Monday, 01 June, 2020


Cancelled Teck oil sands project underscores global climate-energy policy tension

Cancelled Teck oil sands project underscores global climate-energy policy tension Cancelled Teck oil sands project underscores global climate-energy policy tension
Conrad Doyle | 26 February, 2020, 18:55

"They can't seem to figure out if they're on the side of of growing the economy and middle class jobs, or if they're on the side of trying to stop all emissions from Canada", said Clark, who was Liberal premier of the western province from 2011 to 2017.

The reluctance of Canadian law agencies to provide similar enforcement for approved projects is another competitive disadvantage, she added.

Instead of acknowledging that risk, however, Alberta's political leaders are reacting to Teck's decision with shock and anger. "It was going to be a catalyst for the future". For the Conservatives, the blame lay squarely at the feet of Prime Minister Justin Trudeau, and they used Tuesday's debate to make sure Canadians were aware of that position.

"The federal government let Teck know that there would not be a yes-no decision on the application this week, but rather it would be deferred to some point in the future, creating even greater uncertainty for that company", said Kenney.

And the global pressure to reduce carbon emissions could also hurt the economic and regulatory viability of the plans.

That financial exodus includes Sweden's central bank, which explained to The Tyee past year that it's divesting from the oilsands because "Alberta is one of those provinces that has been highest in terms of carbon dioxide emissions". "This is thanks to the relentless organizing of Indigenous peoples, youth and thousands of others across the country", 350.org campaigner Clayton Thomas-Muller wrote in a statement on Monday.

OPINION: Kenney vs. Trudeau: who will win in the Teck decision?

An Antarctic island lost 20 percent of its snow during a recent heat wave, which reached nearly 70 degrees F. The prolonged heat also created melt ponds on the island and on top of nearby glaciers - a phenomenon that's all too common now in melting Greenland but hasn't been seen much before in Antarctica.

"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", Teck CEO Don Lindsay said in a letter to the federal government, which was due to make a decision on whether to approve Frontier by the end of February. "In that context, it is now evident that there is no constructive path forward for the project", he wrote.

Obviously, the unexpected curveball from Teck and the sudden decision to withdraw its proposed Frontier oilsands mine has taken one of those decisions off the table. It took a $688 million write-down in the quarter on its Fort Hills mine, which already is in production, because of "lower market expectations" for crude oil prices.

Yet Kenney continues to insist that Frontier would have brought huge financial benefits to the province. "Even if he said yes, at a minimum, this project is years away, and it would need a big rebound in oil prices". "The finance and economics of oil sands development can not work in the current market because the prices are too low and the costs of extraction of oil sands are too high".

The risks those emissions posed weren't an issue for Teck.

Julia Levin, the climate and energy program manager for Environmental Defence, agreed that there is a lack of cohesion in the approach to fighting climate change at the provincial and federal level. "It's no longer economically viable to invest in projects that are directly incompatible with climate action".

Governments are not obligated to make certain decisions when it comes to these kinds of projects.

Thinking similarly is Wall Street watcher Jim Cramer, host of the Mad Money investment show on CNBC.

"Canadians don't want finger pointing, they want us to work together, they want us to collaborate, they want us to have a concrete plan to address climate change, and I think we have a responsibility because it's important of course for the well being of Canadians, it's also important for businesses and investors as well". "I'm done with fossil fuels".

Recommended

loading...
...

Delhi cop, who died in CAA clashes, was shot dead: Autopsy report Delhi cop, who died in CAA clashes, was shot dead: Autopsy report During Monday's protests, police fired tear gas and used canes as they charged at protesters in several areas of New Delhi . Schools have been shut with exams being postponed and fearful residents stay indoors as the area smoulders with tension.

Samsung Galaxy Z Flip stock quickly depleting in the US Samsung Galaxy Z Flip stock quickly depleting in the US The Galaxy Z Flip will be available first in select markets including the USA and Korea on February 14, 2020. I contend that none of this actually matters, and that it doesn't matter if you actually buy this phone.

This is how MIT wants to save Earth from murderous asteroids This is how MIT wants to save Earth from murderous asteroids In the case of Apophis , its passage would still be about five years or more away, enough time to develop a plan if necessary. Or we could launch projectiles from the moon or use defunct satellites as kinetic impactors, ” Paek says.

EPL: Ziyech finally completes Chelsea move EPL: Ziyech finally completes Chelsea move Lampard has up to £150m to spend but clubs such as Liverpool and Manchester United also want Sancho. Chelsea have been targeting wide players because Pedro and Willian are out of contract this summer.

Canadian police clear indigenous protest, tensions remain Canadian police clear indigenous protest, tensions remain February 11 - CN stops transport between Prince George, B.C., and Prince Rupert, B.C., because of a blockade near Hazelton, B.C. Officers moved in shortly after to extinguish the fires and clear the remaining debris from the tracks.

Tyson Fury can win against Deontay Wilder - Anthony Joshua backs British rival Tyson Fury can win against Deontay Wilder - Anthony Joshua backs British rival Joshua is on course to defend his WBA (Super), WBO, IBF and IBO heavyweight title against Bulgaria's Kubrat Pulev in June. They have already talked about fighting later in 2020, for the third time, regardless of the outcome later this month.

'Better Call Saul' star Bob Odenkirk hopes main character redeems himself 'Better Call Saul' star Bob Odenkirk hopes main character redeems himself The ugly snowglobe even makes an appearance in El Camino when we get a peak at Todd's ominously grandma-esque apartment. Yet, keeping this show from losing the wholly independent spirit it first started with is Kim.

China's coronavirus death toll rises to 2,442 China's coronavirus death toll rises to 2,442 He warned that if countries did not quickly mobilise to fight the spread of the virus, "this outbreak could go in any direction. New virus cases in China have again declined, up just 394, after authorities again changed how they count new daily infections.

LeBron's clutch jumper sends Lakers past Celtics 114-112 LeBron's clutch jumper sends Lakers past Celtics 114-112 The Lakers are putting up 114.8 points per game on offense this season while shooting a league-best 48.8 percent from the field. The victory gave the Lakers a season record of 43-12, which includes two victories since returning from the All-Star break.

Trump taps loyalist Grenell as nation's top intel official Trump taps loyalist Grenell as nation's top intel official Coats endorsed the intelligence community's assessment that Russian Federation interfered in the 2016 election to help Trump. Senate as ambassador in 2018, which at the time made him the highest-ranking LGBTQ person within the Trump administration.

Sanders leads Democratic field in new national poll Sanders leads Democratic field in new national poll The Mary Poppins actor, Dick Van Dyke, has shown his support for presidential hopeful Bernie Sanders in a recent campaign video. This sample was weighted according to gender, age, race, and education based upon voter registration lists and the U.S.

Tyson Fury Reacts To Stopping Deontay Wilder Tyson Fury Reacts To Stopping Deontay Wilder Wilder was pressed into a corner and covering up a volley of punches when his corner launched the white towel over the ropes. Wilder's legs looked weak and wobbly and in the fifth and he was on his back again from a right hand to the ribs from Fury.

Quentin Tarantino & Wife Daniella Pick Welcome First Child! Quentin Tarantino & Wife Daniella Pick Welcome First Child! The film took home the prizes for best motion picture - musical or comedy and best screenplay at the 2020 Golden Globe Awards . According to reports, the child was actually born in Tel-Aviv, and thus. he's half Israeli by birthright.

Katy Perry collapses on 'American Idol' following gas leak Katy Perry collapses on 'American Idol' following gas leak In a clip ahead of Sunday night's episode, Perry is heard saying she smells gas before the building is evacuated. Katy Perry , whose original name is Katheryn Elizabeth Hudson, is an American singer, songwriter and a TV judge.

Weather warning: snow and rain causes traffic disruption Weather warning: snow and rain causes traffic disruption These will become increasingly widespread over the course of tomorrow, with some accumulations of snow also expected. A yellow weather warning for snow has been issued by the Island's Met Office.