Picture this: It’s 2035 and Canada is well on its way to reaching its climate goals.
The country’s power system is almost entirely clean – hydro and nuclear, and wind and solar. Natural gas has dwindled. Domestic oil demand is also down a lot, as electric vehicles – a government-subsidized curiosity back in 2022 – are commonplace.
But this picture of 2035 might also surprise: Canada still produces a lot of oil and gas – and remains a top exporter of both fossil fuels.
The policy and legal foundations for this potential future go back to the late 2010s. Of particular note was what happened in 2018: Ottawa imposed an economy-wide and escalating price on carbon; invested many billions in the export-capacity boosting Trans Mountain oil pipeline and expansion; and, with little public attention, started drawing up new climate rules for reviews of proposed industrial projects, dubbed the strategic assessment of climate change.
Some said it was contradictory for Canada to aim to slash greenhouse gas emissions at home, while continuing to sell volumes of gas and oil – the latter a source of national wealth that accounted for one-seventh of the country’s exports.
This spring, 2022, the many details of how to make these two big goals real started to take clearer shape.
Ottawa’s latest plan to reduce emissions landed in late March. It sketched out aggressive cuts in oil and gas emissions – but not production. The hope is to transform Canada’s relatively dirty oil sands into something relatively far better. In early April’s budget, there was $7.1-billion through 2030 to split the cost with industry to build up carbon capture.
On April 6 came another policy puzzle piece, and two examples of how more oil can – and can’t – work.
Seeing a global market that will in years ahead move away from fossil fuels, Ottawa is working on standards for “best-in-class” projects “to transform Canada into the cleanest global oil and gas producer.”
That’s why Ottawa approved the Bay du Nord offshore project in Newfoundland, which could start pumping oil in 2028, with peak production of 200,000 barrels a day. Per-barrel emissions would be low. At the same time, Ottawa told Suncor much more work was required on its plan to mine new ground, and 225,000 barrels of bitumen a day, in the oil sands in 2030, as old mines tap out.
Suncor’s initial submission included hefty climate-heating emissions of three megatonnes of carbon a year – about 12 times that of Bay du Nord. Ottawa told Suncor the plan would likely be rejected; Suncor asked for more time to come up with a smarter, lower-emission plan.
Ottawa’s response to Suncor and Bay du Nord – an openness to new oil projects, if they meet reasonable yet top-tier climate standards – is the right approach.
This is the bargain and the reality: Canada can only affect demand within its borders. That’s the basis of international climate deals from Kyoto onward. We need to hammer down domestic use of fossil fuels, but so long as global demand continues, Canada should have no qualms about capturing an ever greater share of it – while aiming to make this country’s oil the world’s least polluting.
In the International Energy Agency’s reckoning of net zero in 2050, the world will use a quarter of the oil it does today, and half the gas. The industry will shrink. Competition will intensify. For Canada, getting ready, and fast, is essential.
It’s time to get more ambitious. The oil sands in large part exist because of government support. Back in the 1960s, Suncor was the first miner of the vast expanses of bitumen on the banks of the Athabasca River. This was a lead-gold alchemy, turning tarry muck into synthetic oil to be refined into gasoline. Canada showed real tech savvy.
This sort of politics isn’t easy to talk about today. Conservatives shout that Liberals are anti-oil, which isn’t quite true. But the Liberals mostly want to talk about climate – their brand – and not how important the oil industry is to our economy. The way forward, for a country built on natural resources, is in the difficult middle ground.
Picture this: It’s 2035, and Canada uses barely any fossil fuels at home and still exports a bunch of oil and gas. And the oil sands are five years – not 15 – away from net zero.
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The founder of Britain’s first transgender-led investment firm has said the finance industry remains dominated by “old white men” and is an intimidating environment for trans women.
She said: “Trans people continue to face barriers. If you look at the financial world, it is still predominantly white male, and full of older white males.”
Ms Tomlinson, who is trans, said she has personally experienced transphobia in the financial industry.
“For trans women coming up, it’s scary and a lot of people think it is out of reach… I think minorities, women and trans people certainly have challenges within the finance world because they are generally not well represented at the top.
“We don’t see a lot of trans women in business yet because for younger people growing up who are trans, it wasn’t seen as a safe place to go into.”
The comments come as Ms Tomlinson plans to launch Saône in the UK, marking what is believed to be Britain’s first trans-led investment company.
Ms Tomlinson’s suggestions that the industry is dominated by “old white men” plays on the popular perception that the industry is “pale, male and stale”.
Banking and finance companies have come under regulatory pressure to do more to encourage gender diversity
Companies have been coming under increasing regulatory pressure to do more to encourage gender diversity and several leading banks are now led by women, including NatWest.
However, large financial institutions have employed few trans people in senior roles. Pips Bunce, an executive at Credit Suisse who identifies as gender fluid and has been named as an inspirational leader in the British LGBT Awards, is one of the few non-binary people to hold a senior position in the City of London.
Other financial companies have brought in policies in a bid to appear more inclusive.
Several high street banks, including NatWest, have trialled uniforms that include optional pronouns printed on badges.
The policies have provoked a backlash in some quarters. Halifax told customers last year “if you disagree with our values, you’re welcome to close your account” after some people took offence to the listing of favoured pronouns on staff badges.
In another instance of support for the trans community, PayPal froze the account of the Free Speech Union, an organisation that defends gender-critical academics and people who have lost work for expressing opinions.
However, the payments company later reversed the decision after being accused of a “orchestrated, politically motivated” ban.
Ms Tomlinson said that before she transitioned, she thought coming out as trans would end her career.
She said: “The idea of coming out of trans was terrifying, I thought it would be career suicide. I assumed it would blow up my career.
“But once I started leaning into my truth, I realised I had no other option. It was terrifying to do it first but it was also terrifying in many small ways, like going to my first big meeting or walking into a room for the first time and going through a client’s office. It was all just new and scary.”
The traditionally male-dominated finance industry has seen companies roll out policies to encourage diversity
Credit: Philippe Hays/Alamy
Before setting up Saône, Ms Tomlinson, 37, founded several businesses including boutique advisory firm RWT Growth.
While she does not consider herself an “advocate” for trans people, she said she hopes her profile will encourage more trans people into the finance industry.
Ms Tomlinson said: “One of the things I really started to do was to embrace giving people the realisation that they can achieve it too, whether that’s being trans or whatever they have going on, they can be truthful to who they are.
“For me, there weren’t very many people that I saw in the community that I could look up to as role models. I want to provide some level of motivation and inspiration to people.”
Ms Tomlinson said Saône will not be marketed as a trans-led fund, adding: “I don’t like when you hear people talking about female founded funds or in my situation a trans female fund.
“I’m not interested in that because our performance should be our number one priority. It shouldn’t be about who I am.
“If we can use it to our benefit then it will maybe help normalise being trans in finance. But our number one goal is about making an impact and it’s not about me being a trans female founder.”
Reece Tomlinson’s fund manages $13m (£10.5m) at present, but is aiming to have $1bn under management by 2027
Credit: Saône Capital
However, she argued that her being trans could still be a competitive advantage.
“Some founders are coming to us and saying ‘you get what we need, we can talk to you’. They understand that we realise what they’re going through, versus older white male-led businesses that can’t necessarily relate. It’s given us a competitive advantage in some ways.”
Saône invests in companies and provides advice. It specialises in funding and advising “ethical” companies and those with founders from minority backgrounds.
Ms Tomlinson currently splits her time between London and Canada, where she grew up and Saône has its main base.
The company, founded in 2022, already operates in the US and Canada. Its new London office will be used as its base to expand into Europe.
The fund manages $13m (£10.5m) at present, but is aiming to have $1bn under management by 2027.
Ms Tomlinson said: “Our goal is to help companies that are positively impacting the planet and those that are coming from underrepresented founders.”
Saône provides money to companies in several different industries, including renewable energy, battery storage, and clean water. Current investments include an e-scooter charging company and a marketplace for second hand clothing.
Ms Tomlinson said: “During my career, I had my own things to deal with obviously being trans. And as I stepped into my truth it dawned on me that I wanted to do something that was positive, rather than just making founder and leadership teams more money.
“We’re looking to back businesses that can make an impact while also making a lot of money and I don’t think the two are mutually exclusive.”
The company’s investments so far have ranged between $250,000 and $5m.
Making sure that members of the Canadian Coast Guard have the equipment they need to keep Canada’s waterways navigable and safe is a key priority for the Government of Canada. That includes the Canadian Coast Guard’s small vessels, which play a critical role in our fleet, especially in shallow coastal waters and inland lakes and rivers where larger ships cannot operate.
Today, the Honourable Joyce Murray, Minister of Fisheries and Oceans and the Canadian Coast Guard announced a major investment to fund the completion of the renewal of the Canadian Coast Guard’s small vessels fleet.
The Honourable Helena Jaczek, Minister of Public Services and Procurement also took part in the announcement from St. John’s, Newfoundland and Labrador, along with Joanne Thompson, Member of Parliament for St. John’s East and Churence Rogers, Member of Parliament for Bonavista—Burin—Trinity. The investment, valued at $2.5 billion, provides for up to 61 small vessels and the ongoing replacement of small craft, barges and work boats with new modern equipment.
This investment will help modernize the Canadian Coast Guard’s small vessel fleet, so that they can keep Canadian waterways and Canadians safe, while creating good-paying jobs across Canada.
This investment will complete the renewal of the Canadian Coast Guard’s small vessels fleet and enable the Canadian Coast Guard to acquire up to:
Six Mid-shore Multi-Mission Vessels;
One Near-Shore Fishery Research Vessel;
16 Specialty Vessels comprised of:
Two Special NavAids Vessels;
Four Special Shallow Draft Buoy Tenders
Four Inshore Science Vessels
Four Special Enforcement Vessels
Two Lake Class Vessels;
Four Air Cushion Vehicles; and
34 Cape Class Search and Rescue Lifeboats.
The procurement of these small vessels will provide opportunities for smaller shipyards and suppliers across Canada, supporting good-paying jobs in our marine industry.
The National Shipbuilding Strategy is creating jobs in Canada’s shipbuilding industry and marine sector, and providing Canadian Coast Guard members with the equipment they need to continue their important work. Under the National Shipbuilding Strategy, 16 small vessels including 14 Search and Rescue lifeboats and two Channel Survey and Sounding Vessels have been delivered to the Canadian Coast Guard.
Contracts under the National Shipbuilding Strategy are estimated to have contributed approximately $21.26 billion ($1.93 billion annually) to Canada’s gross domestic product, and created or maintained over 18,000 jobs annually between 2012 and 2022.
“This is a critical investment that will help modernize the Canadian Coast Guard’s small vessel fleet. We are making sure the Canadian Coast Guard has the equipment it needs to keep Canadians and Canada’s waterways safe, while also creating good-paying jobs across the country.”
Joyce Murray, Minister of Fisheries, Oceans and the Canadian Coast Guard
“Through the National Shipbuilding Strategy, the government is providing the members of the Canadian Coast Guard with the ships they need to carry out their important work for Canadians. This significant investment also will create more jobs, generate significant economic benefits and help grow the marine industry throughout Canada.”
Helena Jaczek, Minister of Public Services and Procurement
SASKATOON, Saskatchewan, May 29, 2023–(BUSINESS WIRE)–Saskatchewan’s Global Agri-Food Advancement Partnership (GAAP) recently led and closed an investment round into BioScout Australia along with sector leading investor Artesian (Alternative Investments), and other existing BioScout investors.
BioScout’s technology can alert farmers that a disease is about to strike their crop. (Photo: Business Wire)
This investment will not only support the ongoing growth of BioScout within Australia, as well as facilitate their international growth — starting with their expansion into North America with offices in Saskatoon.
This investment followed BioScout’s participation in GAAP’s Navigate program in 2022, where CEO & Founder Lewis Collins and Head of Science Michelle Demers were able to spend an extended period within Canada, benefitting from GAAP’s customized programming and one-on-one concierge services. Their exploratory trip to Canada was an unbelievable success: while here they met with investors, farmers and other industry experts.
BioScout’s product can find the “unseeable” and react to disease presence weeks before it could impact the yield of your crop. Seeing real-time and pre-symptomatic disease data allows the end-user to save yield and minimize fungicide resistance. With the airborne disease tracking platform, farmers are alerted when disease is going to strike and learn what they can do about it. BioScout catches and analyzes air particles to let farmers know what is happening in their field.
“We are very excited to expand BioScout into Canada and deliver our world-first disease detection and management technologies to Canadian growers. Canada’s dynamic agricultural sector is a perfect fit for BioScout sharing our values, culture and aspirations for profitable and sustainable farming. Partnering with GAAP(Navigate) has given BioScout the opportunity to accelerate our expansion into Canada and base ourselves within the Saskatchewan community. BioScout is now working with local growers and scientists to enable our technology to best serve Canadian farmers.” Lewis Collins, CEO, BioScout.
The team at GAAP is very excited to work with BioScout and their new innovative product. GAAP sees BioScout as a huge new player in the area of disease detection and sustainable practices. By detecting diseases weeks before they start to affect your crop and yields, BioScout can help farmers across Canada and North America to reduce the use of sprays. BioScout has applications in many crops including broad acre crop production, vineyards and fruit and vegetable production.
