Canadian Energy Weekly Round-Up: January 21
Here are the top news stories covering Canada’s energy landscape:
Activists Push for Divestment at Canadian Universities, McGill Pushes Back
Recent reports have found that not only does divesting from fossil fuels not decrease demand for hydrocarbons, but the effort could increase students’ tuition. This news didn’t stop a professor at McGill University from announcing her intention to resign after the university decided not to divest its fossil fuel holdings, though. This is the third time McGill’s board refused to divest and heed to the calls of activists. According to Global News, McGill’s principle Suzanne Fortier defended the board’s decision to not take the “symbolic gesture” of divesting, and instead touted the university’s efforts to lower emissions:
“We’re working with a very concrete plan in diminishing our carbon emissions and we’re looking at every single one of our investments to see where we can reach a lower carbon emission level in our portfolio and making sure we have targets and timelines we can meet.”
This news comes shortly after a group of students at the University of British Columbia associated with Extinction Rebellion ended a hunger strike on campus after securing a commitment from the board to fully divest the University’s endowment from fossil fuels as soon as possible. Concordia University and Universite Laval are two other Canadian universities that have opted to divest from fossil fuels.
New IEA Reports Calls for More of What Canadian Oil and Natural Gas Industry is Already Doing
A new International Energy Agency report calls on oil and natural gas companies to lower emissions from their operations and invest in more clean energy technologies in order to survive the energy transition to lower carbon sources of energy. According to Reuters, IEA Executive Director Fatih Birol said the following regarding the report:
“’The first immediate task for all parts of the industry is reducing the carbon footprint of their own operations,’” Birol said, adding that a large part of the emissions from the sector can be brought down relatively quickly and easily, such as reducing methane leaks.”
The IEA report comes on the heels of Canadian oil and natural gas firm Cenovus Energy’s announcement that it intends to reduce its greenhouse gas emissions by 30 percent per-barrel in 2030 and reach net-zero emissions by 2050.
For more Canadian energy news and setting the record straight on the day’s top stories about the oil and natural gas industry, visit Canadian Energy Network.