CALGARY — The CEO of the Alberta Investment Management Corp. (AIMCo) says divesting from fossil fuels is the opposite approach pension funds should be taking if they want to help solve the climate crisis.
Evan Siddall says AIMCo wants to be a leader in financing the transition to a low-carbon economy, but it won’t do that by divesting from fossil fuels as some global pension funds have done.
Instead, Siddall says AIMCo will be exploring opportunities to invest in oil and gas companies and other heavy industrial emitters.
He says heavy emitting companies are developing plans to lower, though not eliminate, their greenhouse gas footprints and will need capital to implement those plans.
Siddall says investing in the oil and gas sector’s decarbonization efforts will help Canada achieve its climate targets and generate strong returns for investors.
AIMCo is one of Canada’s largest institutional investment managers, responsible for the investments of pension, endowment and government funds in Alberta. As of Dec. 31, 2021, it had $168.3 billion of assets under management.
This report by The Canadian Press was first published Sept. 21, 2022.
The Canadian Press
Future of Energy is Here – Province of Alberta pitches Alberta and Albertans at 2022 Energy Council conference
Alberta’s Energy Minister Pete Guthrie is making a powerful presentation to state and provincial legislators from across the United States and Canada at the Energy Council’s Global Energy and Environmental Issues Conference in Banff.
It’s a convincing pitch on behalf of energy workers, and Alberta taxpayers who rely so heavily on the province’s most lucrative industry. The presentation is boosted by this video profiling Alberta’s stable, abundant and environmentally responsible energy supply.
Energy Minister Pete Guthrie issued the following statement on Alberta’s energy sector at the 2022 Energy Council conference:
“Energy matters now more than ever. This year, we’ve seen how geopolitical events and volatile energy markets can impact the lives of people throughout the world. It matters where the energy that powers our homes, our economies and our lives comes from.
“The world needs a solution for long-term energy security that is also responsible, reliable and affordable. That solution is Alberta.
“It’s in this spirit that Alberta is proud to host the Energy Council’s Global Energy and Environmental Issues Conference in Banff. We are promoting our energy sector to more than 160 participants – including state and provincial legislators from the United States and Canada.
“During the conference, we will focus discussions on the future of the energy industry, the strength and security of the North American energy system and the role Alberta has to play.
“Alberta is the global leader in responsible energy development that the world needs. We have the innovation, technology and expertise needed to produce responsible energy. We have the highest human rights, labour and environmental standards. We have Canada’s fastest-growing renewable energy sector. On top of all that, we are rapidly developing carbon capture and storage and lowering emissions, with the Pathways Alliance targeting net zero by 2050.
“Our government firmly believes Alberta is the key to energy security for North America and the world. Our track record speaks for itself. Last year, about 62 per cent of the crude oil imported to the United States came from Alberta – that is 10 times more than their oil imports from Saudi Arabia, and over four times more than all of OPEC. Every barrel that comes from Alberta helps replace one produced by countries that do not adhere to our high environmental and social standards. Our province has one of the largest oil reserves in the world, and we are ready to supply nations around the world with our reliable and responsibly produced resources.
“Alberta’s support of research and innovation excellence ensures that innovators can continue to make groundbreaking discoveries, commercialize game-changing emissions-reducing technologies and solve some of the industry’s biggest challenges.
“The future of energy is here. It’s Alberta.”
Ice Explorer rollover investigation complete – No criminal charges
Submitted by Alberta RCMP
Jasper RCMP investigate Ice Explorer rollover in the Columbia Icefields – Update #7
The RCMP have completed their investigation into the tragic events of the Ice Explorer rollover in Columbia Icefields on July 18, 2020. The RCMP have shared all requested investigative material gathered during the criminal investigation with the Ministry of Labour as required by the Alberta OH&S Act. While the RCMP is aware of the charges resulting from the regulatory investigation, the criminal standard is high and the criminal investigation is independent, separate and parallel to the OH&S investigation.
Upon consultation with the Alberta Crown Prosecution Service, the RCMP have determined that no criminal charges are warranted in this investigation. This determination brings the RCMP’s criminal investigation to a close.
This investigation was of the utmost seriousness and was complex, both factually and legally.
Our thoughts continue to go out to the families of the deceased and the injured, and to all who have been impacted by this tragedy.
No further details can be shared at this time.
Most unused COVID-19 vaccines will expire at the end of the year: auditor general
CannTrust CEO was warned over illicit pot growing: former compliance worker
Suspect in massive fentanyl bust arrested in Edmonton
Federal Court of Appeal upholds all but one rule on airline compensation
Alberta1 day ago
TC Energy shuts down Keystone pipeline system after leak in Nebraska
Alberta2 days ago
Alberta women’s shelters turn away thousands due to lack of space and staff: report
Alberta18 hours ago
Alberta legislation would set up independent agency to investigate police complaints
Alberta1 day ago
Two deputy chief medical officers resign from their positions with Alberta Health
COVID-1918 hours ago
WHO member states agree to develop legally-binding pandemic treaty
Business2 days ago
What the latest Bank of Canada rate hike means for inflation, consumers
Alberta1 day ago
Alberta introduces bill for $2.8 billion in inflation-fighting payouts, rollbacks
Brownstone Institute21 hours ago
From Covid to CBDC: The Path to Full Control