In case you missed it, we compiled this week’s topics and news stories just for you!
- Divestment from fossil fuel investments.
- Coastal GasLink can provide jobs and opportunity.
- The oil and gas industry is keeping us warm, and fighting emissions.
- The Institute for Energy Economics and Financial Analysis (IEEFA) has released a report attacking the financial benefits of Teck’s Frontier Mine Project.
- Albertans are unsatisfied with the way the country is going. The bungling of major energy projects is the culprit.
- The Supreme Court of Canada just dismissed British Columbia’s appeal to regulate contents flowing through the Trans Mountain pipeline.
Divesting from fossil fuel investments can hurt student wallets without reducing emissions.
- The costs of divestment are equivalent to annual tuition increases (or equivalent reductions in tuition scholarships) of approximately $123 to $385 at a representative public university or $1,043 to $3,265 at a representative private university.
- Since divestment does not directly affect either demand for energy provided from fossil fuels or the cost of delivering such energy, divestment is unlikely to alter the volume of emissions derived from fossil fuels that enters the atmosphere.
Coastal GasLink can provide jobs and opportunity for all communities along its route, including the Wet’suwet’en nation. Even though the hereditary chiefs of the Wet’suwet’en oppose this project, the elected councils who represent the nation support the project.
- All 20 of the elected councils along the pipeline’s route support the project’s benefits which include around $1 billion in employment and business contracts.
- All of the elected Wet’suwet’en band councils support the project.
- Aside from local benefits, exporting Canadian LNG to countries like China that have demand for our product can help lower global emissions.
Oil and gas are keeping us warm, and the industry’s technology is fighting emissions.
- During freezing cold warnings like the one Alberta is under currently, we can thank natural gas for heating 91% of the buildings in the province.
- Natural gas producers like Questerre Energy are currently embarking on cleantech energy research projects to produce energy with near-zero emissions, zero use of toxic fluids below ground and zero use of drinking water.
The Institute for Energy Economics and Financial Analysis (IEEFA) has released a report attacking the financial benefits of Teck’s Frontier Mine Project. They claim that the accounting that went into the calculation of these benefits was “misguided and reckless”. Even if oil doesn’t reach the $95 a barrel-like the IEA predicts, the economics at the more modest price in Teck’s shareholder presentation will still be profitable at the current cost of development. This is another shot across the bow at Alberta’s oil and gas industry by a group funded by foreign foundations such as the Rockefeller Brothers Fund and William & Flora Hewlett Foundation(notable for their participation in the ‘anti-tar sands’ campaign).
Here are some facts about the IEEFA and Teck’s Frontier project:
- Millions from the IEEFA’s funders have also been used to attack the Canadian oil and gas industry.
- Multiple Canadian experts have called the think tank’s analyses into question before.
- Even if oil does not reach $95 a barrel, the modest price of $60-$70 per barrel is well within the current range for oil sands mining to be profitable.
- Regardless if there is a lower price of oil, Teck will still be a major economic driver providing jobs and taxes.
- All the First Nations in the surrounding area have signed agreements and support the project.
Instead of promoting their funders’ bias, the IEEFA should consider all the facts when it comes to reporting on Canadian hydrocarbon projects. This is clearly an attempt to change opinion in time for cabinet to make its final decision on the project. A foreign think tank should not be allowed the ability to influence regulatory approvals in Canada.
The majority of Albertans are unsatisfied with the way the country is going. The bungling of major energy projects is the culprit and has pushed Albertans to look for more autonomy.
- Albertans are holding a conference on Saturday, January 18th to discuss what the economic possibilities are, what might more autonomy looks like, and what from Alberta wants if it forces open the Constitution.
- Alberta was on track to lose $175 million from Trans Mountain delays alone in 2019.