TORONTO - RBC has quit the UN-backed Net-Zero Banking Alliance, leaving none of Canada's Big Six banks represented in the group. Canada's largest bank confirmed the move Friday, saying it has the tools and capabilities to implement its climate strategy and measure its performance. RBC's decision to leave comes only days after it was ranked by Bloomberg New Energy Finance as having the worst ratio of clean energy to fossil fuel funding among major global banks. The bank's departure from [Read more]
Trump’s call for OPEC to bring down cost of oil conflicts with his agenda: experts
WASHINGTON - Experts say U.S. President Donald Trump's push for the OPEC+ alliance of oil exporting countries to bring down the cost of oil conflicts with the Republican leader's own plans to make America energy-dominant. Trump made the comments in a wide-ranging address to the World Economic Forum in Davos, Switzerland on Thursday. He also promised his audience tax cuts if they move manufacturing to the U.S. — and threatened to impose tariffs if they don't. "I am also going to ask Saudi [Read more]
B.C. First Nations leader reverses stance on pipeline as Trump tariff threat looms
VANCOUVER - The president of the Union of BC Indian Chiefs is reversing his previous opposition to the scrapped Northern Gateway pipeline project that would have created another route for Alberta's oil to get to the Pacific Ocean. Grand Chief Stewart Phillip said Tuesday that while he "really fought against" Northern Gateway's construction before it was scuttled in 2016, that was a "different time" and Canada now has "no choice" but to reconsider. "We are staring into the abyss of [Read more]
Sweeping tariffs could be 3% hit to Canadian economy, even with carve-outs: report
TORONTO - A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 per cent, even factoring in possible exemptions for the oil and gas sector. An analysis published Tuesday examined four potential scenarios in which U.S. President Donald Trump slaps new taxes on goods imported from Canada, ranging from 10 to 20 per cent and with possible carve-outs for key industries. Speaking with reporters on Monday evening, Trump said he's thinking about [Read more]
New Brunswick’s Irving Oil to remain privately held company: strategic review
SAINT JOHN, N.B. - New Brunswick-based Irving Oil has confirmed that the century-old company will remain privately held, after completing a strategic review that started in June 2023. The company issued a statement Tuesday confirming it had also appointed Jeff Matthews as the company's new president and CEO. Matthews has worked with Irving Oil for the past 30 years, having served as chief business development officer, chief financial officer and chairman of the executive management [Read more]
Constellation buying Calpine in $26.6 billion deal that would join two huge US power companies
Constellation is buying power natural gas and geothermal power provider Calpine for $16.4 billion, joining together two of the country's biggest power companies. The transaction includes 50 million shares of Constellation stock, $4.5 billion in cash and the assumption of approximately $12.7 billion of Calpine debt. When accounting for cash expected to be generated by Calpine between signing and the expected closing date of the deal, and the value of tax attributes at Calpine, the companies [Read more]
Political uncertainty could derail major carbon capture project: experts
CALGARY - The fate of Canada's largest proposed carbon capture and storage project is even more uncertain after Prime Minister Justin Trudeau's resignation announcement this week amplified existing unknowns around the future of energy and climate policy in Canada, experts say. The $16.5-billion high-profile project in question would capture harmful carbon dioxide emissions from the oilsands, Canada's heaviest-emitting sector. It would be built by the Pathways Alliance, a consortium whose [Read more]
Alberta announces new effort to expand oil and gas pipeline capacity with Enbridge
CALGARY - The Alberta government is partnering with Calgary-based pipeline company Enbridge Inc. to increase the province's oil and gas pipeline capacity. The agreement is to begin with a new formal working group between Enbridge and the Alberta Petroleum Marketing Commission, a Crown corporation. Premier Danielle Smith says they will focus on streamlining regulations and permitting approvals, and expanding opportunities along Enbridge's existing 29,000-kilometre network. It's all part [Read more]
Canadian oil stocks climb as industry absorbs news of Trudeau resignation
CALGARY - Canadian oil and gas stocks climbed Monday as the country's energy sector absorbed the news of Prime Minister Justin Trudeau's resignation. As of mid-afternoon, the energy sector led all others on the TSX in terms of gains, with the S&P/TSX capped energy index up nearly two per cent. Some energy investors and traders cheered Trudeau's announcement on social media. Canada's oil and gas sector has had a rocky relationship with Trudeau's government over the past [Read more]
Canadian carbon removal company scores US$40M grant from fund backed by Bill Gates
A Montreal-based company building a Canadian test site for carbon removal technologies has received a US$40-million grant from Bill Gates' climate solutions venture firm. Canadian startup Deep Sky announced Wednesday it was awarded the grant from Breakthrough Energy Catalyst to help build what it calls its Deep Sky Alpha project in Alberta. The project, being built north of Calgary in the town of Innisfail, is meant to be the world's first direct air capture carbon removal test hub and [Read more]
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