February 5, 2022 - Fossil Fuel Follies of 2021

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February 5, 2022

Fossil Fuel Follies of 2021 by Gwyn Morgan
Appeared in the Financial Post on January 28, 2022

Gina's Thoughts

"Last year saw an intensification of the great march to "net zero", aimed at replacing the 84 per cent of global energy currently supplied by fossil fuels.  This unrealistic objective saw actions ranging from the impractical to the hypocritical to the simply bizarre."  So begins the fossil fuel follies article by Gwyn Morgan, a recap of the year gone by.  My favourite folly in the list is "Greenwashing by the Caisse de Dépôt: Quebec’s provincial pension fund says it will divest its oil production assets by the end of this year. No mention of divesting assets that require oil to function, including airports, highways and marine shipping terminals."  What the Caisse, and any other institution, fund, or bank considering divestment fail to realize is that every other industry relies on the hydrocarbon industry to function.  Canada's oil and gas industry fuels every other sector on our stock exchanges.  To divest from oil and gas is pure folly.

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