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What is the Great Reset?

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We are nearing one full year since the outbreak of the COVID-19 pandemic began sweeping the globe, ravaging all major industries worldwide and forcing the global economy to grind to a near halt. 2020 has been dominated by social and political upheaval as officials have struggled to find the balance between economic lockdown and protecting the public from the virus. Adding to the uncertainty, disinformation is circulating at an unfathomable rate. Heading into December, tension and mistrust appear to be at an all time high as individuals and groups have begun to rebel against lockdown orders and what many believe to be government forces overstepping their democratic boundaries. 

Among the hype and hysteria, the “Great Reset” has become a popular and highly divisive topic in recent months. Aggressive disagreements have broken out among experts, political leaders and the general public, often citing controversial buzzwords like “socialism”, “government control”, and “elite agenda”. In this setting, it has become increasingly difficult to determine what is fact and what is fiction, as fear and confusion fuel conspiracy theories and government distrust.  

COVID-19: The Great Reset is a book originally published in July 2020, co-authored by Thierry Malleret, founder of the Monthly Barometer, and Klaus Schwab, founder and Executive Chairman of the World Economic Forum (WEF). This book elaborates on a recovery plan proposed by the WEF that presents the global COVID-19 pandemic as an opportunity to correct the shortcomings of the existing social, economic and political institutions around the world. According to the WEF, “The inconsistencies, inadequacies and contradictions of multiple systems – from health and financial to energy and education – are more exposed than ever amidst a global context of concern for our lives, livelihoods and the planet.”
Within this setting, the WEF calls for collaboration among experts and world leaders to propose and implement a vision for the future that will “build a new social contract that honors the dignity of every human being.” The values highlighted by the Great Reset propose an ideological shift away from capitalism. This includes shifting the global focus towards fairer market outcomes, the advancement of sustainability measures and the improvement of environmental, social and governance (ESG) metrics across industries. 

The Great Reset global agenda calls for unprecedented cooperation among countries and industries around the world to unite under one recovery strategy aimed at repositioning the current trajectory of society as a whole. “Rather than using recovery funds to fill cracks in the old system,” says Klaus Schwab, founder and executive chairman of the World Economic Forum, “we should use them to create a new one that is more resilient, equitable, and sustainable in the long run.” 

The World Economic Forum’s Great Reset initiative has received support from several influential organizations around the world, including TIME Magazine, Apple and Microsoft. However, while it appears many have signed onto this initiative as a unique opportunity to build a prosperous future for all members of the human race, an equal number have emerged to furiously oppose it. 

Opponents of the Great Reset have labeled it as a radical socialist agenda being pushed on the masses by global elites. The initiative has been extensively criticized for appearing to use the global upheaval inflicted by the pandemic to implement social and economic measures not approved by the democratic process. An article released by the Post Millennial accused the WEF of using the “blunt force trauma of the pandemic to force the world to reshape according to socialist dictates.” This mentality has been echoed by a number of individuals and organizations around the world.
The National Review criticized Schwab’s book, COVID-19: The Great Reset, for having “undeniably authoritarian subtext” on which no legitimate societal transition should be based. 

These opposing viewpoints on the legitimacy and intentions of the Great Reset have led to extreme backlash for political leaders who appear to support the initiative in any way. On September 29, 2020, Prime Minister Justin Trudeau landed himself in hot water during his United Nations address, where he spoke of the impacts of the pandemic and the way forward for Canada. “This pandemic has provided an opportunity for a reset,” he said, “This is our chance to accelerate our pre-pandemic efforts, to reimagine economic systems that actually address global challenges like extreme poverty, inequality, and climate change.”

Trudeau’s address was swiftly condemned by many, as certain onlookers accused the Prime Minister of supporting the global elitist plan to collapse the economy and renege on Canadian rights and freedoms.
In November 2020, in response to Trudeau’s UN address, Conservative Member of Parliament Pierre Poilievre launched a petition called Stop the Great Reset. The petition calls on Canadians to “fight back against global elites preying on the fears and desperation of people to impose their power grab”. The petition received more than 60,000 signatures in a matter of days.

As governments and politicians around the world struggle to respond to the ongoing conditions of the pandemic under increasingly bleak circumstances, the consumption and circulation of accurate, credible information becomes increasingly important with each passing day. As businesses in every industry continue to go under and more and more individuals lose their livelihoods, the propagation of disinformation and fear serves only to divide and isolate us further. Whether you subscribe to the theory of the Great Reset as a legitimate avenue towards the creation of a healthier post-pandemic society, or as an illegitimate attack on democratic rights and freedoms, it is paramount to seek credible information.
Should we encourage our governments and politicians to adopt a Great Reset? Is it best to reinvigorate our economies? Or do we look to a combination of these two ideologies?

For more stories, visit Todayville Calgary.

Alberta

‘Existing oil sands projects deliver some of the lowest-breakeven oil in North America’

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From the Canadian Energy Centre 

By Will Gibson

Alberta oil sands projects poised to grow on lower costs, strong reserves

As geopolitical uncertainty ripples through global energy markets, a new report says Alberta’s oil sands sector is positioned to grow thanks to its lower costs.

Enverus Intelligence Research’s annual Oil Sands Play Fundamentals forecasts producers will boost output by 400,000 barrels per day (bbls/d) by the end of this decade through expansions of current operations.

“Existing oil sands projects deliver some of the lowest-breakeven oil in North America at WTI prices lower than $50 U.S. dollars,” said Trevor Rix, a director with the Calgary-based research firm, a subsidiary of Enverus which is headquartered in Texas with operations in Europe and Asia.

Alberta’s oil sands currently produce about 3.4 million bbls/d. Individual companies have disclosed combined proven reserves of about 30 billion barrels, or more than 20 years of current production.

A recent sector-wide reserves analysis by McDaniel & Associates found the oil sands holds about 167 billion barrels of reserves, compared to about 20 billion barrels in Texas.

While trade tensions and sustained oil price declines may marginally slow oil sands growth in the short term, most projects have already had significant capital invested and can withstand some volatility.

Cenovus Energy’s Christina Lake oil sands project. Photo courtesy Cenovus Energy

“While it takes a large amount of out-of-pocket capital to start an oil sands operation, they are very cost effective after that initial investment,” said veteran S&P Global analyst Kevin Birn.

“Optimization,” where companies tweak existing operations for more efficient output, has dominated oil sands growth for the past eight years, he said. These efforts have also resulted in lower cost structures.

“That’s largely shielded the oil sands from some of the inflationary costs we’ve seen in other upstream production,” Birn said.

Added pipeline capacity through expansion of the Trans Mountain system and Enbridge’s Mainline have added an incentive to expand production, Rix said.

The increased production will also spur growth in regions of western Canada, including the Montney and Duvernay, which Enverus analysts previously highlighted as increasingly crucial to meet rising worldwide energy demand.

“Increased oil sands production will see demand increase for condensate, which is used as diluent to ship bitumen by pipeline, which has positive implications for growth in drilling in liquids-rich regions such as the Montney and Duvernay,” Rix said.

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Alberta

It’s On! Alberta Challenging Liberals Unconstitutional and Destructive Net-Zero Legislation

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“If Ottawa had it’s way Albertans would be left to freeze in the dark”

The ineffective federal net-zero electricity regulations will not reduce emissions or benefit Albertans but will increase costs and lead to supply shortages.

The risk of power outages during a hot summer or the depths of harsh winter cold snaps, are not unrealistic outcomes if these regulations are implemented. According to the Alberta Electric System Operator’s analysis, the regulations in question would make Alberta’s electricity system more than 100 times less reliable than the province’s supply adequacy standard. Albertans expect their electricity to remain affordable and reliable, but implementation of these regulations could increase costs by a staggering 35 per cent.

Canada’s constitution is clear. Provinces have exclusive jurisdiction over the development, conservation and management of sites and facilities in the province for the generation and production of electrical energy. That is why Alberta’s government is referring the constitutionality of the federal government’s recent net-zero electricity regulations to the Court of Appeal of Alberta.

“The federal government refused to work collaboratively or listen to Canadians while developing these regulations. The results are ineffective, unachievable and irresponsible, and place Albertans’ livelihoods – and more importantly, lives – at significant risk. Our government will not accept unconstitutional net-zero regulations that leave Albertans vulnerable to blackouts in the middle of summer and winter when they need electricity the most.”

Danielle Smith, Premier

“The introduction of the Clean Electricity Regulations in Alberta by the federal government is another example of dangerous federal overreach. These regulations will create unpredictable power outages in the months when Albertans need reliable energy the most. They will also cause power prices to soar in Alberta, which will hit our vulnerable the hardest.”

Mickey Amery, Minister of Justice and Attorney General

Finalized in December 2024, the federal electricity regulations impose strict carbon limits on fossil fuel power, in an attempt to force a net-zero grid, an unachievable target given current technology and infrastructure. The reliance on unproven technologies makes it almost impossible to operate natural gas plants without costly upgrades, threatening investment, grid reliability, and Alberta’s energy security.

“Ottawa’s electricity regulations will leave Albertans in the dark. They aren’t about reducing emissions – they are unconstitutional, ideological activist policies based on standards that can’t be met and technology that doesn’t exist. It will drive away investment and punish businesses, provinces and families for using natural gas for reliable, dispatchable power. We will not put families at risk from safety and affordability impacts – rationing power during the coldest days of the year – and we will continue to stand up for Albertans.”

Rebecca Schulz, Minister of Environment and Protected Areas

“Albertans depend on electricity to provide for their families, power their businesses and pursue their dreams. The federal government’s Clean Electricity Regulations threaten both the affordability and reliability of our power grid, and we will not stand by as these regulations put the well-being of Albertans at risk.”

Nathan Neudorf, Minister of Affordability and Utilities

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