Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Recent poll by Greenpeace claims that 7 out of 10 Canadians believe banks should divest from fossil fuel industry.
THE FACTS: Foreign funded activist groups promoting biased polls about divestment from the Canadian oil and gas industry leave out the third option of carbon tech to reach net-zero.
Poll: 7 in 10 Canadians believe banks committed to net-zero emissions should not finance fossil fuel expansion & support federal requirements for banks to act on climate
Here’s some facts and sources to have a reasoned conversation about divestment:
- Divestment goes against actual market data and results. Banks risk losing investment gains.
- Activist groups who promote divestment are trying to pick winners and losers based on their preferred energy source. If this was about reducing emissions, they would encourage market-based climate solutions like carbon tech. Some studies estimate carbon tech could be a trillion-dollar industry by 2030.
- The 7/10 figure results from a question asking if banks should follow guidelines by the International Energy Agency on finance that is out of step with their predictions. The IEA itself sees carbon capture utilization and sequestration as “offering the potential to contribute – directly or indirectly – to emissions reductions in almost all parts of the global energy system.”
- The best thing Canada can do to reduce emissions is to export more of our best in the world oil and gas to places who still use coal, dung, and wood for energy. If anti-oil and gas campaigners cared more about the environment than their ideological bend against hydrocarbons, they would recognize the global benefits of the oil and gas industry’s investment in lower emission cleantech.
- The Canadian oil and gas industry is the heaviest funder of cleantech and environmental spending.
https://www.cosia.ca/uploads/files/news/CRIN%20Overview%20Document%20July%2020%202017.pdf / https://www150.statcan.gc.ca/n1/daily-quotidien/181214/dq181214d-eng.htm
Stories that get it right:
We can’t simply stop producing energy, and politicians and eco-activists who suggest we stop producing energy without alternative solutions are out of touch with reality.