With the country facing significant and unpredictable headwinds going into another federal election year, the 2019 Alternative Federal Budget (AFB) shows that Canada can boost competitiveness and encourage innovation by investing in people, not by giving corporations more tax cuts.
EDMONTON – As debate continues to rage over pipelines and the current price differential for Alberta’s oil, a new Corporate Mapping Project report analyzes how the five companies that dominate the oil sands sector have fared during the recent boom-bust commodity cycle.
This report analyzes the economics of the five largest bitumen-extractive corporations in Canada, examining their key features and analyzing their accumulation dynamics in the context of the latest commodity cycle: boom (2004–2014), bust (2014–2016) and restructuring and consolidation (2015 onward). The “Big Five” are Suncor Energy, Canadian Natural Resources Limited (CNRL), Cenovus Energy, Imperial Oil and Husky Energy.
Illustrations by Alisha Davidson At 11 p.m. on July 5, 2013, a 10,290-tonne train is parked on the main track on top of a hill in Nantes, a village in the southeast corner of Quebec. The night is warm, the air still. The stars shine brightly in a cloudless sky.
Many Canadians - politicians and business people in particular - are quick to tout the value of the fossil-fuel sector to our national economy. But who primarily benefits from these industries? The major investors in Canada’s fossil-fuel sector (oil, bitumen, gas and coal) have high stakes in maintaining business as usual, rather than addressing the industry’s serious climate change issues.
VANCOUVER - The major investors in Canada’s fossil-fuel sector have high stakes in maintaining business as usual rather than addressing the industry’s serious climate issues, a new Corporate Mapping Project study reveals.
This study shows that substantial ownership and strategic control over Canada’s fossil-fuel sector are in the hands of a few major players, including all the Canadian big banks and several US investment funds, governments and some wealthy families—many of which are located outside Canada. And, these investors have high stakes in maintaining business as usual rather than addressing the industry’s serious climate issues. They have both an interest in the continued growth of the sector and the economic power to shape its future.
There is no denying the utility of fossil fuels, which meet 85% of the world’s energy needs. And consumption is rising along with emissions. Even in Canada, the second largest hydropower producer in the world, 76% of end use energy is provided by fossil fuels.
In its first year in power, the new BC government has increased the BC carbon tax and improved the carbon credit, has created a new Climate Solutions and Clean Growth Advisory Council, and has legislated a new medium-term target of 40% reduction in greenhouse gas emissions by 2030.
At the end of June 2018, CCPA-BC Resource Policy Analyst Ben Parfitt was asked to make a presentation to the Province's Scientific Hydraulic Fracturing Review Panel because of his research into “water storage” issues in northeast British Columbia.