The federal government confirmed it will withdraw billions of dollars invested in oil, coal and natural gas projects abroad, said Blacklock’s Reporter..Environment Minister Steven Guilbeault made the statement Thursday at COP26, the United Nations Climate Change Conference in Glasgow, but did not explain the impact the withdrawal would have or how it would be achieved..“This means quickly winding down new public international investments in unabated fossil fuels and powering up the shift to clean sources of energy,” said Guilbeault in a statement..“I have every confidence in Canada’s ability to blaze a trail and win the jobs.”.One federal agency — Export Development Canada (EDC) — has billions invested in energy companies operating outside Canada..“The amount of business support we provide to the oil and gas sector has been gradually reducing in recent years,” EDC management wrote in its last Annual Report..The report said the company had provided “approximately $8.1 billion in total business support to the oil and gas sector” and indicated loans and insurance in the sector totalled $10.6 billion in 2019 and $12.5 billion in 2018..The Canada Pension Plan Investment Board, another federal agency, owns hundreds of millions in shares of foreign oil, gas and coal companies — $191 million worth of shares in Marathon Petroleum Corp out of Ohio and $154 million in Virginia-based Dominion Energy Inc..Other Pension Plan shares included $14 million in Pioneer Natural Resources Co. of Irving, Texas; $3 million in Chevron Corporation stock; $3 million in United Energy Group, a Chinese oil and gas company; $2 million with Kinder Morgan Inc.; $2 million in Woodside Petroleum Ltd., an Australian natural gas distributor; and $1 million in China Coal Energy Co. Ltd..“The Government of Canada will develop policy direction that will define the scope of this policy,” Natural Resources Canada (NRCan) said Thursday in a statement..“Joint efforts like this one help support the transition to a prosperous net-zero emissions economy.”.NRCan said although it plans to “end new direct support for the international unabated fossil fuel sector by the end of 2022,” exceptions would be made“in limited and clearly defined circumstances.”.“Building clean energy systems across the world will help us achieve our climate goals and build a prosperous future for everyone,” Natural Resources Minister Jonathan Wilkinson said in a statement..Melanie Risdon is a reporter with the Western Standard.,.mrisdon@westernstandardonline.com
The federal government confirmed it will withdraw billions of dollars invested in oil, coal and natural gas projects abroad, said Blacklock’s Reporter..Environment Minister Steven Guilbeault made the statement Thursday at COP26, the United Nations Climate Change Conference in Glasgow, but did not explain the impact the withdrawal would have or how it would be achieved..“This means quickly winding down new public international investments in unabated fossil fuels and powering up the shift to clean sources of energy,” said Guilbeault in a statement..“I have every confidence in Canada’s ability to blaze a trail and win the jobs.”.One federal agency — Export Development Canada (EDC) — has billions invested in energy companies operating outside Canada..“The amount of business support we provide to the oil and gas sector has been gradually reducing in recent years,” EDC management wrote in its last Annual Report..The report said the company had provided “approximately $8.1 billion in total business support to the oil and gas sector” and indicated loans and insurance in the sector totalled $10.6 billion in 2019 and $12.5 billion in 2018..The Canada Pension Plan Investment Board, another federal agency, owns hundreds of millions in shares of foreign oil, gas and coal companies — $191 million worth of shares in Marathon Petroleum Corp out of Ohio and $154 million in Virginia-based Dominion Energy Inc..Other Pension Plan shares included $14 million in Pioneer Natural Resources Co. of Irving, Texas; $3 million in Chevron Corporation stock; $3 million in United Energy Group, a Chinese oil and gas company; $2 million with Kinder Morgan Inc.; $2 million in Woodside Petroleum Ltd., an Australian natural gas distributor; and $1 million in China Coal Energy Co. Ltd..“The Government of Canada will develop policy direction that will define the scope of this policy,” Natural Resources Canada (NRCan) said Thursday in a statement..“Joint efforts like this one help support the transition to a prosperous net-zero emissions economy.”.NRCan said although it plans to “end new direct support for the international unabated fossil fuel sector by the end of 2022,” exceptions would be made“in limited and clearly defined circumstances.”.“Building clean energy systems across the world will help us achieve our climate goals and build a prosperous future for everyone,” Natural Resources Minister Jonathan Wilkinson said in a statement..Melanie Risdon is a reporter with the Western Standard.,.mrisdon@westernstandardonline.com
