Alberta Premier Danielle Smith isn’t happy with the federal government’s strategy for a net-zero transition and said she could use the Sovereignty Act to fight it.
She made the suggestion during a media availability on Thursday where the province launched a new campaign to encourage Canadians to call the federal government with their concerns about the Clean Electricity Regulations(opens in a new tab).
“We’re preparing a Sovereignty Act motion,” Smith said. “I’m hoping we don’t have to use it – that’s why we’re at the table.”
According to the Alberta government’s website, the Sovereignty Act, which was passed last year, allows the province to fight federal laws and protects its constitutional freedoms.
“The act will be used to address federal legislation and policies that are unconstitutional, violate Albertans’ charter rights or that affect or interfere with our provincial constitutional rights,” the website reads(opens in a new tab).
While the draft regulations may seem like an opportunity to utilize the act, Smith said it isn’t the first time she threatened to use it.
“I had a couple of hard lines,” she said. “They had proposed an emissions cap that was unreasonable on fertilizer and they’ve dropped that because they realized that food production is at risk.
“They continue to talk about a 42 per cent emissions reduction by 2030 on oil and natural gas – that is not on. They are talking about 75 per cent plus reductions on methane by 2030.”
Smith says her government has already “demonstrated good faith” by achieving emissions reductions of 44 per cent.
“These clean electricity regs, which would be a net-zero cap by 2035 are also not on,” she said.
“If we can get aligned on 2050, then we won’t need to build a fence to defend our constitution.”
That 2050 target is a lot more achievable for Alberta, Smith said, suggesting that the federal government is “asking for perfection starting out of the gate.”
“We know that we can use carbon capture utilization and storage but it’s not perfect technology yet,” she said.
“They want it to be 95 per cent effective starting in 2035 as if there isn’t going to be incremental learning along the way.”
Smith says other technologies, like nuclear power, will have to be researched before they can be brought online in Alberta.
“That’s the kind of constructive and mutually beneficial conversation we want to have with Ottawa and if we do that, then I think we can come together on an agreement.”
AESO CONCERNS
Earlier on Thursday, the Alberta Electric System Operator (AESO) expressed its own concerns about Ottawa’s net-zero target in 2035.
The agency said 72 per cent of Alberta’s electricity in 2022 was produced by natural gas, with 12 per cent derived from coal.
The federal government’s plan to shift to net-zero by 2035 would cost Alberta $118 billion, the AESO said.
While it could not provide a detailed analysis of its figures, it insisted the 2035 deadline would have a serious impact on the lives of everyday Albertans.
“Moving down this path is going to have a cost implication to each and every Albertan and every household,” said AESO president and CEO Michael Law.
“The aspect that we are focusing on is the incremental cost of moving faster versus taking a slower, slightly more pragmatic approach to the transition.”
CRITICS QUESTION CLAIMS
Multiple experts in the field told CTV News they don’t entirely trust the data AESO revealed Thursday.
Dr. Sara Hastings-Simon, who is in the University of Calgary’s Department of Earth, Energy and Environment, is one of those skeptics.
“Some of this discussion that’s going on really does veer more into the political than the technical,” she said.
“It’s not a constructive way to address the challenges we need to address.”
Hastings-Simon agrees that the federal proposal needs some tweaks, but she’s optimistic it’s still achievable by 2035.
She points to a shift away from coal — something that was originally doubted.
“The technology we have available, and the cost of that technology, is progressing much faster than has been expected,” she said.
“There are a lot of resources, technology and generation assets that we have the ability to take advantage of.
“We can go a lot further than is being suggested today.”
Hastings-Simon said the province is correct in asking questions of the federal plan — she just believes the conversations could be more constructive if approached in a different manner.
For now, she believes pushing grid goals back 15 years would be detrimental.
“Climate denialism has largely, in a lot of circles, been replaced by climate delay,” she said.
“So the idea that we’re going to push off targets to the future and slow down our action on climate is worrying.”
AD CAMPAIGN
The Alberta government is also looking outside its boundaries to drum up more support for its fight over the clean energy regulations.
The campaign, called TellTheFeds.ca, is appealing to all Canadians to contact Ottawa with their own concerns about a shift to net-zero by 2035.
It consists of radio, television and billboard advertisements.
The federal government is accepting public feedback on its CER until Nov. 2.
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
