It's truly grating for someone of the coast to hear these greasy, scummy Drylanders bandy about the term "tidewater". "Ahrr, matey, we must get the bitumen to tidewater." Sorry, the tidewater you seek is already taken and we don't want your type anywhere near it. And, while you're at it, stay away from our kids too. That's the way you instinctively recoil from people in the grip of fetishes like our prime minister.
Even that bastion of looney Lefties, Forbes, doesn't hesitate to sound the alarm on the Carbon Bubble within which people like our prime minister blithely operates.
Scientists and economists say that going forward we must leave 80 percent of the current coal, oil and gas reserves in the ground in order to stay below 2 degrees Celsius and avoid the worst effects of climate change (which, at current levels, we are expected to reach by 2052). According to the latest estimates, the fossil fuel industry currently holds 5 times more in reserves than we can safely burn.
... Groups as diverse as Shell, Mercer, HSBC, prominent insurance companies and re-issuers, Standard & Poor’s and the International Energy Agency have been giving clear warning signs about continuing to invest in fossil fuels. Experts leading the divestment conversation have different suggestions for pathways to fossil fuel divestment.
From a fiduciary responsibility perspective, divestment also makes sense – as emerging risks to the value of portfolios become known, trustees and fiduciaries are obligated as prudent investors to incorporate this data into their investment allocation strategies.
The Forbes article is obviously written from an investment perspective but, hey, we Canadians, through our governments, are also investors in our fossil fuel resources. We've invested through grants, subsidies and a variety of deferrals. We have invested through the underpriced supply of our natural resources. We have invested through the environmental degradation that may wind up on the taxpayer's plate. We're investing when it comes to allowing fossil fuelers to run pipelines across our land. We're investing through every risk we bear, voluntarily or otherwise. You could say that Harper has us up to our collective necks in financial obligations and environmental risks directly arising out of his bitumen fetish.
The question is what happens if, as those referenced in the Forbes article, the institutional investors, decide that high-carbon, high-cost fossil fuels like bitumen are a lousy risk? I'm betting that when that Carbon Bubble bursts they'll hear the "pop" first in the skies over Athabasca.
Steve Harper has a fiduciary responsibility to the country and the Canadian people. He doesn't understand that and he's putting us and our economy in peril.