Alberta Lost, The Environment Won
January 29, 2021
Alberta’s major pipeline cancellation is a blow to their oil heavy economy. There is a global shift towards sustainability and protecting Earth’s fragile environment.
A few hours after his inauguration, U.S. President Joe Biden cancelled the controversial Keystone XL pipeline.
The pipeline was designed to transport 830,000 barrels of crude a day from Alberta to the US Midwest and Gulf Coast. Suddenly those Canadian jobs and commerce disappeared.
The cancellation was not a surprise because Joe Biden had campaigned on this issue. Environmental issues in the U.S. are now front and centre.
The environment one.
There is a shift occurring in the world and it is long overdue. Sustainability has gained considerable traction in the last years.
The 7 billion people that occupy planet Earth have to do a better job to protect our environment. One of the largest environmental concerns is greenhouse gas emissions.
Greenhouse gas emissions are caused by burning oil and other fossil fuels. Government regulation and changing consumer preference are going to steer us towards a healthier planet.
Global warming has led to increasing number of significant fires in Canada and the United States. Extensive flooding has become a problem.
Many times, you will hear a catastrophe referred to as 100-year event. But these 100-year events seem to happen every couple of years.
Recently, we have had an onslaught of car companies announcing its new electric cars that will be built in coming years. Gas guzzling cars will be pushed from the marketplace.
Sustainability, out of necessity, is gaining traction. People will vote with their pocketbook. They will vote by their actions.
Consumers will choose products including cars, home furnaces and refrigerators in part based on fuel efficiency. They will save money and in addition do something beneficial for the environment that will be consistent with their personal values.
Companies are also directing their attention to sustainability and environmentally friendly practices. There are several rating services reporting companies’ environmental footprint.
Change is happening. Change is good for the environment.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com