Now, for better or worse, Ottawa is coming to the table. • The subsidy excludes CCUS for use in enhanced oil recovery , a technique that involves injecting captured carbon into depleted wells to extract even more oil. • When Cenovus CEO Alex Pourbaix and Suncor Energy CEO Mark Little first kicked off the lobby […]
“Energy efficiency will become even more, not less important for meeting climate goals and achieving other societal goals,” write Jan Rosenow, director of European programmes at the Regulatory Assistance Project, and Nick Eyre, professor of energy and climate policy at the University of Oxford. Energy efficiency is not a benefit in and of itself, but […]
The 304-page document confirms funding for the $9.1 billion in new measures announced in the government’s Emissions Reduction Plan last week, while adding $2.6 billion over five years for the CCUS tax credit. “Carbon pricing is an important part of driving Canada towards a cleaner economy,” the budget states, in a section that acknowledges the […]
Wilson’s post appeared just a day before Finance Minister Chrystia Freeland tabled a 2022 budget that contained a long list of green economy and affordable housing measures, but drew climate hawks’ wrath with its promise of C$7.1 billion in carbon capture tax credits over an eight-year span. “That’s because it’s faster and cheaper to scale […]
This strategy contains one very large low-hanging fruit. “1% of the global population is responsible for 50% of emissions from flying, and a big share of this, about 30% in Europe, comes from corporate flyers,” writes Murphy. “The global market for carbon offsets is expected to grow up to 50 times by mid-century, driven in […]
Some of Canada’s highest greenhouse gas emissions come from tar sands/oil sands mines and upgrading facilities because of the energy it takes to separate bitumen from sand and clay deposits. But two sources told Reuters that Alberta’s emissions system, the Technology Innovation and Emissions Reduction Regulation , was not intended to provide credits to tar […]
Of the 25 companies in the study, only three—A.P. SBTi Managing Director Alberto Carrillo Pineda told Climate Home he “welcomes stronger scrutiny”, adding that many of the issues identified in the report were addressed in a new net-zero standard the initiative introduced last October. Climate Home cites SBTi as “the most prominent standard-setter for corporate […]
Financial regulators—including the Financial Stability Board, the international umbrella group of central banks and banking supervisors, and the newly-formed Network for Greening the Financial System, which comprises 31 central banks and regulators from around the world—are becoming increasingly concerned about the creditworthiness of borrowers exposed to the risks of climate change. The OSFI pilot study […]
The alliance with HSBC started in 2019 to increase supplier access to capital, using Walmart’s stronger credit rating to negotiate better payment terms on their behalf. “These suppliers don’t have easy access to capital,” said Jane Ewing, senior vice president for sustainability at Walmart. Previously, buyers’ ESG requirements for smaller suppliers were inconsistent, making it […]
Using the example of a non-profit project in northern Germany that uses offset dollars to restore local degraded peatlands to their natural state as extremely rich carbon storehouses, the video makes clear that offsets can be “legit” if several criteria are all met: a project actually reduces carbon emissions, more or less permanently; the carbon […]
“Congratulations to Shell and its joint venture partners for reaching this historic milestone,” Premier Jason Kenney enthused at the time. Despite the five megatonnes captured, the facility “has emitted a further 7.5 million tonnes of climate-polluting gases during the same time,” the equivalent of 1.2 million internal combustion cars per year. Global Witness’s analysis concludes […]
The deal between four nations in the Nanwakolas Council and Western Forest Products Inc. The Tlowitsis, K’omoks, Wei Wai Kum, and We Wai Kai First Nations have territory that extends south of Comox Valley up through Port McNeil and into the B.C. Eagles, hawks, ravens, deer, and elk, among other plants and animals, call those […]
Earlier this week, Natural Resources Minister Jonathan Wilkinson confirmed to Bloomberg News that the tax credit is on the way, and will likely be included in Freeland’s next budget. “Deploying CCUS at any climate-relevant scale, carried out within the short time frame we have to avert climate catastrophe without posing substantial risks to communities on […]
“The oil industry and the coal industry see this as a way to keep their industries going,” said David Schlissel, a Massachusetts-based consultant associated with the Institute for Energy Economics and Financial Analysis. …Read the full story
The report shows the country’s five biggest banks—RBC, TD, Scotiabank, BMO, and CIBC—with a lot of ground to cover to put substance behind their promises. “Part of the duty of Canada’s banks is to manage risk, yet their activities are driving up investor risk by enabling massive Scope 3 emissions,” the 22-page report adds. The […]