Canadian author Alice Munro and dozens of other Nobel Prize winners around the world have joined the heated opposition facing a massive oilsands project in northern Alberta, decrying the proposed development as “a disgrace.”
Munro, Canadian biologist Jack W. Szostak and 40 other global winners from various fields signed a letter addressed to Prime Minister Justin Trudeau and Deputy Prime Minister Chrystia Freeland urging them to deny the Teck Resources Ltd. plan, as well as any expansion of the fossil-fuel sector.
“The mere fact that they warrant debate in Canada should be seen as a disgrace,” states the letter, which appeared on the Guardian’s website Friday.
“They are wholly incompatible with your government’s recent commitment to net-zero greenhouse-gas emissions by 2050. And with clear infringements on First Nations rights, such projects fly in the face of rhetoric and purported efforts towards reconciliation.”
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2:02 Reality check: Can energy producers be carbon neutral?
Reality check: Can energy producers be carbon neutral?
The signatories call fossil-fuel projects “an affront to our state of climate emergency,” and say the “importance of leadership in the coming few years cannot be understated.”
A decision on the $20.6-billion, 260,000-barrel-per-day Frontier project is supposed to come next week.
4:04 Treaty 6 grand chief says resource projects must be considered on their own merits
Treaty 6 grand chief says resource projects must be considered on their own merits
The project is expected to produce about four million tonnes of greenhouse gas emissions per year over 40 years.
Federal Environment and Climate Change Minister Jonathan Wilkinson responded to the letter by saying Canada needs to be the cleanest source of resources for global markets as it transitions to a low carbon future.
“Cabinet will be considering the Teck Frontier project based on its merits,” he said in an email.
“We will take into account all circumstances and information available to ensure this is the best Canada can offer the world in terms of sustainable and responsible development.”
Those in favour of the proposal say it will create thousands of jobs and bolster Alberta’s struggling economy. Alberta Premier Jason Kenney said Friday it would create 7,500 jobs and $70 billion of government revenue.
He also touted “cutting-edge technology” that would allow the Vancouver-based miner to produce oil with half the carbon emissions of an average barrel produced in North America.
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Kenney told reporters in Calgary that he suspected the signatories were presented with a distorted view of the Frontier project.
“Many interest groups have been misrepresenting the Canadian oilsands as being the equivalent of thermal coal for example, which is manifestly ridiculous. It is counterfactual,” said Kenney.
“Our challenge … is to show the world a path forward about how we can extract energy with a shrinking environmental and carbon footprint. That’s exactly what we’ll do.”
Kenney called Teck mines “one of the most progressive mining companies in the world” noting its recent commitment to a net-zero carbon plan by 2050.
Meanwhile, the company itself said it was committed to fostering a low-carbon economy.
1:46 Complaints against Alberta government over Teck Frontier mine
Complaints against Alberta government over Teck Frontier mine
“Lower carbon oil from Frontier would replace higher carbon sources and contribute to reducing global emissions,” spokesman Chris Stannell said in an emailed statement.
Kenney also said the project was supported by 14 nearby First Nations and Metis communities and suggested the expected benefits would directly improve the lives of Indigenous people.
“We embrace the imperative of reconciliation. Reconciliation first and foremost means giving Aboriginal people a way out of poverty,” he said.
Critics have raised questions about how the mammoth dig would impact woodland caribou, old-growth forests, and waterfowl habitat.
And in public letters sent last week to the federal government and to other chiefs, Athabasca Chipewyan Chief Allan Adam said he was worried that Alberta’s failure to consult and take meaningful action on environmental concerns could jeopardize the project.
Opposition is strong even among Trudeau’s own Liberal caucus, where many Liberal MPs have openly campaigned against approval and consider it antithetical to Trudeau’s pledge to combat climate change.
Munro won the 2013 literature prize while Szostak won the 2009 prize in medicine. Other signatories include Bangladeshi banker Muhammad Yunus, who won the peace prize in 2006, South African-born novelist John Coetzee, who won the literature prize in 2003, and Austrian writer Elfriede Jelinek who won the 2004 literature prize.
2:32 Kenney has message for Ottawa on Teck Frontier Mine
Kenney has message for Ottawa on Teck Frontier Mine
The project has also drawn criticism from Hollywood stars Jane Fonda, Martin Sheen, Susan Sarandon, and Joaquin Phoenix.
The controversy comes as Trudeau’s government deals with another major energy project that crosses First Nations territory in northern British Columbia.
Hereditary chiefs of the Wet’suwet’en Nation oppose the Coastal GasLink natural gas pipeline and have blocked access to the work site, while Wet’suwet’en supporters have held protests on rail lines across the country.
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After two weeks, Trudeau said Friday the barricades must come down.
CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.
It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.
The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.
Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.
TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.
The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 7, 2024.
BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.
The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.
On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.
“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.
“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”
Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.
BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.
The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.
BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.
It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.
The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”
Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.
This report by The Canadian Press was first published Nov. 7, 2024.
TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.
The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.
Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.
On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.
In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.
It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.
This report by The Canadian Press was first published Nov. 7, 2024.