Two recent reports are warning that the over-valuation of oil, gas and coal reserves could lead to a “carbon bubble” that would have the same type of impact on the economy as the 2008 financial crisis.
Among the complaints about the Keystone XL pipeline is that it will further limit Canada to being an exporter of low value raw materials for others to make money processing. A Globe and Mail article on the impact Keystone is expected to have on oil refineries near Houston provided yet another reminder of how refining Canadian oil will help the US economy.
Even though Norway's petroleum fund was created 20 years after the Alberta Heritage Savings Fund, it is 41 times the size. It has $664 billion in assets and is growing rapidly. In contrast, the Alberta Heritage Savings Fund has only $16 billion.
The Canada-China Foreign Investment Promotion and Protection Agreement (FIPA) will make it difficult for Canadian federal, provincial or municipal governments to use many of the tools used successfully in other countries to create jobs and develop the economy.
Under the agreement, Chinese companies will be entitled to the same treatment as Canadian companies. Chinese companies will also have the ability to appeal to tribunals for compensation if they can argue that federal, provincial or municipal laws or policies affect their profits.
An op ed from CPAWS Wildlands League pointed to the problems that could occur if mistakes are made developing the “Ring of Fire” mineral resources in Northern Ontario. These problems include environmental damage and with it the loss of lands used by First Nations.
Fixing these problems would be expensive and it would be Ontario taxpayers footing the bill.
Canadians for a Modern Industrial Strategy (CMIS) brings together people from labour, business, and the community who believe our economic success and social well-being depend on adopting a proactive industrial strategy.
Copyright 2013 Canadians for a Modern Industrial Strategy