Welcome to Net Zero, your daily industry brief on clean energy and Canadian-resource politics.
According to a new report from Natural Resources Canada released on Monday, “the risks Canada faces from a changing climate are increasing faster than the country’s efforts to adapt to them,” writes iPolitics. The report, titled Canada in a Changing Climate: National Issues, also reveals Canada is heating twice as fast as the rest of the world.
Meanwhile, the costs associated with natural disasters caused by extreme weather have risen by $400 million from a decade ago, now totalling $1.9 billion annually, a senior official with Natural Resources Canada told journalists on Monday.
“There is abundant research indicating that current efforts to adapt are insufficient in the face of rapidly accumulating social and economic losses from current and future climate change impacts,” according to the report. CBC News outlines four key takeaways from the report.
With the release of the report, Robin Edger, who is national director of climate change for the Insurance Bureau of Canada, an industry group, has teamed up with nine other insurers, Indigenous groups, and environmental groups to form a new coalition group called Climate Proof Canada.
“Our key message for the federal government is to complete and implement the climate-adaptation strategy,” Edger said. This plan would “create a culture of preparedness, and build a more disaster-resilient country,” according to the coalition’s news release.
The coalition also recommends that the government should appoint a “national resilience” adviser to facilitate coordination between departments, according to iPolitics.
A natural gas pipeline explosion at an Atmos Energy facility in Texas has killed two people and injured three, the Associated Press reports. Atmos Energy is headquartered in Dallas.
Although the explosion is being deemed an accident, the cause of the incident remains unknown, and the county sheriff is welcoming an FBI investigation.
Next, Equinor, Norway’s state oil company, announced it will build the “world’s biggest hydrogen production plant with carbon capture and storage (CCS) technology,” which will triple its U.K. hydrogen output.
The plant, which is to be constructed near Hull, will burn blue hydrogen to supply the Keadby Power Station in Lincolnshire. Keadby is owned by Scottish energy company SSE plc. The Guardian has this story.
Finally, Vista Oil & Gas, which is headquartered in Mexico, and Trafigura, a commodity trading company based in Geneva, have teamed up to develop 20 wells in Argentina’s Vaca Muerta shale oil deposit.
The agreement “will contribute to generating more production, and thus continue to expand energy exports essential for bringing in the foreign exchange that Argentina needs, while continuing to supply the local market,” Vista CEO Miguel Galuccio said in the statement. Reuters has more.
On Tuesday morning at 9:23 a.m., West Texas Intermediate was trading at US$73.37 and Brent Crude was going for US$75.14.
According to a new study published last week in the journal Nature Climate Change, the math involved with achieving the net-zero emissions target pledged by countries around the world “might not be that simple,” CBC News reports.
“The assumption is that a tonne of carbon dioxide into the atmosphere is balanced by a tonne removed from the atmosphere,” said Kirsten Zickfeld, who is a professor of climate science at Simon Fraser University in Burnaby, B.C., and is the lead author of the research.
However, many processes in the Earth’s climate system are “non-linear,” Zickfeld elaborated. Therefore, emitting and removing the same amount of carbon may not end up being net-zero. Ultimately, one will have “a higher atmospheric CO2 concentration than if you had emitted no CO2.”
In other news, the proposed Tent Mountain open-pit coal mine, which is located in the Crowsnest Pass and crosses the border between southwestern Alberta and southeastern B.C., will have to pass a federal impact assessment, according to Environment and Climate Change Minister Jonathan Wilkinson. The mine is being operated by Montem Resources, an Australian company.
“Both provincial regulatory regimes provide for a duty to consult with Indigenous peoples to consider potential effects on their rights and related concerns. However, in part because of the project’s cross-border location, neither province requires consultation with all potentially affected groups on both sides of the border,” the minister said in a statement.
David Khan, a lawyer for Ecojustice, thought the decision made sense.
“This process would allow the federal government to understand the full risks of the project and make an informed decision on whether it is in Canadians’ best interests to let the Tent Mountain coal project proceed,” he said in a news release. CBC News also has this story.
Canadian Crude Index was trading at US$58.09 and Western Canadian Select was going for US$58.01 this morning at 9:24 a.m.