty Fuel
Alberta is losing all of its investors. These are same investors who could be supplying money for sustainable energy projects and putting people back to work. Kenney isn’t concerned about getting jobs. He’s concerned about oil & gas and reviving the ‘90’s. They aren’t coming back. This article can be likened to whacking our beloved premier with a stick on the noggin, while repeatedly saying “No! No! No! No! No!” This behavioral modifying technique shows favourable results with members of the canine species…. Kenney doesn’t appear to be as smart…
Some of the world’s largest financial institutions have stopped putting their money behind oil production in the Canadian province of Alberta, home to one of the world’s most extensive, and also dirtiest, oil reserves.
In December, the insurance giant The Hartford said it would stop insuring or investing in oil production in the province, just weeks after Sweden’s central bank said it would stop holding Alberta’s bonds. And on Wednesday BlackRock, the world’s largest asset manager, said that one of its fast-growing green-oriented funds would stop investing in companies that get revenue from the Alberta oil sands.
They are among the latest banks, pension funds and global investment houses to start pulling away from fossil-fuel investments amid growing pressure to show they are doing something to fight climate change.
Approve the Teck Mine. Teach Alberta the Law of Holes | The Tyee
Kenney’s version is “Dig it and they (Investors) will come.”
It’s doubtful that oil will ever reach the $95-a-barrel price. Teck Resource’s mine could be just a pipe(line) dream.
Without that fanciful $95-a-barrel price, the Teck mine doesn’t create 7,000 construction jobs or generate $54 billion in royalties and taxes, or another $11.8 billion in federal corporate taxes over the 41-year life of the mine.
IEA’s ‘Grand Coalition’ with Fossils Won’t Fix Climate Crisis – The Energy Mix
“Simply put, there is no room for new fossil fuel production in a safer climate future,” but “this is not a welcome message for the fossil fuel sector,” she says. “So instead, the plan to save the world according to the IEA comes from the same songbook as the fossil fuel sector itself: we need everybody from all parts of the energy sector to come together around solutions—as long as those ‘solutions’ don’t get right to the point of actually phasing out fossil fuels. This type of strategy—ignoring power and pretending that everyone is showing up to the table with good faith or adequate solutions—has repeatedly failed the climate, whilst protecting the status quo for the fossil fuel industry and its profits.”