Canadian Prime Minister Justin Trudeau on Tuesday sparked concern in the country’s oil patch and hope among green advocates when he named two men with strong environmental records to lead his government’s fight against climate change.
Steven Guilbeault was named environment and climate change minister as part of a major Cabinet shuffle following September’s vote https://www.reuters.com/world/americas/canadas-trudeau-may-cling-power-election-looks-unlikely-secure-majority-2021-09-20, which handed Trudeau a third victory since 2015, albeit with a minority in the House of Commons.
Jonathan Wilkinson, who spent two decades in the green tech sector and then served as predecessor to Guilbeault for two years, took over as minister of natural resources. Canada is the world’s fourth-biggest oil producer.
La Presse newspaper once dubbed Guilbeault “the green Jesus of Montreal.” He has worked for green groups, including Greenpeace, for more than 20 years. In 2001 he climbed the CN Tower in Toronto to protest Canada‘s environmental record.
“This will be very concerning and frustrating for everyone who’s part of the natural resource economy in Canada,” said Heather Exner-Pirot, a fellow at the Macdonald-Laurier Institute think tank. She spoke from Calgary, the heart of the oil patch.
“Now someone who’s worked for Greenpeace … will have significant influence on how we go forward with our resource development,” she added.
Trudeau says addressing climate change is a major priority. His government already has imposed a carbon tax and has pledged net-zero carbon emissions by 2050. But green groups note that per capita greenhouse gas emissions remain among the highest in the world, thanks in part to the energy industry in western Canada.
“Liberals are looking for a way to shut us down. … Mood in Alberta is not good,” said the chief executive officer of a Canadian oil and gas company who asked to speak anonymously.
Trudeau’s government has promised to freeze oil sector emissions and set a 2025 requirement https://www.reuters.com/business/sustainable-business/canada-oil-producers-grapple-with-trudeaus-demand-faster-emissions-cuts-2021-10-22 for the industry to reduce them. Canada has failed to meet any of its emissions-cut pledges so far.
“We need to make sure that the oil and gas industry stops increasing its emissions and starts reducing them, while supporting workers in these industries to help find new ways to work new jobs and new careers,” Trudeau told reporters at a news conference following the Cabinet nominations.
“The largest energy companies in this country are committed to net zero by 2050. And the way to do that is to all of us work together,” he added.
NO MORE OIL ADVOCATE IN CABINET
Guilbeault will be representing Canada at the United Nations COP26 summit in Glasgow, Scotland, which starts on Sunday.
“If you were an oil and gas company that was banking on the government not living up to its commitments, then maybe you’ve got some rethinking to do,” said Jamie Bonham, director of corporate engagement at NEI Investments, a responsible investor that owns shares in some oil sands companies.
Seamus O’Regan, who was well-liked by the oil and gas producers, was moved to the labor ministry from natural resources.
Keith Stewart of Greenpeace Canada praised making Wilkinson the new minister because in the past the natural resources figure has “acted as the chief advocate for the oil industry at the Cabinet table.”
Trudeau also appointed new ministers of defense, foreign affairs and natural resources. Fewer than 10 of the 38 ministers kept their existing positions. There are two more Cabinet positions now than in 2019, and an equal number of men and women.
Liberals hold 159 seats in parliament but do not have the 170 needed to pass legislation without the support of an opposition party. Minority governments do not usually last a full four-year term in Canada.
Trudeau earlier announced that Finance Minister Chrystia Freeland, who is also deputy prime minister, would be staying in her job.
Among the other major changes, Melanie Joly became Canada‘s fifth foreign minister under Trudeau. Anita Anand takes over at defense from Harjit Sajjan, who has been widely assailed over what critics say is a lackluster effort to address allegations of sexual assault in the military.
Marco Mendicino, previously immigration minister, will take over as minister of public safety.
(Reporting by Steve Scherer in Ottawa and Rod Nickel in Winnipeg; additional reporting by David Ljunggren; Editing by Timothy Heritage, Bernadette Baum and Jonathan Oatis)
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
VICTORIA – British Columbia is forecasting a record budget deficit and a rising debt of almost $129 billion less than two weeks before the start of a provincial election campaign where economic stability and future progress are expected to be major issues.
Finance Minister Katrine Conroy, who has announced her retirement and will not seek re-election in the Oct. 19 vote, said Tuesday her final budget update as minister predicts a deficit of $8.9 billion, up $1.1 billion from a forecast she made earlier this year.
Conroy said she acknowledges “challenges” facing B.C., including three consecutive deficit budgets, but expected improved economic growth where the province will start to “turn a corner.”
The $8.9 billion deficit forecast for 2024-2025 is followed by annual deficit projections of $6.7 billion and $6.1 billion in 2026-2027, Conroy said at a news conference outlining the government’s first quarterly financial update.
Conroy said lower corporate income tax and natural resource revenues and the increased cost of fighting wildfires have had some of the largest impacts on the budget.
“I want to acknowledge the economic uncertainties,” she said. “While global inflation is showing signs of easing and we’ve seen cuts to the Bank of Canada interest rates, we know that the challenges are not over.”
Conroy said wildfire response costs are expected to total $886 million this year, more than $650 million higher than originally forecast.
Corporate income tax revenue is forecast to be $638 million lower as a result of federal government updates and natural resource revenues are down $299 million due to lower prices for natural gas, lumber and electricity, she said.
Debt-servicing costs are also forecast to be $344 million higher due to the larger debt balance, the current interest rate and accelerated borrowing to ensure services and capital projects are maintained through the province’s election period, said Conroy.
B.C.’s economic growth is expected to strengthen over the next three years, but the timing of a return to a balanced budget will fall to another minister, said Conroy, who was addressing what likely would be her last news conference as Minister of Finance.
The election is expected to be called on Sept. 21, with the vote set for Oct. 19.
“While we are a strong province, people are facing challenges,” she said. “We have never shied away from taking those challenges head on, because we want to keep British Columbians secure and help them build good lives now and for the long term. With the investments we’re making and the actions we’re taking to support people and build a stronger economy, we’ve started to turn a corner.”
Premier David Eby said before the fiscal forecast was released Tuesday that the New Democrat government remains committed to providing services and supports for people in British Columbia and cuts are not on his agenda.
Eby said people have been hurt by high interest costs and the province is facing budget pressures connected to low resource prices, high wildfire costs and struggling global economies.
The premier said that now is not the time to reduce supports and services for people.
Last month’s year-end report for the 2023-2024 budget saw the province post a budget deficit of $5.035 billion, down from the previous forecast of $5.9 billion.
Eby said he expects government financial priorities to become a major issue during the upcoming election, with the NDP pledging to continue to fund services and the B.C. Conservatives looking to make cuts.
This report by The Canadian Press was first published Sept. 10, 2024.
Note to readers: This is a corrected story. A previous version said the debt would be going up to more than $129 billion. In fact, it will be almost $129 billion.
NANAIMO, B.C. – Former Bank of Canada governor Mark Carney says he’ll be advising the Liberal party to flip some the challenges posed by an increasingly divided and dangerous world into an economic opportunity for Canada.
But he won’t say what his specific advice will be on economic issues that are politically divisive in Canada, like the carbon tax.
He presented his vision for the Liberals’ economic policy at the party’s caucus retreat in Nanaimo, B.C. today, after he agreed to help the party prepare for the next election as chair of a Liberal task force on economic growth.
Carney has been touted as a possible leadership contender to replace Justin Trudeau, who has said he has tried to coax Carney into politics for years.
Carney says if the prime minister asks him to do something he will do it to the best of his ability, but won’t elaborate on whether the new adviser role could lead to him adding his name to a ballot in the next election.
Finance Minister Chrystia Freeland says she has been taking advice from Carney for years, and that his new position won’t infringe on her role.
This report by The Canadian Press was first published Sept. 10, 2024.
