This is a news compilation setting the record straight on the day’s top stories about the oil and gas industry.
Ecofiscal Commission is an organization that is tied to Government money and is about to be folded into a new group funded by the Liberal Government. Their work is a fig leaf to attempt to give the appearance of independent academic support to Liberal climate policy.
- Just a $30 per tonne carbon tax is expected to cost the economy 94,000 jobs and $21 billion and even with mitigation efforts will still cost Canada’s economy $500 per tonne of nominally reduced emissions. We say nominally reduced because the government doesn’t track whether they are actually reduced or just leak to other jurisdictions with less rigorous carbon policies.
- The tax is targeted at Alberta and Newfoundland and Labrador where 30% of the economy is impacted compared to 10% nationally
- Policymakers have not paid enough attention to carbon leakage and don’t know if the emissions reduced in Canada are simply replaced in other countries as production moves to escape carbon compliance costs. Our policy could in some areas like primary metals actually be causing global emissions to go up.
There are alternative solutions that approach the problem of emissions from a global perspective verse the current local focus.
- Navius Research discussed these alternative solutions in their report Reversing Carbon Leakage in the Aluminum Sector.
- Economist Mark Jaccard has previously outlined alternatives to the carbon tax that will also reduce emissions.
Former International Energy Association executive director criticizes Canada’s regulatory hurdles and radical environmentalists for preventing large LNG expansions.
- Canada’s regulatory system including the controversial Bill C-69 and Bill C-48 has allowed foreign LNG projects with higher emissions intensity to capture market share at the expense of Canada.
Canada’s LNG exports have 50% percent fewer emissions than foreign competition. LNG can help lower emissions in countries like China that use high emitting sources of energy.
Former Liberal Premier of Newfoundland and federal Liberal cabinet minister calls for energy and environmental policies to be integrated and function together in a balanced and sustainable manner. “Canadians want the government to act on climate change, but also want to enjoy the economic benefits of the oil and gas sector. We can do both. This is not an either-or proposition as many would have us believe.”
We need to start thinking globally about reducing emissions.
- Reversing carbon leakage by attracting high-emission offshore production in areas where Canada is a lower-emissions producer will generate a double dividend of new economic benefits and lower global emissions.
- Canada is also a leader in technology that is in demand for other energy-producing regions where we can help reduce emissions and improve efficiency.