Politics

Net Zero: Alberta planning several carbon-storage hubs

Welcome to Net Zero, your daily industry brief on clean energy and Canadian-resource politics.

The Lead

Alberta Energy Minister Sonya Savage says the province is keen to build several carbon-storage hubs, where an operator will sequester both its own and third-party emissions.

Alberta is moving “very, very quickly” to build its next hub in the Cold Lake region, which will serve oilsands producers, she said, and is accepting proposals to operate an underground hub in the Alberta Industrial Heartland (AIH) zone near Edmonton.

The hub will “give certainty to oilsands and heavy-oil production,” Savage said, adding there’s been “tremendous interest” in a hub near Grand Prairie, where a lot of natural gas is processed.

Alberta plans to choose the AIH hub operators by the end of March, but it will likely take a couple of years before operations begin. Reuters has more details.

Internationally

The World Economic Forum (WEF) is urging cities to invest in nature.

“Nature can be the backbone of urban development,” said Akanksha Khatri, the WEF’s head of nature and biodiversity. “By recognizing cities as living systems, we can support conditions for the health of people, the planet, and the economy in urban areas.” Reuters also has that story.

International brands want a global pact to cut plastic production. Coca Cola, PepsiCo, Nestle, and Walmart are among more than 70 signatories to a statement released Monday.

Scotland’s largest-ever auction of offshore wind-farm permits is expected to raise up to $1.4 billion. Crown Estate Scotland, which is running the auction, expects the wind farms to create tens of thousands of jobs and double the amount of electricity generated in Scottish waters. The Guardian has that story.

Meanwhile, after high fuel prices caused deadly protests in Kazakhstan, two members of former president Nursultan Nazarbayev’s family have resigned from leadership positions in the state’s oil- and gas-shipping companies. Reuters has more.

On Monday morning at 10:33 a.m., West Texas Intermediate was trading at US$83.87 and Brent Crude was going for US$86.07.

In Canada

New modelling from the Bank of Canada says Canada’s financial sector could be exposed to significant shocks from the transition to a low-emissions economy.

“All scenarios showed that, as we globally transition to net zero, some sectors will be significantly impacted, and the economy as a whole will undergo significant structural changes,” said Toni Gravelle, the central bank’s deputy governor. The Canadian Press has more.

Canada’s largest oilsands companies have formed the Oil Sands Alliance to advance the sustainable development and operation of their industry. The alliance includes Suncor Energy, Cenovus Energy, Imperial Energy, Canadian Natural Resources, and ConocoPhillips. It’s not yet clear to what degree it will engage in political lobbying. The Canadian Press has that story, too.

In B.C., experts are describing storm damage in Vancouver as a climate-change “wake-up call.” High winds and extreme tides battered the popular Stanley Park Seawall last week, reducing parts of it to rubble.

“Our coastal infrastructure is designed (with the assumption) that the sea is stable,” said John Clague, an earth-sciences professor at Simon Fraser University. “When you begin to elevate that surface, it begins to cause problems.” CTV News has more.

Finally, New Westminster, B.C., is planting thousands of trees in an effort to mitigate climate change. The city hopes to increase its tree-canopy coverage from 18 to 27 per cent by planting 11,800 trees by 2030. CBC News has more.

Canadian Crude Index was trading at US$69.51 and Western Canadian Select was going for US$68.57 this morning at 10:34 a.m.

Noteworthy

This post was copy-edited after publication.

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