OTTAWA – Canada’s economy is experiencing a “carbon bubble” that could have significant consequences for Canada’s financial markets and pension funds, according to a new study released March 26 by the Canadian Centre for Policy Alternatives.
Between two-thirds and four-fifths of known fossil fuel reserves have been deemed to be “unburnable carbon” that cannot safely be combusted without leading to catastrophic climate change.
“Business-as-usual for the fossil fuel industry is incompatible with the need to keep the global temperature increase to 2°C or less,” says CCPA Senior Economist Marc Lee. “The recent experience of high-tech and housing bubbles should serve as a stern warning to investors and policy makers.”
Press Release | Posted: Feb 21, 2013
A failure to carefully regulate the Canadian bitumen industry is putting Canada on a dangerous economic and environmental trajectory, says a new report released today by the Canadian Centre for Policy Alternatives (CCPA) and the Polaris Institute.
The study’s original, integrated analysis shows that the current bitumen path is creating the double threat: a “staples trap,” whereby the faster Canada exports its bitumen, the less diversified, productive and resilient the economy becomes;” and a “carbon trap,” which locks Canada into an carbon dependent development path, making the costs of future climate adaptation much more difficult.
By: Pembina Institute | Feb 25, 2013:
EDMONTON — As Canada faces increasing scrutiny of its weak climate change policy for oilsands development, a new report illustrates how both Alberta and the federal government can better manage emissions and improve the country’s international reputation.
The new Pembina Institute report, Carbon Pricing Approaches in Oil and Gas Producing Jurisdictions, compares climate change policy approaches in Alberta, British Columbia, California, Australia, Norway and the European Union. For each policy, the assessment looks at the incentive to reduce greenhouse gas (GHG) emissions (measured in dollars per tonne), the percentage of emissions receiving that incentive, and other metrics.
Big Oil’s Oily Grasp: The making of Canada as a Petro-State and how oil money is corrupting Canadian politics