Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Simon Fraser University commits to full divestment from oil and gas claiming it will combat climate change.
THE FACTS: SFU risks losing public funds meant for students and world-class education for no climate gain.
- The oil and gas divestment movement at SFU was started by SFU 350, an offshoot of Bill McKibben’s U.S. organization 350.org, a heavily biased group whose entire focus is to end the oil and gas industry, not provide actual investment advice
- SFU is using public funds to support its political cause. Divestment does not change demand it shifts supply to countries that are less transparent, less socially responsible, and with higher emissions and pollution.
- Divestment goes against actual market data and results. SFU risks losing public funds meant for students and world-class education.
- The Divestment Movement does not recognize the economic, social, and environmental benefits of oil and gas products for which there are currently no better substitutes. These products are saving lives during the pandemic.
- The oil and gas industry invests the most of any other industry in the expansion of clean technology to produce reliable energy while lowering environmental impacts. Investing in Canadian oil and gas means investing in responsible energy.
Stories that get it right
As the Government of Canada signals that it may start winding down its responsible energy production, OPEC nations are calling the bluffs of UN climate commitments. OPEC+ officials note the energy crisis currently unfolding is the consequence of an ill-advised shunning of hydrocarbon investment driven by emissions-conscious western companies and heightened by the pandemic. While we lose our market share, others want to make up for the lack of supply