I’m not sure the climate debate is as unsettled as it seems. Sure, the Alberta government continues to fight the carbon tax, but the biggest oilsands companies have all pledged to lower their net greenhouse gas emissions to zero by 2050, the same target that Prime Minister Justin Trudeau has set for the country.
But there’s obviously an enthusiasm gap, and that divide will hurt the economy until it narrows. Sweden’s central bank dumped its investments in the oilsands last year, because it determined that Alberta’s leaders weren’t taking climate seriously. Earlier this month, Norway’s sovereign wealth fund revealed it had sold all its shares in Canadian Natural Resources Ltd., Cenovus Energy Inc., Suncor Energy Inc. and Imperial Oil Ltd. for much the same reason.
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