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LETTER: Alberta premier’s ‘war room’ against green initiatives impacts country’s foreign investment

To the editor:
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Premier Jason Kenney blames Prime Minister Justin Trudeau for Teck Resources’ decision not to proceed with a $20-billion oilsands project. (Jason Franson - The Canadian Press)

To the editor:

Teck Resources CEO just pulled the plug on its Alberta mega-oilsands mine project.

Global capital markets, the CEO said, are looking to invest in jurisdictions that have a framework that “reconciles resource development and climate change, in order to produce the cleanest possible products.”

And that greener framework is exactly what Jason Kenney’s United Conservative Party is fighting tooth and nail — and losing future jobs for some 7,000 Albertans in the process, [adding] to the 70,000 already lost during his tenure.

This is only one of a long trail of failures by the Alberta conservative government to attract global investors. Sweden’s central bank has pulled all its investments from Alberta and moved them to a more environmentally sustainable B.C. (Lucky us!).

Norway has also pulled its investments in Alberta over the same concerns — environmental sustainability.

Likewise, HSBC, the largest bank in Europe, has announced that it is abandoning an investment in Alberta’s carbon-intensive oilsands development.

Yet, Rachel Notley’s recently defeated Alberta NDP government, which had put in a carbon cap-and-trade system, did have the support of world investors despite a record low oil resource price.

Sustainable development is now a driving force in global investment. BlackRock, the largest asset management firm in the world, has now made climate change the centrepiece of its investment strategy. Prime Minister Justin Trudeau is working hard to find a balance of growing the economy while caring for the environment — and global investment will increasingly follow greener initiatives.

Meanwhile, the Conservatives have made climate change initiatives their public enemy number one.

They’ve even established a “war room” to attack their supporters of clean resource development. And they’re driving away major global investors by doing so, damaging both Canada’s reputation and our economy.

Sadly, Alberta’s economy will be the hardest hit because Kenney refuses to see the writing on the wall.

Bill Rice

Vernon