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U.S. proposal could change the way Canadian oil companies report their carbon footprint –



The officially disclosed carbon footprints of Canada’s largest oil companies could balloon in size if tough new climate rules proposed earlier this year by a U.S. regulator come into effect.

The U.S. Securities and Exchange Commission’s proposal — which at this point has not been enacted and faces stiff opposition from industry groups and conservative lawmakers — would require publicly listed companies to account for their total “life-cycle” greenhouse gas emissions.

The rules would apply not only to publicly listed companies south of the border, but also to the more than 230 Canadian companies that are listed on U.S. stock exchanges. (Among these are Canadian energy giants like Enbridge Inc., Suncor Energy Inc., Imperial Oil Ltd. and Canadian Natural Resources Ltd.)

Under the new proposal, companies would have to disclose their Scope One and Scope Two emissions (terms that encompass the greenhouse gases produced directly by a company’s operations, as well as indirectly through the generation of energy the company purchases such as electricity to power the business).

But they would also have to publicly account for their Scope Three emissions, meaning all the other greenhouse gases they produce indirectly, including emissions produced by customers when they use a company’s product.

In other words, for oil producers, Scope One and Two emissions are the emissions the company makes itself (the methane emitted directly from a well, for example, or the electricity an oilsands producer uses to power its massive facilities). Scope Three emissions are the emissions an oil company causes when it sells its product (when a driver burns gasoline in a car, for example).

“The moment we ask companies to report Scope Three, we’re now focusing on the carbon intensity of the product itself,” said Tima Bansal, Canada research chair in business sustainability at the University of Western Ontario’s Ivey Business School.”It’s not the carbon intensity of their process — which they can reduce and can reduce quite substantially — it’s the carbon intensity of their product.”

Industry emission reduction targets focus on Scope One and Two

Many Canadian energy producers have begun reporting their Scope One and Scope Two emissions in the years since the 2015 U.N. Paris agreement on climate change.

These numbers often form the basis of some of the industry’s own aggressive emissions reduction targets, such as Pathways to Net Zero — an alliance of the country’s biggest oilsands producers that have jointly set the goal of reaching net-zero carbon emissions by 2050.

The companies behind that initiative (Suncor, Cenovus, CNRL, Imperial, MEG Energy, and ConocoPhillips Canada) have laid out a road map to net-zero that includes the large-scale deployment of carbon capture and storage technology, and they’re asking for government support to help do it.

However, their plan only addresses Scope One and Two emissions. In fact, the oil and gas industry as whole has been very reluctant to talk about the emissions produced by the combustion of its product itself.

“Reporting Scope 3 emissions continues to be a challenge at this time and will prove difficult to provide in a timely manner, if at all,” wrote the Canadian Association of Petroleum Producers in a recent submission to the Canadian Securities Administrators. (The CSA is currently mulling its own set of proposed climate disclosure rules, though the Canadian version would allow companies to opt out of Scope 2 and 3 disclosures as long as they explain their reason for doing so.)

“We believe this (Scope 3 disclosure) would not only add additional burden to industry, but is also not practical in that upstream oil and gas producers don’t have knowledge or control over the end use of their sales products,” the industry lobby group wrote.

Company’s problem or consumer’s choice?

While only a very small minority of Canadian oil and gas firms are even attempting to report Scope 3 emissions right now, it’s already apparent that having to disclose these numbers would massively increase the size of the carbon footprint that companies must report to investors and the public.

For example, Cenovus Energy — which began disclosing its estimated Scope Three emissions in 2020 — says its Scope One and Two emissions in 2019 amounted to 23.94 million tonnes of C02. But Scope Three emissions, generated by the final use of the company’s products by customers, amounted to an estimated 113 million tonnes.

Duncan Kenyon, director of corporate engagement with climate change activist group Investors for Paris Compliance, said more than 80 per cent of emissions from fossil fuels fall under the umbrella of Scope Three — that is, they’re produced when the product is consumed.

“I hear it all the time from (oil companies), that Scope Three is ‘not our problem, it’s the consumers choice,’ ” Kenyon said. “But you can’t be a Paris-aligned, climate believer if you’re going to say that 80 per cent is someone else’s problem.”

“It also undermines the claims that `oh well, if we capture it all and put it underground, we’ll be OK for 2050,’ ” he added. “Because no, you won’t.”

Oil and gas companies have been returning major dividends to shareholders in the past year thanks to surging global energy demand, so it’s easy to question why investors would care about the Scope Three issue at all.

But Kenyon said ESG (environmental, social and governance) focused investors view climate change as a real business risk, and want to know how prepared a company is to adapt to what is coming. For example, an energy company actively working to reduce its Scope Three emissions would aim to increase the percentage of renewables in its portfolio.

“If you do bring in Scope Three disclosure, it becomes apparent really fast where your company is in the decarbonization game,” he said. “And then you have to decide what kind of a company you want to be in five years, 10 years or 25 years.”

In issuing the regulator’s proposal in March, SEC chair Gary Gensler said greenhouse gas emissions have become a commonly used metric to assess a company’s exposure to climate-related risks that are reasonably likely to have a material impact on its business.

“Investors get to decide which risks to take, as long as public companies provide full and fair disclosure and are truthful in those disclosures,” Gensler said in a news release. “Today, investors representing literally tens of trillions of dollars support climate-related disclosures because they recognize that climate risks can pose significant financial risks to companies, and investors need reliable information about climate risks to make informed investment decisions.”

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‘McGregor-Mayweather rematch in the making’



Los Angeles, United States of America (USA)- has reported that Conor McGregor and Floyd Mayweather are in discussions over holding a second bout.

Mayweather beat McGregor in their huge clash back in June 2017 but McGregor has hinted at a possible rematch in a post on his Instagram account.

The UFC superstar posted a cryptic post hinting at a second bout by sharing a picture of their 2017 clash and writing, “I accept.”

However, it’s uncertain as to whether a rematch between the pair would be another exhibition bout, or whether Mayweather would make it one more professional fight.

Meanwhile, YouTuber, Jake Paul, has repeatedly claimed that Mayweather still hasn’t paid him following last year’s exhibition bout. Their eight-round exhibition bout went to a draw as Mayweather was unable to knockout Paul, “Floyd Mayweather is broke. I have been saying it all the time. I think he probably spent it on the girls he pays to be around him. He’s hard to hit, but even harder to collect money from. Who should I fight next?”

However, Mayweather has since dismissed the accusations claiming that Paul has suggested that the pair should have a second exhibition bout.

“This is the guy who said he didn’t get paid, which we know is truly false, which is why I don’t entertain the bull*** a lot of the time. We know he got paid and if he didn’t get paid he wouldn’t be trying to get another payday. It is so crazy that Logan Paul wants to do an exhibition again but it is the same guy that said he didn’t get paid. It is what it is,” said Mayweather.

Mayweather was expected to earn US$64 million from the fight, with Logan receiving US$18.5 million of the purse.

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G7: Canada to elevate small Commonwealth nations' concerns – CTV News



KIGALI, Rwanda –

Prime Minister Justin Trudeau headed to the G7 summit in Germany on Saturday without a consensus from the Commonwealth to condemn the Russian invasion of Ukraine, but with a chorus of countries calling for help to overcome the fallout of the war.

Trudeau and Foreign Affairs Minister Melanie Joly arrived in Kigali, the capital of Rwanda, on Wednesday for the Commonwealth Heads of Government meeting, which has been dominated by the concerns of nations that are suffering from food scarcity. Trudeau departed for the G7 talk slater in the day.

In the final communique from the Commonwealth summit, the 54 participating countries said they discussed the conflict in Ukraine, ” underscored the need to respect the territorial integrity and sovereignty of all states,” and ” emphasized that all countries must seek peaceful resolution to all disputes in accordance with international law.”

The countries stopped short of condemning Russia, as Trudeau and United Kingdom Prime Minister Boris Johnson have done throughout the summit.

“I can assure you that the topic of standing up for Ukraine was much discussed,” Trudeau said at a press conference following the conclusion of the summit, referencing “strong language” in the communique.

Most Commonwealth Nations condemned Russia’s actions at a United Nations vote in March, but 10 abstained. Among them was India, whose Prime Minister Narendra Modi opted not to attend the Commonwealth summit and instead spoke virtually with the leaders of Russia, China, Brazil and South Africa.

Trudeau said Russian President Vladimir Putin has run a disinformation campaign and has even been “telling outright lies,” including blaming the food security crisis on Western sanctions against Russia.

He said food shortage stems from Russia’s illegal actions, including blockade at key ports, as well as the deliberate targeting of Ukrainian grain storage facilities through cruise missile strikes.

“I was very clear with our friends and partners around the table, and not just clear on Russia’s responsibility, but on how Canada and the West are stepping up,” Trudeau said.

Canada will be raising the growing threat of famine at the G7 in Schloss Elmau Germany, Joly said.

She said Canada was in “listening mode” at the Commonwealth meetings, where leaders of smaller nations were able to speak without the dominating presence of the United States, Russia and China.

“What is clear to us is that Russia is weaponizing food and putting a toll on many countries around the world, and putting 50 million lives at risk,” Joly told reporters Friday in Rwanda.

Trudeau had attempted to meet with the chair of the African Union Commission, Moussa Faki Mahamat, for several days during the Commonwealth summit but the sit-down was repeatedly postponed and eventually cancelled.

Shortly after Trudeau arrived in Rwanda, the government announced Canada would dedicate a new ambassador to the African Union, which has suffered from the food shortages inflicted on the continent as a result of the warin Ukraine.

Both Ukraine President Volodymyr Zelenskyy and Putin have met with representatives of the African Union, with Russia blaming sanctions against its government for stopping the flow of grain.

At the conclusion of the Commonwealth summit, Trudeau announced $94 million in funding for various education initiatives and $120 million to support gender equality and women’s rights in Commonwealth countries.

Some of the other voices the prime minister has promised to centre at his international meetings, including the G7 summit,

belong to youth leaders who spoke at a Saturday-morning event focused on issues facing young people around the world.

Some of the delegates spoke about the devastating effects of climate change, particularly around remote island nations where infrastructure cannot withstand natural disasters and rebuilding efforts take years. The onslaught takes a toll on education and health services, one delegate told the forum.

This report by The Canadian Press was first published June 25, 2022.

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New federal task force to review Canada’s immigration, passport delays – Global News



The federal government has created a special task force to help tackle the major delays with immigration applications and passport processing that have left Canadians frustrated.

In a statement announcing the new task force, Prime Minister Justin Trudeau said the federal government knows the delays are unacceptable, and will continue to do everything it can to improve the delivery of the services in an efficient and timely manner.

Read more:

Passport renewal wait times now online as Ottawa looks to address long lineups

Trudeau said the new task force will help guide the government to better meet the changing needs of Canadians, and continue to provide them with the high-quality services they need and deserve.

Ten cabinet members will spearhead the new committee, which will review how services are delivered, and identify gaps and areas for improvement.

Click to play video: 'New passport wait-time estimator shows system backlog'

New passport wait-time estimator shows system backlog

New passport wait-time estimator shows system backlog – Jun 15, 2022

The committee will be expected to make recommendations outlining short- and longer-term solutions that would reduce wait times, clear out backlogs, and improve the overall quality of services provided.

Read more:

Canadian passport delays are frustrating travellers. What’s the fix?

In addition, the task force will monitor external issues, such as labour shortages around the world, which contribute to travel delays at home and abroad.

© 2022 The Canadian Press

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