Environment Archives - Page 6 of 6

1Mar

By Bob AscahNo Comments

Energy, Energy, Environment, Investment, Politics

Teck withdraws from Frontier

Teck's withdrawal signifies a major turning point in the struggle between forces opposing a fundamental shift in the use of fossil fuels and governments and industries resisting a transition. The company's signalling that Teck would have to write off $1.l billion of its spending on the Frontier project, foreshadowed the difficult corporate decision. The immediate political fallout: in Ottawa a sigh of relief. In Alberta: instant anger but also a slow realization, a coming to terms that the "last boom" was indeed the last boom. It is now time for the adults in the room to come to terms with a new tomorrow. It will be especially painful for the Kenney government which had placed so much attention on the project, demanding "Ottawa" approve the project. But the tone was irrelevan...

Environmental liabilities… will not go away

26Apr

By Bob AscahNo Comments

Environment, Financial Institutions, Politics

Environmental liabilities… will not go away

Alberta Liabilities Disclosure Project (ALDP) On 5 April, the ALDP held a news conference to raise awareness about the scope and scale of the orphan well issue in the Province of Alberta. According to its website, the ALDP "is an independent and non-partisan initiative pushing for accurate and transparent government level data pertaining to Alberta's oil and gas liabilities." This initiative, of which I am a participant, is aimed at making oil and gas environmental liabilities an issue during the recent provincial election. While media outlets such as The Globe and Mail, National Observer and Postmedia shared information about the initiative, political parties -other than the Alberta party's David Khan and Dr. David Swann, did not click on the bait. Regan BoychukSource: National...

Supreme Court of Canada: AER 5, ATB 2 – Redwater Decision

3Feb

By Bob AscahNo Comments

Bankruptcies, Environment

Supreme Court of Canada: AER 5, ATB 2 – Redwater Decision

Originally posted 4 February 2019 On 31 January 2019, the Supreme Court of Canada handed down its decision in the Redwater Resources (Redwater Energy Corporation) case. SCC Decision The decision, by a 5-2 majority, was written by Chief Justice Richard Wagner (concurring Abella, Brown, Gascon, Karakatsanis). The 183 page judgment included a 70- page dissent by Madame Justice Suzanne Côté (concurred in by Justice Michael Moldaver). The majority opinion relied heavily upon the earlier dissent from former Alberta Court of Appeal Justice, Madame Sheilah Martin (who joined the High Court last year). ACA Decision Madame Justice Suzanne Côté The decision affirmed the right (and strategy) of the Alberta Energy Regulator (AER) to deny a Receiver, acting for a creditor, the ability to "dis...

Environmental Liabilities-Part 2 AER Bombshell

6Nov

By Bob AscahNo Comments

Energy, Environment, Opinion/Research

Environmental Liabilities-Part 2 AER Bombshell

Originally posted on 5 November 2018 On Thursday, 2 November 2018 a startling Power Point presentation made by the Vice-President, Liabilities of the Alberta Energy Regulator [Go to National Observer] was released under Alberta's Freedom of Information and Protection of Privacy Act. The path-breaking investigation was undertaken by staff at the National Observer, Toronto Star, StarMetro Calgary, and Global News. Find the full Powerpoint presentation here. AER-FEB 28-wadsworth-liability-260 BILLION (1) Mr. Wadworth (pictured) worked at the Bruce Nuclear power plant in Ontario prior to his taking the VP's job at the AER. Mr. Wadsworth is a graduate of Royal Military College. In 2017, according to AER's disclosure under the Public Sector Compensation Transparency A...

6Nov

By Bob AscahNo Comments

Energy, Environment

Environmental Liabilities Part 1- Exxon-Mobil

Originally posted 5 November 2018 Two major stories hit the wire this past week spotlighting the emerging realization that financial markets do care about the scale of environmental liabilities of energy companies. In this post the lawsuit filed by New York State's Attorney General is examined. In Part 2, the story about estimated environmental liabilities reported by the Alberta Energy Regulator to industry in a private meeting in February 2018 is explored. On 24 October the Attorney General of the State of New York, Barbara Underwood, brought a lawsuit against Exxon-Mobil. The lawsuit alleges ExxonMobil "fraudulently, systematically and repeatedly has deceived investors about the impact that future climate change regulations could have on the company's assets and value."New York...

18Dec

By albertarecessionwatchNo Comments

Energy, Environment, Financial Institutions

Economy vs. Environment

Originally posted 18 December 2017 Several articles, studies, and announcements over the past weeks suggest that the "international movement" seeking to "manage" the risks of global warming are gaining ascendance. More recently, the World Bank president, Jim Yong Kim, announced his institution was re-assessing the risks of fossil-fuel developments. Highlights: World Bank move China's Three Gorges floating solar panels Alberta renewable auction Moody's analysis Analysis/Opinion (more…)

The Matter of "free, prior and informed consent"

12Sep

By albertarecessionwatchNo Comments

Energy, Environment

The Matter of "free, prior and informed consent"

Shawn McCarthy's column of 16 September discussed the question of what "consent" means to First Nations' communities through which proposed pipelines run through. In Alberta, the New Democrat government agreed to be bound by the United Nations Declaration on the Rights of Indigenous Peoples. The federal government also agreed to be so bound after taking office from the Conservative government last October. The federal government has not yet officially agreed to the Declaration. (more…)

20Jun

By albertarecessionwatchNo Comments

Environment

Update Since the last post a great deal has happened in the provincial government's approach to climate. The recognition that climate change is a serious financial and economic matter, not just "political" was provided by Bank of Canada Deputy Governor Timothy Lane in a speech a couple weeks ago in Montreal. Lane observed: climate change itself and actions to address it will have material and pervasive effects on Canada’s economy and financial system. While many of these will play out over many decades, I will argue that they are already starting to become important. So, the Bank needs to consider these effects as we deliver on our mandate to promote the economic and financial well-being of Canadians. (more…)