At today’s exchange rate, Norway’s sovereign wealth fund is worth roughly C$3.09 trillion — an extraordinary figure for a country with a population of about 5.6 million, very close to the population of British Columbia. That works out to approximately C$546,000 per person.
While the BC NDP talks publicly about a comprehensive plan focused on clean energy, the government has in fact been focused on increasing fossil fuel production. This policy may be good for the mostly foreign-owned producers and processors of natural gas, but it is another step toward a climate disaster.
Introduced in July 2008, British Columbia’s Carbon Tax cost BC taxpayers $24 billion before it was eliminated at the end of fiscal year 2024-2025. People in BC were encouraged to lower their carbon emissions, but the government provided subsidies worth billions of dollars to encourage increased fossil fuel consumption. That program was successful since the volume of natural gas produced in BC almost tripled after the carbon tax was imposed.
Taxpayers fund subsidies to encourage BC residential consumers to burn less natural gas, while the same taxpayers fund subsidies to encourage people in other places to burn more natural gas. As Voltaire said, “Common sense is not so common.”
In a recent piece, I demonstrated that successive British Columbia governments have seriously reduced the public share of the value of natural gas produced in the province. Now, there is evidence of more hidden subsidies to fossil fuel producers and processors…
The BC NDP remains committed to expanding fossil fuel production. In BC, the industry paid millions of dollars to lobbyists and politicians. The rate of return on that investment was just a touch more than most of us get when we deposit a few dollars in a chartered bank or credit union.
A peer-reviewed, Stanford-led study involving more than 50 scientists was published this week by Nature. It reveals alarming information about uncontained emissions from oil gas systems. The authors integrated approximately one million aerial site measurements into regional emissions inventories for regions in the USA. They found greenhouse gas releases were about 3x government estimates…
Climate scientists tell us to reduce and ultimately eliminate burning of fossil fuels, products that are the dominant cause of global warming. Worldwide, the oil and gas industry and its supporters in governments and elsewhere plan for us to burn more…
More than a year and a half ago, the BC Government promised to end fossil fuel subsidies. But the second quarter report just issued estimates that royalty credits and infrastructure credits allowed methane gas producers will amount to $495 million in the 2023-2024 fiscal year. More importantly, the province’s report estimates year revenue from bonus bids arising from the sale of petroleum and natural gas rights will be precisely zero dollars in the 12 months ending March 31, 2024.
An examination of revenue the Province of British Columbia has taken in from production of fossil methane gas in the fiscal years 2000 to 2023.
BC’s NDP government promised, “On May 19, 2022, the Province introduced a new oil and gas royalty system that puts the interests of British Columbians first and eliminates outdated and inefficient fossil-fuel subsidies.” More than fifteen months later, we learn from the province’s just released audited financial statements that subsidies by way of royalty credits taken in one year by producers increased by $154 million to $1.7 billion. In addition, another $2.3 is available for producers to reduce or eliminate future royalty payments.
Strategic interventions to cut methane emissions in the natural gas supply chain are relatively simple and cost-effective compared to the complexity and expense of decarbonizing the global economy. Prohibiting venting and routine flaring and incorporating routine equipment fixes and upgrades into maintenance plans can significantly cut methane emissions from production sites.
Proponents tell us that fossil methane gas emits fewer greenhouse gases when burned than coal. “Natural Gas” has long been sold to us as a reliable, environmentally friendly, even classy energy source. But end-use combustion is only part of the story. Total GHG life-cycle emissions from extraction, processing and transport of this fuel reveal this mixture of gaseous hydrocarbons ia a prime cause of global warming and a problematic source of pollution within our homes…
Powerful people are willing to destroy us to enrich themselves. Governments are willing accomplices. Canada Energy Regulator says western Canadian fossil gas production hit an all-time high in November 2022, a year that included at least eight of the top ten producing months since January 2000. There are no plans to limit production. Instead, governments and industry plan major increases in fossil gas output.
The Narwhal reported on peer-reviewed research that showed Oil and gas facilities in B.C. are producing 1.6 to 2.2 times more methane pollution than current federal estimates. But a wave of new satellite monitoring capability may change things. Soon, fossil gas promoters in industry and governments will have nowhere to hide.
Regardless of science, the corporate world and governments in Canada remain determined to increase fossil fuel production and consumption. Under the NDP, British Columbia continues to provide direct and indirect subsidies to ensure increased output of products that threaten the survival of future generations. . .
To avoid the worst impacts of climate change, we have to make two big transitions at once: First, we have to generate all of our electricity from clean sources, like wind turbines and solar panels, rather than power plants that run on coal and methane gas. Second, we have to retool nearly everything else that burns oil and gas — like cars, buses and furnaces that heat buildings — to run on that clean electricity.
According to a study published by Nature Climate Change, governments of 51 countries spent C$940 billion subsidizing fossil fuels in 2021. The number is likely higher since there are many indirect subsidies, such […]
British Columbia’s NDP government issued a press release in May 2022 that promised an end to fossil fuel subsidies. Politicians were concerned that consumers troubled by rising energy prices might also be disturbed to know royalty credit subsidies to natural gas producers soared from $654 million in FY 2021 to $1,517 million in FY 2022. Changes promoted by the NDP government are more smoke and mirrors than a real attempt at reform.
While government pays spin doctors to promote its climate plan as world leading, looking beyond the press releases shows the NDP is failing us badly…
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