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A weekly briefing from InvestNow

Story of
the Week

One consequential story. The context behind it. And a clear-eyed view of what it means for Canadian investment and prosperity.

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December 17, 2022 – HSBC announces plans to halt funding for new oil and gas developments, but Canadian unit will be exemptedThis week

December 17, 2022 – HSBC announces plans to halt funding for new oil and gas developments, but Canadian unit will be exempted

HSBC announces plans to halt funding for new oil and gas developments, but Canadian unit will be exempted by Stefanie Marotta Appeared in The Globe and Mail on December 14, 2022 Gina's Thoughts This is our last SOTW…

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Every Friday

One story, fully considered.

Story of the Week connects the week’s biggest headline to the forces behind it—capital, policy, institutions, and the people making the decisions. Each edition is a focused analysis by Gina Pappano, delivered without jargon or spin.

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Browse every edition in reverse chronological order.

2022

December 10, 2022 – Watch out for ESG assets that turn out not to be

December 10, 2022 – Watch out for ESG assets that turn out not to be

Watch out for ESG assets that turn out not to be by Matthew Lau Appeared in the Financial Post on December 6, 2022 Gina's Thoughts "The backlash against ESG investing has finally arrived." This was proclaimed in a…

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December 3, 2022 – BlackRock, UBS Ask to Be Removed From Texas’ Energy Boycott List

December 3, 2022 – BlackRock, UBS Ask to Be Removed From Texas’ Energy Boycott List

BlackRock, UBS Ask to Be Removed From Texas' Energy Boycott List by Shelly Hagan and Danielle Moran Appeared in the Financial Post on November 28, 2022 Gina's Thoughts "Don't Mess with Texas." Last year, the Texas state legislature…

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November 26, 2022 – ESG Investing Hurts the Poor and Empowers Tyrants

November 26, 2022 – ESG Investing Hurts the Poor and Empowers Tyrants

ESG Investing Hurts the Poor and Empowers Tyrants by John Murante Appeared in the National Review on November 21, 2022 Gina's Thoughts The author describes the current situation in the US (and Canada) where "unelected investment managers and…

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November 19, 2022 – The banking approach to net zero is just claptrap

November 19, 2022 – The banking approach to net zero is just claptrap

The banking approach to net zero is just claptrap by Stuart Kirk Appeared in The Financial Times on November 11, 2022 Gina's Thoughts "From the 2015 Paris Agreement emerged the idea that investors must play their part in…

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November 12, 2022 – Opinion: The energy transition is transitioning — to energy security

November 12, 2022 – Opinion: The energy transition is transitioning — to energy security

Opinion: The energy transition is transitioning -- to energy security by Henry Geraedts Appeared in The Financial Post on November 10, 2022 Gina's Thoughts This week's author writes that "the current supply crisis has revealed surprising global demand…

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November 5, 2022 – Cenovus CEO takes aim at oil and gas critics; says sector pays billions in taxes

November 5, 2022 – Cenovus CEO takes aim at oil and gas critics; says sector pays billions in taxes

Cenovus CEO takes aim at oil and gas critics; says sector pays billions in taxes by Amanda Stephenson Appeared in The Canadian Press on November 2, 2022 Gina's Thoughts This week's article features another CEO standing up for…

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October 29, 2022 – Why We’re Bullish on Energy Stocks

October 29, 2022 – Why We’re Bullish on Energy Stocks

Why We're Bullish on Energy Stocks by Vivek Ramaswamy and David Sokel Appeared in the Wall Street Journal on October 24, 2022 Gina's Thoughts "JP Morgan estimates that by 2030 oil and gas companies will require an additional…

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October 22, 2022 – Will the energy crisis crush European industry?

October 22, 2022 – Will the energy crisis crush European industry?

Will the energy crisis crush European industry? by Peggy Hollinger, Sarah White, Madeleine Speed and Marton Dunai Appeared in the Financial Times on October 19, 2022 Gina's Thoughts This article underscores how almost every industry in the world…

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October 15, 2022 – Chevron chief blames western governments for energy crunch

October 15, 2022 – Chevron chief blames western governments for energy crunch

Chevron chief blames western governments for energy crunch by Derek Brower Appeared in the Financial Times on October 13, 2022 Gina's Thoughts This week, the CEO of one of the biggest companies in the world spoke out against…

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October 8, 2022 – Banks at Greater Reputational, Legal Risk From Global Climate Pledges

October 8, 2022 – Banks at Greater Reputational, Legal Risk From Global Climate Pledges

Banks at Greater Reputational, Legal Risk From Global Climate Pledges by Rahul Vaidyanath Appeared in Epoch Times on October 5, 2022 Gina's Thoughts Last week, JP Morgan Chase CEO Jamie Dimon said that the bank would continue to…

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October 1, 2022 – Reality Is Setting In: Jamie Dimon’s Testimony Caps A Confrontational Energy Week

October 1, 2022 – Reality Is Setting In: Jamie Dimon’s Testimony Caps A Confrontational Energy Week

Reality Is Setting In: Jamie Dimon's Testimony Caps A Confrontational Energy Week by David Blackmon Appeared in Forbes on September 22, 2022 Gina's Thoughts The road to hell is paved with good intentions. JP Morgan Chase CEO Jamie…

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September 24, 2022 – Fossil fuel divestment not on the agenda for AIMCO, CEO Evan Siddall says

September 24, 2022 – Fossil fuel divestment not on the agenda for AIMCO, CEO Evan Siddall says

Fossil fuel divestment not on the agenda for AIMCO, CEO Evan Siddall says by Jeffrey Jones Appeared in The Globe and Mail on September 21, 2022 Gina's Thoughts Hear, hear AIMCo! "Alberta's public investment manager is not making…

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September 17, 2022 – Oil and gas dominate a new list of the TSX’s 30 best performing stocks

September 17, 2022 – Oil and gas dominate a new list of the TSX’s 30 best performing stocks

Oil and gas dominate a new list of the TSX's 30 best performing stocks by Meghan Potkins Appeared in The Financial Post on September 15, 2022 Gina's Thoughts The headline says it all. Fifty percent of the companies…

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September 10, 2022 – Why the Energy Transition Will Fail

September 10, 2022 – Why the Energy Transition Will Fail

Why the Energy Transition Will Fail by James Freeman Appeared in The Wall Street Journal on August 26, 2022 Gina's Thoughts Mr. Freeman writes about a report by The Manhattan Institute's Mark Mills titled "The Energy Transition Delusion:…

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August 27, 2022 – U of Texas Endowment Blows Past Yale, Challenges Harvard as Richest in Nation, Thanks to Oil Investments

August 27, 2022 – U of Texas Endowment Blows Past Yale, Challenges Harvard as Richest in Nation, Thanks to Oil Investments

U of Texas Endowment Blows Past Yale, Challenges Harvard as Richest in Nation, Thanks to Oil Investments by Tyler Durden Appeared in Zerohedge on August 24, 2022 Gina's Thoughts "While ivy league universities like Harvard are busy virtue…

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August 20, 2022 – The ESG Investing Backlash Arrives

August 20, 2022 – The ESG Investing Backlash Arrives

The ESG Investing Backlash Arrives by The Editorial Board Appeared in The Wall Street Journal on August 15, 2022 Gina's Thoughts The pushback against ESG investing has begun. The ESG movement has infiltrated investment standards with little scrutiny…

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July 30, 2022 – For social good, S&P beats ESG

July 30, 2022 – For social good, S&P beats ESG

For social good, S&P beats ESG by Matthew Lau Appeared in The Financial Post on July 27, 2022 Gina's Thoughts "ESG-friendly quarters such as public universities have committed to divesting their portfolios of fossil fuel companies. Public pension…

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July 23, 2022 – Energy crisis prompts ESG rethink on oil and gas

July 23, 2022 – Energy crisis prompts ESG rethink on oil and gas

Energy crisis prompts ESG rethink on oil and gas by Chris Flood Appeared in The Financial Times on July 18, 2022 Gina's Thoughts "Governments and companies are scrambling to balance their green ambitions with the new imperatives of…

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July 2, 2022 – The critical need for a comprehensive strategy for North American energy independence

July 2, 2022 – The critical need for a comprehensive strategy for North American energy independence

The critical need for a comprehensive strategy for North American energy independence by Derek H. Burney Appeared in the National Post on June 28, 2022 Gina's Thoughts Happy Canada Day! InvestNow thought this article was appropriate for Canada…

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June 25, 2022 – Fossil fuel divestment bill dies in California Legislature

June 25, 2022 – Fossil fuel divestment bill dies in California Legislature

Fossil fuel divestment bill dies in California Legislature by Chastity Hale Appeared in the San Francisco Chronicle on June 22, 2022 Gina's Thoughts "At a time when there is so much financial uncertainty and people are struggling to…

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June 18, 2022 – Is $6 a Gallon Gasoline Next?

June 18, 2022 – Is $6 a Gallon Gasoline Next?

Is $6 a Gallon Gasoline Next? by The Editorial Board Appeared in the Wall Street Journal on June 15, 2022 Gina's Thoughts Perhaps the subheading of this article is more telling than the headline. It reads, "The assault…

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June 11, 2022 – How Woke Economics Accelerates Energy Poverty

June 11, 2022 – How Woke Economics Accelerates Energy Poverty

How Woke Economics Accelerates Energy Poverty by David Yager Appeared in EnergyNow on June 4, 2022 Gina's Thoughts "One of the primary target of "wokeness" is fossil fuels." David Yager writes that "unencumbered by facts or global market…

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June 4, 2022 – The unjust transition: Canada’s energy sacrifice is hurting the world, not helping it

June 4, 2022 – The unjust transition: Canada’s energy sacrifice is hurting the world, not helping it

The unjust transition: Canada's energy sacrifice is hurting the world, not helping it by Bill Bewick Appeared in The Hub on May 26, 2022 Gina's Thoughts "The world needs Canadian energy more than ever, but by prioritizing our…

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May 28, 2022 – ESG’s power grows as banker is canceled for talking sense on climate change 

May 28, 2022 – ESG’s power grows as banker is canceled for talking sense on climate change 

ESG's power grows as banker is canceled for talking sense on climate change by Rupert Darwall Appeared in the New York Post on May 24, 2022 Gina's Thoughts Stuart Kirk, head of Responsible Investment at HSBC made headline news for speaking…

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May 21, 2022 – Natural gas to be classed as “green” investment to boost North Sea

May 21, 2022 – Natural gas to be classed as “green” investment to boost North Sea

Natural gas to be classed as "green" investment to boost North Sea by Rachel Millard Appeared in The Telegraph on May 13, 2022 Gina's Thoughts "A lot of investors with ESG [environmental, social and governance] targets are divesting from fossil fuels…

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May 14, 2022 – An inconvenient truth about ESG Investing 

May 14, 2022 – An inconvenient truth about ESG Investing 

An inconvenient truth about ESG Investing by Mark Yamada Appeared in Investor's Edge Magazine on May 9, 2022 Gina's Thoughts Investments in ESG (Environmental, Social, Governance) funds have seen explosive growth over the past several years.  "At US$35 trillion, ESG already…

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May 7, 2022 – Which energy assets will be stranded?

May 7, 2022 – Which energy assets will be stranded?

Which energy assets will be stranded? by Terence Corcoran Appeared in the Financial Post on May 4, 2022 Gina's Thoughts Corcoran turns the concept of stranded assets on its head.  Stranded assets is a term Mark Carney, former Governor of the…

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April 30, 2022 – Fossil Fuel Divestment Decisions Prove Costly, Ill-Timed

April 30, 2022 – Fossil Fuel Divestment Decisions Prove Costly, Ill-Timed

Fossil Fuel Divestment Decisions Prove Costly, Ill-Timed by Ira Stoll Appeared in The New York Sun on April 18, 2022 Gina's Thoughts "How's that fossil fuel divestment going?" The columnist asks this question first and foremost in the article and answers…

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April 23, 2022 – There’s no time to waste—the world needs Canadian energy now

April 23, 2022 – There’s no time to waste—the world needs Canadian energy now

There's no time to waste-- the world needs Canadian energy now by Eric Nuttall Appeared in the Financial Post on April 12, 2022 Gina's Thoughts "Unless meaningful action is taken on the energy supply crisis, the result will be energy poverty…

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April 9, 2022 – You’ll Miss Fossil Fuels When They’re Gone

April 9, 2022 – You’ll Miss Fossil Fuels When They’re Gone

You'll Miss Fossil Fuels When They're Gone by Allysia Finley Appeared in The Wall Street Journal on April 4, 2022 Gina's Thoughts "What would a world without oil and gas look like? We’re getting a preview: surging prices for food and…

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April 2, 2022 – To save democracy, ship our gas

April 2, 2022 – To save democracy, ship our gas

To save democracy, ship our gas by William Watson Appeared in The Financial Post on March 29, 2022 Gina's Thoughts If the oil and gas that society wants and needs is not provided by Canada and Canadian companies, it will come…

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March 26, 2022 – Why ESG funds ‘shockingly’ buy Russian oil instead of Canadian crude

March 26, 2022 – Why ESG funds ‘shockingly’ buy Russian oil instead of Canadian crude

Why ESG funds 'shockingly' buy Russian oil instead of Canadian crude by Jeff Lagerquist Appeared in Yahoo Finance Canada on March 22, 2022 Gina's Thoughts This article references a recent study put out by CIBC Capital Markets which performed a global…

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March 19, 2022 – The drawbacks and dangers of oil and gas divestment

March 19, 2022 – The drawbacks and dangers of oil and gas divestment

The drawbacks and dangers of oil and gas divestment by William McNally Appeared in The Financial Post on March 9, 2022 Gina's Thoughts InvestNow featured the longer version of this article in our first Story of the Week…

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March 12, 2022 – Putin’s war on Ukraine exposes the folly of ESG

March 12, 2022 – Putin’s war on Ukraine exposes the folly of ESG

Putin's war on Ukraine exposes the folly of ESG by Oliver Shah Appeared in The Times on March 6, 2022 Gina's Thoughts "For some time, the monomaniacal focus of certain investors on compliance with environmental, social and governance…

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March 5, 2022 – What Canadian policymakers can learn from Europe’s energy woes

March 5, 2022 – What Canadian policymakers can learn from Europe’s energy woes

What Canadian policymakers can learn from Europe's energy woes by Eric Nuttall Appeared in The Financial Post on March 1, 2022 Gina's Thoughts "It should be obvious: the world needs more, not less, of Canada’s abundant and ethically produced energy". So…

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February 26, 2022 – How Canada can keep Europe’s lights on

February 26, 2022 – How Canada can keep Europe’s lights on

How Canada can keep Europe's lights on by John Ivison  Appeared in The National Post on February 23, 2022 Gina's Thoughts "Russia supplies one third of the gas that heats homes across Europe."  "Western countries were still purchasing hundreds of millions of…

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February 19, 2022 – Student climate activists from Yale, Stanford, Princeton, MIT and Vanderbilt file legal complaints to compel divestment

February 19, 2022 – Student climate activists from Yale, Stanford, Princeton, MIT and Vanderbilt file legal complaints to compel divestment

Student climate activists from Yale, Stanford, Princeton, MIT and Vanderbilt file legal complaints to compel divestment by Susan Svrluga Appeared in The Washington Post on February 17, 2022 Gina's Thoughts "For years, they tried to convince universities that…

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February 12, 2022 – A windfall tax on oil giants would harm – not help – pensioners 

February 12, 2022 – A windfall tax on oil giants would harm – not help – pensioners 

A windfall tax on oil giants would harm - not help - pensioners by Ross Clark Appeared in The Spectator on February 8, 2022 Gina's Thoughts BP and Shell form the backbone of many UK pension schemes and both companies are…

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February 5, 2022 – Fossil Fuel Follies of 2021

February 5, 2022 – Fossil Fuel Follies of 2021

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…

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January 29, 2022 – Why the Sustainable Investment Craze is Flawed

January 29, 2022 – Why the Sustainable Investment Craze is Flawed

Why the Sustainable Investment Craze is Flawed by James Mackintosh Appeared in the Wall Street Journal on January 23, 2022 Gina's Thoughts In the first in a series of columns about the failed promise of funds guided by ESG principles, the…

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January 22, 2022 – BlackRock’s Climate Stance is About Profits, Not Politics, Larry Fink says

January 22, 2022 – BlackRock’s Climate Stance is About Profits, Not Politics, Larry Fink says

BlackRock's Climate Stance is About Profits, Not Politics, Larry Fink says by Justin Baer Appeared in the Wall Street Journal on January 17, 2022 Gina's Thoughts "In his annual letter to the CEOs of the companies in which BlackRock invests, Mr.…

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January 15, 2022 – Divestment Won’t Stop Fossil Fuels – Nor Should It

January 15, 2022 – Divestment Won’t Stop Fossil Fuels – Nor Should It

Divestment Won't Stop Fossil Fuels - Nor Should It by William McNally Appeared in C2C Journal on January 8, 2022 Gina's Thoughts William McNally's thorough and excellent article is perfect for our first Story of the Week of…

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2021

December 18, 2021 — Life Runs on Energy from Energy Transfer

December 18, 2021 — Life Runs on Energy from Energy Transfer

Life Runs on Energy from Energy Transfer  Appeared in the Financial Post on January 20, 2025 Gina's Thoughts Since this is the last Story of the Week for 2021, we thought we would do something a little bit…

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December 11, 2021 — Small but growing number of Canadian universities divesting from fossil fuels

December 11, 2021 — Small but growing number of Canadian universities divesting from fossil fuels

Small but growing number of Canadian universities divesting from fossil fuels by Stephen Leahy Appeared in University Affairs on December 8, 2021 Gina's Thoughts Stephen Leahy's piece on university divestment is another example of media not seeing the…

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December 4, 2021 — Fifteen States Respond to “Woke Capitalism,” Threaten to Cut Off Banks That Refuse to Service Coal, Oil Industries

December 4, 2021 — Fifteen States Respond to “Woke Capitalism,” Threaten to Cut Off Banks That Refuse to Service Coal, Oil Industries

Fifteen States Respond to "Woke Capitalism," Threaten to Cut Off Banks That Refuse to Service Coal, Oil Industries by Brittany Bernstein Appeared in the National Review on November 22, 2021 Gina's Thoughts Fifteen states in the USA are…

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November 27, 2021 — BlackRock’s Larry Fink: Don’t divest fossil fuels, stay in the game

November 27, 2021 — BlackRock’s Larry Fink: Don’t divest fossil fuels, stay in the game

BlackRock's Larry Fink: Don't divest fossil fuels, stay in the game by Betsy Vereckey Appeared in the MIT Sloan School of Management Ideas Made to Matter on November 2, 2021 Gina's Thoughts BlackRock's CEO and Chairman Larry Fink…

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November 20, 2021 — There’s a massive chasm between government policy and our energy reality

November 20, 2021 — There’s a massive chasm between government policy and our energy reality

There's a massive chasm between government policy and our energy reality by Eric Nuttall Appeared in the Financial Post on November 10, 2021 Gina's Thoughts It is epically frustrating that in Canada, a country blessed with some of…

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November 13, 2021 — Who Elected the Bankers?

November 13, 2021 — Who Elected the Bankers?

Who Elected the Bankers? by William Watson Appeared in the Financial Post on November 9, 2021 Gina's Thoughts William Watson asks the question, "But who elected the bankers and financiers? By whose authority do they take it upon themselves…

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November 6, 2021 — COPOUT 26 – Face, farce and fiction, from Greta to Trudeau to Modi

November 6, 2021 — COPOUT 26 – Face, farce and fiction, from Greta to Trudeau to Modi

COPOUT 26 - Face, farce and fiction, from Greta to Trudeau to Modi by Terence Corcoran Appeared in the Financial Post on November 3, 2021 Gina's Thoughts Terence Corcoran successfully separates fact from fiction, debunking Justin Trudeau's green…

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October 30, 2021 — Let’s be clear — Canada should not “move past” oil and gas

October 30, 2021 — Let’s be clear — Canada should not “move past” oil and gas

Let's be clear — Canada should not "move past" oil and gas by Bill Bewick Appeared in the National Post on October 22, 2021 Gina's Thoughts Bill Bewick's article succinctly outlines why Canada should not move past oil…

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October 23, 2021 — Energy Crisis 2021: How Bad Is It. And How Long Will It Last?

October 23, 2021 — Energy Crisis 2021: How Bad Is It. And How Long Will It Last?

Energy Crisis 2021: How Bad Is It. And How Long Will It Last? by Christopher Helman Appeared in Forbes on October 19, 2021 Gina's Thoughts The author states that "the world has run headlong into an energy crisis"…

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October 16, 2021 — Hedge funds cash in as green investors dump energy stocks

October 16, 2021 — Hedge funds cash in as green investors dump energy stocks

Hedge funds cash in as green investors dump energy stocks by Laurence Fletcher and Derek Brower Appeared in The Financial Times on October 7, 2021 Gina's Thoughts A section on the InvestNow website titled "Why Divestment is Wrong"…

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October 9, 2021 — Quebec pension giant Caisse to exit remaining oil-producing assets, setting up $10-billion green fund

October 9, 2021 — Quebec pension giant Caisse to exit remaining oil-producing assets, setting up $10-billion green fund

Quebec pension giant Caisse to exit remaining oil-producing assets, setting up $10-billion green fund by Jeffrey Jones Appeared in The Globe and Mail on September 28, 2021 Gina's Thoughts "Canada's second-largest pension fund will jettison its oil-production holdings,…

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October 2, 2021 — Gas crisis shows why we must stop demonising fossil fuels

October 2, 2021 — Gas crisis shows why we must stop demonising fossil fuels

Gas crisis shows why we must stop demonising fossil fuels by Merryn Somerset Webb Appeared in The Financial Times on September 24, 2021 Gina's Thoughts I scream, you scream, we all scream for ice cream! The chain of…

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September 17, 2021 — Hey Bankers! How’s that ESG thing going for you?

September 17, 2021 — Hey Bankers! How’s that ESG thing going for you?

Hey Bankers! How's that ESG thing going for you? By Terence Corcoran Appeared in The Financial Post on September 17, 2021 Gina's Thoughts First Canadian Universities, now Canadian Banks! Yes, the divestment activists are now targeting the Canadian…

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Gas crisis shows why we must stop demonising fossil fuels

September 11, 2021 — Ethical investing is a pointless fad with ‘no impact’, says former BlackRock executive

Ethical investing is a pointless fad with 'no impact', says former BlackRock executive by Simon Foy Appeared in The Telegraph on September 7, 2021 Gina's Thoughts The author states that ESG investing does little to advance its purported…

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September 10, 2021 — After nearly a decade of resistance, Harvard divests from fossil fuels

September 10, 2021 — After nearly a decade of resistance, Harvard divests from fossil fuels

After nearly a decade of resistance, Harvard divests from fossil fuels by Sabrina Shankman Appeared in The Boston Globe on September 10, 2021 Gina's Thoughts By resisting calls to divest for the past decade, Harvard recognized that divestment…

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September 4, 2021 — CPP oil investment is on the rise

September 4, 2021 — CPP oil investment is on the rise

CPP oil investment is on the rise by James Rowe, Jessica Dempsey & Zoe Yunker Appeared in the Vancouver Sun on August 12, 2021 Gina's Thoughts While this goes against what divestment activists are calling for, the CPP's…

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