In his latest for iPolitics, Shawn McCarthy writes that Natural Resources Minister Seamus O’Regan has issued a lofty challenge to Canada’s oil and gas sector to embrace the technological innovations that will help the industry and the country reduce greenhouse gas emissions to net zero by 2050.
However, he warns that the Liberals’ vision faces tremendous hurdles as the industry will have to make massive investments in technological change, with experts saying that global oil demand must soon decline if the world is going to limit the damage of climate change.
“The Liberal vision — backed by some of the biggest oil sands companies — faces tremendous hurdles. The industry will have to make massive investments in technological change even as experts say that global oil demand must soon decline if the world is going to limit the damage of climate change,” he writes.
“Therein lies the problem. It is highly doubtful that capital markets will provide the debt and equity financing needed for such an expensive effort. At least, not without huge government subsidies to underwrite the technological changes.”
Royal Dutch Shell Plc has announced that it will write down between US$15 billion and US$22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit the world’s largest oil producers.
The write down is the firm’s largest since Royal Dutch Petroleum Co. and Shell Transport & Trading Co. merged in 2005, and shows how the pandemic has left no part of the energy giant’s sprawling business unscathed. Shell lost money from pumping oil, fuel sales fell and shipments of everything from liquefied natural gas to petrochemicals suffered, as Bloomberg News reports.
Belgium’s King Philippe, in a letter published Tuesday, expressed deep regret for the “suffering and humiliation” inflicted on the Democratic Republic of Congo during its 75 years under Belgian rule.
His message to Congo President Felix Tshisekedi is the first such expression of regret for Belgium’s colonial past by a reigning monarch, the royal palace said, although it stopped short of formally apologizing.
“I want to express my deepest regret for these past injuries, the pain of which is regularly revived by the discrimination that is still all too present in our societies,” said the letter, released to mark the 60th anniversary of Congo’s independence, reports Reuters.
Seen as a haven asset amid the COVID-19 pandemic, gold is heading for the biggest quarterly advance since 2016.
Bullion has been rising due to a resurgence in virus infections, with new hot spots emerging and the World Health Organization warning that the worst of the pandemic is still to come because of a lack of global solidarity, as Bloomberg News explains.
On Tuesday afternoon at 12:27 p.m. EDT, West Texas Intermediate was trading at US$39.65, while Brent Crude was trading at US$41.20.
Canada’s economy shrank by 11.6 per cent in April, the biggest plunge ever recorded, new numbers from Statistics Canada show. April was the first full month of COVID-19 lockdowns in the country. The country’s economy contracted by 7.5 per cent in March.
April’s plunge means the economy at the end of April had lost almost one-fifth of the output it produced at the end of February. By sector, manufacturing was down by 22.5 per cent from March’s already low level, while construction plunged 22.9 per cent, as CBC News details.
Tomorrow is Canada Day and the latest Mainstreet Research poll for iPolitics should be an extra cause for celebration for the governing Liberals.
Justin Trudeau’s party was the top choice in the federal standing of 43.2 per cent of leaning and decided respondents in Mainstreet’s latest survey, which drew upon the responses of 1,283 adults from June 25-26. The Conservatives were in second with 27.4 per cent of support, followed by the NDP at 14.1 per cent and the Bloc Québécois, which runs candidates only in Quebec, at 5.7 per cent.
Marco Vigliotti reports.
Canadian Crude was trading at US$27.84 and Western Canadian Select was trading at US$36.20 this afternoon at 12:28 p.m. EDT.
*There will be no Drilldown published tomorrow on account of the Canada Day holiday.