The Environment in Canada Podcast

The Emissions Cap will NOT Hurt the Economy in Canada but Oil and Gas Dependency IS Hurting it

Aug 13, 2024

In this engaging discussion, development economist Aaron Cosbey and Senior Policy Advisor Jessica Kelly dive into the economic implications of Canada's emissions cap. They debunk myths linking climate policy to inflation, pinpointing oil and gas dependency as a key factor. The duo emphasizes the need for a shift to renewable energy to stabilize costs and protect the environment. They also tackle the significance of a new anti-greenwashing law, suggesting it forces transparency from major polluters amid rising environmental concerns.

40:33

Episode guests

Aaron Cosbey

Jessica Kelly

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Episode notes

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Quick takeaways

Canada's heavy reliance on oil and gas significantly drives inflation and economic instability, necessitating a shift towards renewable energy sources.

The proposed emissions cap for the oil and gas sector aims to balance economic activity with environmental responsibilities while debunking flawed industry-funded economic analyses.

Deep dives

Economic Dependency on Oil and Gas

Canada's reliance on oil and gas significantly contributes to inflation and economic vulnerability. Energy prices accounted for a substantial portion of inflation spikes, particularly during the pandemic and geopolitical crises, demonstrating how fluctuations in fossil fuel prices directly impact consumer costs and overall economic stability. The podcast highlights that rising costs of energy feed into the prices of goods and services, making the economy sensitive to energy market volatility. As fossil fuel prices continue to fluctuate, this dependency poses risks to consumers and highlights the need for a transition to more stable energy sources.

Intro

3min

Fossil Fuels and Canadian Inflation

11min

Reducing Fossil Fuel Dependency through Household Energy Efficiency

5min

Balancing Emissions and Economic Growth

11min

Navigating the Transition from Oil and Gas Dependency

4min

Unraveling the Impact of Oil and Gas on Canada's Environment

6min

Conor talks about why the emissions cap will NOT hurt Canada's economy, prosperity, nor hurt jobs with Aaron Cosbey, a development economist with 30 years of experience, and Jessica Kelly, a Senior Policy Advisor, of the International Institute for Sustainable Development (IISD). They discuss how one of the main drivers of inflation in Canada is our overdependence on oil and gas and what we can do to change that, how climate policy is not to blame for inflation, and tips for journalists covering climate policy issues and reports.

There's also a breakdown of all the problems and faulty reasoning contained in the Deloitte and S&P Global analyses of the emissions cap.

For the Q&A section we answer your question: There was already Canadian legislation against false advertising (Competition Act and maybe others) why is the new anti-Greenwashing law having such a profound effect?

For context both the Pathways Alliance and the Canadian Association of Petroleum Producers ( CAPP ) took down large portions of their digital presence shortly after the new anti-Greenwashing law required 'companies to tell the truth and to have an evidence base to back up their claims.'

Thirteen Canadian oil and gas companies, including five of the six that make up the Pathways Alliance oil sands lobby group, are on the list of 88 big carbon polluters called out for a major share of the forested lands lost to wildfires in North America between 1986 and 2021.

Find out more background on the connection between wildfires and oil and gas corporations here: https://www.sierraclub.ca/canada-wildfire-causes/

Get emissions cap facts here: https://www.sierraclub.ca/action-item/canada-emissions-cap-facts/

Be sure to send us more of your questions at info@sierraclub.ca and sign up for email updates from us here: https://www.sierraclub.ca/subscribe-for-updates/

And don't forget to take action!