Welcome to Net Zero, your daily industry brief on clean energy and Canadian-resource politics.
A new report from the Canadian Centre for Policy Alternatives finds that Canada’s greenhouse gas emissions increased by 3.3 per cent between 2016 and 2019. The percentage change represents a greater increase than the U.S., whose emissions rose by just 0.6 per cent, while the other G7 countries curbed “greenhouse gas emissions by (between) 4.4 per cent to 10.8 per cent.”
“We have politicians that are trying to please everybody and are making totally counterproductive policy decisions,” said author David Hughes, calling it a “stark contradiction between government priorities, which are building the Trans Mountain Expansion to the coast… (and) reducing emissions by 40 per cent by 2030.” “
“It’s going to lead to continuous growth for as long as the resource inputs hold out, and then a crash, a very painful crash,” he added.
Meanwhile, the Canada Energy Regulator says the oil and gas sector will prevent Canada from reaching its Paris climate accord target of “an 80 per cent reduction from 2005 levels by 2050.”
“Even if you reduce emissions from every other sector of the economy to zero, we’d still miss an 80 per cent reduction target by 32 per cent in 2050,” said Hughes. “However, we claim that we’re going to get to net zero by 2050, so the numbers just don’t make any sense.” The Canadian Press has this story.
Three weeks of virtual climate talks began on Monday, the Associated Press reports.
The 2015 Paris climate accord will be a key talking point, “including rules for international carbon markets, harmonizing countries’ timeframes for reducing greenhouse gas emissions, and providing aid to developing nations.”
“We need to show up in Glasgow (at the United Nations climate summit) with decisions ready to be taken,” said the head of the UN climate office, Patricia Espinosa.
Elsewhere, Spain’s Environment Minister Teresa Ribera announced her government has approved draft legislation “to limit the windfall profits hydro and nuclear plants make as rising carbon dioxide prices drive up electricity bills,” writes Reuters.
“This is just over 1 billion euros that … we think should reduce consumers’ electricity bills,” Ribera told a news briefing after the weekly cabinet meeting.
In other news, Norwegian energy company Equinor, Texas-headquartered oil and gas corporation ExxonMobil, and Petrogal Brasil have announced a $8-billion investment in Brazil’s Bacalhau oilfield.
“Estimated recoverable reserves for the first phase are more than one billion barrels of oil,” said Equinor executive vice-president Arne Sigve Nylund. Reuters has more.
On Tuesday morning at 9:28 a.m., West Texas Intermediate was trading at US$68.52 and Brent Crude was going for US$71.20.
In an interview with CBC Radio, Ron Wallace, an environmental scientist, said he’s concerned that approximately 25,000 individuals surveyed on coal mining said “they were not confident that the industry (in Alberta) was being adequately regulated.” These individuals represented 85 per cent of total respondents.
“If people have diminished confidence that the regulators are protecting the public interest, then that’s a major thing,” he said.
Wallace is part of a public consultation committee tasked with finding out how Albertans want to develop coal mining in the Rocky Mountains. The Canadian Press has more.
Meanwhile, Green Party of Canada Leader Annamie Paul has accused the Liberals and NDP of “ramming” Bill C-12, the net-zero emissions bill, through Parliament. Bill C-12 proposes that the government should set rolling, five-year targets to cut greenhouse gas emissions beginning in 2030 up until 2050.
“There have been no Indigenous witnesses, no climate scientists and no young climate advocates who have had the opportunity to testify,” Paul said during a news conference Monday. “We are one of the top five worst greenhouse gas polluters per capita in the world. We have the worst record in the G7,” she added. The Canadian Press also has this story.
Finally, Wyloo Metals Pty Ltd., an Australian private-equity firm, announced that its plans to invest $25 million in research on developing “a battery metals processing plant in Ontario” are dependent on whether they acquire Canadian mining company Noront Resources Ltd.. Noront Resources currently operates the Ring of Fire mining project located in northern Ontario. The Globe and Mail has more.
Canadian Crude Index was trading at US$51.71 and Western Canadian Select was going for US$51.92 this morning at 9:28 a.m.