Places to invest in fossil fuels are disappearing

Editorial

Wednesday, March 4 2020

There are plenty of pundits who, over this past week, have pointed at the decision by Teck to cancel its oil sands project as a sign Canada is a place where investment goes to die. 

Especially investment in resource based industry..

In actuality, Canada was one of the final bastions where industry could and would still invest in fossil fuels.

Teck has recognized this.

Just days after cancelling the oil sands project (in Alberta), Teck bought a sun mine in British Columbia.

Yay for BC.

Given the price difference between the oilsands project and one sun mine - Teck could purchase almost a thousand more sun mines, and reap far more green long term (both energy and cash) than it would have in the oil sands.

Alberta Premier Jason Kenney says the time for transitioning is coming, but isn’t here yet. 

Industry is showing how wrong that assumption is. 

Imagine if instead of writing off $4.5 billion to oil and gas, Kenney had instead invested that money with any of the hundreds of green energy projects Albertans are trying to get off the ground. No other province - not even BC - is better prepared with a army of tradespeople than Alberta to make the transition now. Too bad all that money went to oil and gas.

At least Teck saw the chance to take on a sun mine in BC.

Kenney, Andrew Scheer, and the BC Liberals bemoan the decision by Teck, because they know, for a fact, it’s going to drive investment further into green energy development.

They have seen all the other places in the world which are pushing more and more green energy. Companies and investment groups divesting themselves of fossil fuel commitments.

Canada, and our neighbours to the south, were the final places where fossil fuel investment was a good idea.

Teck, is changing that.

Whether Kenney or anyone else wants to deny climate change is real, it doesn’t matter. The money is going green.