140bn metric tons of planet-heating gases could be unleashed if fossil fuel extraction plans get green light, analysis shows
The fate of the vast quantities of oil and gas lodged under the shale, mud and sandstone of American drilling fields will in large part determine whether the world retains a liveable climate. And the US, the world’s largest extractor of oil, is poised to unleash these fossil fuels in spectacular volumes.
Almost all debate about taxes and climate change has focused on carbon pricing, eclipsing an uncomfortable truth: Canada’s tax system is undermining our ability to move quickly on the transition to clean energy.
"The Middle East and Russia often attract the most attention in relation to future oil and gas production but the US, Canada and Australia are among the countries with the biggest expansion plans and the highest number of carbon bombs. The US, Canada and Australia also give some of the world’s biggest subsidies for fossil fuels per capita."
The federal government, which halted new public funding for the pipeline, insists the transaction is not a change of course.
OTTAWA, Ont. — Trudeau Cabinet ministers recently approved a special C$10 billion loan guarantee to entice investment in the government-owned Trans Mountain pipeline expansion project.
Canada is ignoring the condemnations of a United Nations human rights committee urging a halt to construction of the Trans Mountain and Coastal GasLink pipelines.
The investment tax credit unveiled by the federal government earlier this month isn't enough to convince Canada's major oilsands producers to begin construction on a proposed massive carbon capture and storage transportation line, the chief executive of Cenovus Energy Inc. said Wednesday.
