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kingofsurrey
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Why Sweden’s Central Bank Divested from Alberta and Reinvested in BC

 

I realize it is not from a extreme  right Alberta magazine but still interesting read none the less.....

 

 

When Sweden’s central bank announced it would sell off Alberta government bonds because of the province’s high carbon emissions, the reaction from Alberta’s political leaders was swift and defensive.

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Finance Minister Travis Toews suggested Alberta was victim of an “unfair narrative” about the oil sands. A spokesperson for Premier Jason Kenney said, “If the Swedish central bank is really concerned with making a difference on climate change they need to be investing more in ethical producers such as Alberta, which have shown dramatic gains in reducing emissions.” 

But Riksbank wasn’t interested in whether specific oil sands projects have become less carbon-intensive over time, the measure industry defenders often point to.

The bank was concerned with Alberta’s total emissions, and by that measure the province is doing terribly. Its oil sands alone did more damage to the climate last year than the entire economy of B.C., and Alberta’s per capita carbon emissions of 62.4 tonnes dwarf those of the U.S. (15.53 tonnes) or even Saudi Arabia (16.85 tonnes).

 

https://thetyee.ca/News/2019/12/03/Sweden-Central-Bank-Divest-Alberta/

Edited by kingofsurrey
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43 minutes ago, kingofsurrey said:

Why Sweden’s Central Bank Divested from Alberta and Reinvested in BC

 

I realize it is not from a extreme  right Alberta magazine but still interesting read none the less.....

 

 

When Sweden’s central bank announced it would sell off Alberta government bonds because of the province’s high carbon emissions, the reaction from Alberta’s political leaders was swift and defensive.

badge-presents.svg
ANNOUNCEMENTS, EVENTS & MORE FROM TYEE AND SELECT PARTNERS

Finance Minister Travis Toews suggested Alberta was victim of an “unfair narrative” about the oil sands. A spokesperson for Premier Jason Kenney said, “If the Swedish central bank is really concerned with making a difference on climate change they need to be investing more in ethical producers such as Alberta, which have shown dramatic gains in reducing emissions.” 

But Riksbank wasn’t interested in whether specific oil sands projects have become less carbon-intensive over time, the measure industry defenders often point to.

The bank was concerned with Alberta’s total emissions, and by that measure the province is doing terribly. Its oil sands alone did more damage to the climate last year than the entire economy of B.C., and Alberta’s per capita carbon emissions of 62.4 tonnes dwarf those of the U.S. (15.53 tonnes) or even Saudi Arabia (16.85 tonnes).

 

https://thetyee.ca/News/2019/12/03/Sweden-Central-Bank-Divest-Alberta/

Not a Tyee Fan.  Not sure why this needs its own thread.  But a lot of major banks and investment funds are leaving oil period, not just Alberta.

Edited by Warhippy
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17 minutes ago, Warhippy said:

Not a Tree Fan.  Not sure why this needs its own thread.  But a lot of major banks and investment funds are leaving oil period, not just Alberta.

Yes, and electric car sales in BC are way ahead of sales targets set...

Went from 4 percent to now 9 percent this year... highest sales per capita in all of North America....

 

Smart money is bailing on oil industry......

 

https://vancouversun.com/news/local-news/number-of-electric-vehicles-on-b-c-roads-on-the-rise-province

Edited by kingofsurrey
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2 minutes ago, kingofsurrey said:

Yes, and electric car sales in BC are way ahead of sales targets set...

Went from 4 percent to now 9 percent this year... highest sales per capita in all of North America....

 

Smart money is bailing on oil industry......

 

https://vancouversun.com/news/local-news/number-of-electric-vehicles-on-b-c-roads-on-the-rise-province

That's what I literally just said.  Banks and investment funds are divesting themselves of oil stocks

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5 minutes ago, Alflives said:

How is industry leaving Canada a good thing?  Where is our Federal government going to make up the money lost, that Alberta was sending their way?  That all means less money in transfers to the needy Provinces, and cuts to healthcare, education, and other really important services.  That kind of means austerity measures across the whole country.  I don't see this a good, but actually really bad.  

Fin thinks it is a good thing.....

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6 minutes ago, Alflives said:

How is industry leaving Canada a good thing?  Where is our Federal government going to make up the money lost, that Alberta was sending their way?  That all means less money in transfers to the needy Provinces, and cuts to healthcare, education, and other really important services.  That kind of means austerity measures across the whole country.  I don't see this a good, but actually really bad.  

Investments are moving out of oil and gas and into Green Technologies - that it is a good thing.

Actually , a great thing. 

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1 minute ago, kingofsurrey said:

Investments are moving out of oil and gas and into Green Technologies - that it is a good thing.

Actually , a great thing. 

Are we (Canada) getting the same investment dollars now (in the new tech) as we did in the oil/gas industries?  

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Not exactly Earth shattering news but this did happen yesterday. ....

 

Moody's downgrades Alberta's credit rating, citing continued dependence on oil

Finance minister says downgrade can be blamed on previous government, lack of pipeline access

 

Alberta's credit rating has been downgraded by Moody's, with the agency citing the volatility in the province's dependence on oil and continued fiscal pressures.

 

The province's rating was downgraded to Aa2 stable from Aa1 negative on Tuesday.

 

The downgrade, the agency states, reflects Moody's "opinion of a structural weakness in the provincial economy that remains concentrated and dependent on non-renewable resources … and remains pressured by a lack of sufficient pipeline capacity to transport oil efficiently with no near-term expectation of a significant rebound in oil-related investments."

 

The agency's rating stated that continued spending cuts will be needed for the government to balance the budget by its set target of 2022.

"Moody's notes that the province's forecast of a cumulative three per cent decline in operating expenses by 2022-23 is somewhat ambitious which will require sustained political discipline," the release read.

 

"Macroeconomic factors, which influence oil-related revenue growth and private sector investments in the oil sector, remain outside the control of the government. As a result, the government's fiscal projections are subject to material execution risk."

 

(more in the link, but you get the idea)

https://www.cbc.ca/news/canada/calgary/moody-s-alberta-credit-rating-1.5383294

 

 

 

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Just now, nuckin_futz said:

Not exactly Earth shattering news but this did happen yesterday. ....

 

Moody's downgrades Alberta's credit rating, citing continued dependence on oil

Finance minister says downgrade can be blamed on previous government, lack of pipeline access

 

Alberta's credit rating has been downgraded by Moody's, with the agency citing the volatility in the province's dependence on oil and continued fiscal pressures.

 

The province's rating was downgraded to Aa2 stable from Aa1 negative on Tuesday.

 

The downgrade, the agency states, reflects Moody's "opinion of a structural weakness in the provincial economy that remains concentrated and dependent on non-renewable resources … and remains pressured by a lack of sufficient pipeline capacity to transport oil efficiently with no near-term expectation of a significant rebound in oil-related investments."

 

The agency's rating stated that continued spending cuts will be needed for the government to balance the budget by its set target of 2022.

"Moody's notes that the province's forecast of a cumulative three per cent decline in operating expenses by 2022-23 is somewhat ambitious which will require sustained political discipline," the release read.

 

"Macroeconomic factors, which influence oil-related revenue growth and private sector investments in the oil sector, remain outside the control of the government. As a result, the government's fiscal projections are subject to material execution risk."

 

(more in the link, but you get the idea)

https://www.cbc.ca/news/canada/calgary/moody-s-alberta-credit-rating-1.5383294

 

 

 

this is all bad news for our Canadian economy.  The Feds are going to be needing dollars, so it's higher taxes somewhere.  Likely it's us here in BC.  

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Just now, Alflives said:

this is all bad news for our Canadian economy.  The Feds are going to be needing dollars, so it's higher taxes somewhere.  Likely it's us here in BC.  

Alberta with a dying oil industry will become a have not province.....  needing Federal government money probably in the next 30-40 years....

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2 minutes ago, PhillipBlunt said:

You realize that the people living in Alberta (even the ones who bitch and moan about the rest of the country) are your fellow Canadians, right?

OK, i used to live in Edmonton - went to school there........  my cuzs live in Dead Rear.......niece lives DT Calgary..... have you lived or even visited....in Alberta ?  Just curious....

Edited by kingofsurrey
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When the oil business was booming and they were almost rolling in money,did Alberta set any aside for the lean times, of course not,so I wonder what happened to ALL THAT MONEY.

The ceo's and executives at the top gave themselves bonuses as usual most likely,sorry working folk you got screwed again.

Here in B.C. we have lumber mills closing right and left ,certain jobs are just not sustainable.

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2 minutes ago, kingofsurrey said:

OK, i used to live in Edmonton - went to school there........  my cuzs live in Dead Rear.......niece lives DT Calgary..... have you lived or even visited....in Alberta ?  Just curious....

Calgary, Medicine Hat, Drumheller, Red Deer. I thought that the parts of Alberta I visited with my family were pretty nice.  

 

My condolences on having to live in Edmonton. Were you born there, or did you move there? If you moved there, what were you thinking? :lol:

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