The Environment in Canada Podcast

The Emissions Cap will NOT Hurt the Economy nor Jobs in Canada ICYMI

Oct 15, 2024

In this discussion, Aaron Cosbey, a veteran development economist, and Jessica Kelly, a senior energy policy advisor, debunk the myth that Canada's emissions cap will harm the economy or jobs. They explore how oil and gas dependence fuels inflation and offer strategies for a sustainable energy transition. The guests critique flawed industry reports predicting job losses and discuss how new anti-greenwashing laws are reshaping corporate accountability. Their insights advocate for a future where climate policy aligns with economic growth.

40:33

Episode guests

Jessica Kelly

Aaron Cosbey

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Episode notes

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Quick takeaways

The emissions cap is expected to drive sustainable practices in the oil and gas sector without hindering overall economic growth or job creation.

Rising energy costs, significantly influenced by fossil fuel dependency, highlight the urgent need for a transition to renewable energy sources for long-term economic stability.

Deep dives

Corporate Profits and Economic Dependency

Corporate profits in the oil and gas industry have reached record levels, highlighting the economic dependency of Canada on fossil fuels. The proposed emissions cap targets these sectors, balancing the need for environmental reform with projected production growth. The discussions around inflation have shifted towards acknowledging that it is the dependency on oil and gas driving price increases, rather than climate policy. A reduction in emissions and accompanying energy costs represents potential win-win scenarios for consumers and the economy.

Intro

3min

Fossil Fuels and Inflation in Canada

11min

Transitioning to Sustainable Energy in Canada

6min

Rethinking Emissions Caps in Oil and Gas

5min

Evaluating Economic Impacts of Emission Caps

8min

The Impact of Greenwashing Legislation on Canada's Oil and Gas Sector

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 and calls to scrap it.

We recently held an exhibit of artefacts from climate disasters which featured testimonies from survivors calling for an emissions cap entitled Protect What We Love: https://www.protectwhatwelove.ca/

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!