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If Mark Carney succeeds Justin Trudeau as Prime Minister, as many expect, Western Canada must brace itself for much greater economic damage to its energy sector. If you think it is bad now, just watch what Carney will do!

Mark Carney Will Destroy Canada's Economy and Alberta With it



Mark Carney Will Destroy Canada's Economy and Alberta With itIn June the federal Conservatives will pick a new leader. While most Conservatives still seem to believe they'll be picking a candidate to take on Prime Minister Justin Trudeau in the next election, the odds of that appear to be diminishing by the day. Since being reduced to a minority government in the October 21 election, Mr. Trudeau appears to have lost whatever fire he had in his belly for governing. Since the election, he has essentially ceded all the tedious work of government on major matters to Deputy PM Chrystia Freeland.

Departing Bank of England Governor MARK CARNEY

If Mr. Trudeau's new beard demonstrates anything, it is that his ability to command the world's attention is vastly diminished. He has gone from global rock star to pop-culture has-been and many would say rightfully so. The early signs are not promising that this Prime Minister has a credible second act in him. Trudeau was never a policy wonk. Now, however, he appears to have grown tired of politics. The country is dangerously divided. Perhaps he has concluded that he cannot do much about that. He has shown none of the passion of a Prime Minister determined to reconquer the hearts of Canadians, one selfie at a time, during a second term.

Meanwhile, there are a slew of tough and critical files on his desk that he must be dreading. For starters, he must decide whether to approve Teck Resource's Frontier oil-sands project and whether to ban Chinese telecommunications giant Huawei from Canadian 5G networks. Then he must deal with the Iran plane crash issues in a balanced way without irritating Canadians, President Trump and other stakeholders. There will be no easy way to spin any of those decisions and he will be constantly under the microscope from all sides. But for interested, experienced, capable and effective leaders, that's what governing is all about.

Prescient Liberals are already talking about Mr. Trudeau's replacement, with one name above all others on their lips – and no, it's not Ms. Freeland's.

Departing Bank of England Governor MARK CARNEY (former Bank of Canada Governor and former Goldman Sachs official) is returning to Ottawa within weeks where he has kept a home. For many Liberals, it won't be a moment too soon. Click here


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The replacement of Justin Trudeau with Mark Carney would be a disaster for the energy business in Western Canada

The replacement of Justin Trudeau with Mark Carney would be a disaster for the energy business in Western Canada and arguably for Canada itself! But such a replacement may well occur. Carney leaves his post as Governor of the Bank of England at the end of January and recently accepted the appointment as U.N. special envoy on "climate action and finance". In that role he will be tasked by the United Nations with pushing financial institutions and banks for better disclosure on their investments in fossil fuels and to take proper account of the alleged risks posed by climate change. Read that as "reduce or eliminate investments in fossil fuel businesses"! Click here

The Canadian oil patch is very concerned that a push led by Mark Carney to demand further climate disclosures and climate risk assessments from global banks and investors will cause them to further flee the sector - that is investments in the Canadian energy business, including oilsands and liquefied natural gas infrastructure.

In an interview with the BBC last week, Carney described how "up to half of developed oil reserves" would likely be stranded in order to limit the effects of climate change. He said that banks and investors need better disclosure and stricter limits on oil, gas and coal investments in order to avoid further climate change. "We want action on financing," Carney said of the goals in his new role with the UN leading up to November's COP 26 climate conference in Glasgow. If his advice is followed, it will mean banks and investors will restrict their lending to or investing in the fossil fuel industry! 

Canadian oil reserves are estimated to be the third largest in the world, after Venezuela and Saudi Arabia. Canada also has been recognized as one of the most responsible countries in terms of ESG criteria. The Canadian oil and gas industry has long been at the centre of the debate about financial institutions and climate change thanks in part to major European banks such as HSBC Plc and BNP Paribas announcing they would not invest in new projects in the oilsands. Large pension funds in Europe and North America have also signaled plans to divest their holdings in heavy oil companies, moves which have significantly hurt the Calgary oil patch. 


Mark Carney is leading the "sustainable finance" charge against fossil fuels

Indeed, huge reductions in energy finance are already occurring. Investment in the oilsands has declined from a peak of $33.9 billion in 2014 to an estimated $12 billion last year. This amount represents a major portion of the capital flight from Canada that has been accelerating over the last few years. Canada has become the world's guinea pig in applying "questionable sustainable finance metrics" to fossil fuel companies. It is not occurring in Texas! 

The Canadian industry is being unfairly targeted. In recent years, multiple investment banks, credit ratings agencies and think tanks, including Moody's Investors Services and large Canadian banks, have published frameworks for assessing environmental performance and carbon risk across companies and across industries. Click here

Mark Carney is leading the "sustainable finance" charge against fossil fuels. Based on his public pronouncements, he appears to have adopted the flawed logic espoused by the UN. The UN has stated publicly that the climate emergency narrative is not really about saving the environment. Rather the objective is to destroy capitalism, move towards democratic socialism and effect a massive, unprecedented transfer of wealth from developed to undeveloped nations.

The UN has been receiving some serious pushback on its climate and immigration agendas in France and other countries. As the UN's primary emissary on the fossil fuels file, Mr Carney has the burden of proving his case. He has not offered any credible proof of that case to date and can expect increasingly serious opposition from major vested interests around the world.

If Mark Carney succeeds Justin Trudeau as Prime Minister, as many expect, Western Canada must brace itself for much greater economic damage to its energy sector. If you think it is bad now, just watch what Carney will do!



ADDITIONAL READING/ VIEWING

In closing, here is additional information on the problems we are facing and the need for us to take remedial action immediately to right our sinking ship.

1. TERENCE CORCORAN: MARK CARNEY'S WAR AGAINST THE FOSSIL FUEL INDUSTRY IS JUST BEGINNING: Click here

2. PETER FOSTER: MARK CARNEY AND MICHAEL BLOOMBERG'S 'SUSTAINABLE' SCHEME TO DISMANTLE CANADA'S ECONOMY: Click here

3. MARK CARNEY - UN CLIMATE CZAR: WILL CHANGING GLOBAL CURRENCY STOP CLIMATE CHANGE?: Click here

4. BANK OF ENGLAND CHIEF MARK CARNEY ISSUES CLIMATE CHANGE WARNING: Click here

5. THE BURDEN OF PROOF RESTS ON MARK CARNEY AND HE HASN'T MADE HIS CASE AGAINST FOSSIL FUELS: Click here

ACTION ALBERTA - WHO WE ARE

We are a group of deeply concerned, unpaid Alberta resident volunteers. Our work is intended to educate, inform and motivate all Canadians to be visible and vocal regarding the unequal, unfair and discriminatory treatment of Alberta by our Federal Government. Alberta's energy sector is the most important driver of the Canadian economy and its health directly impacts the standard of living of every Canadian. Unfortunately, that is not happening under our current Federal government!

Please share this email with your contacts so we can turn this unfair, inequitable, unjustifiable travesty around for the good of all Canadians. If you would like to submit information or articles, please send them to me.

Thank you for ALL of your support and interest!

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Action Alberta -- Bio and Archives

As Albertans, we say: “Enough is Enough”.  That’s why we’ve launched this website “Action Alberta” and a newsletter to inform, educate, and motivate Canadians to stand up, speak out and take action to address the inequality and s rel=“ubstandard treatment of Alberta and its citizens by our Federal Government.  Our goal is to change how we are treated by our Federal Government.


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