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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.