Wednesday , November 25 2020

Energy companies back from the Whistler conference after a mayor calls for compensation for climate change



Gondola yn Whistler, B.C. on December 3, 2016. CIBC hosts its Annual Whistler Investment Conference in January.

Rafal Gerszak / Globe a Mail

Energy companies withdraw from a high profile investment conference held in Whistler, B.C., after its mayor calls on Canada's biggest oil and gas producer to compensate for the mountain town about the effects of climate change.

Letter from Whistler Mayor Jack Crompton asks Canadian Natural Resources Ltd leader Tim McKay to "start taking financial responsibility for the climate-related harm caused in our community from your products. " One of the effects has increased spending on wild wildlife protection. he wrote.

The deer has prevented a polarization debate between the green groups and the oil industry, who has been struggling to convince Canadians that his inability to add pipeline capacity and arranging higher prices for fossil fuels among environmental pushing has caused job losses and other economic disturbance.

Story continues below advertisement

The impact of the river spreads to Imperial Imperial Trade Bank, which hosts its Annual Whistler Investment Conference in January. It's a clear event where institutional investors hear presentations by dozens of public companies, many of them in the energy sector.

PrairieSky Royalty Ltd and Gibson Energy Inc. Among companies that have chosen to return from the event in response to the letter. CNRL has also pulled back the conference and others say that they are suitable.

"We've been there every year since our initial public offer in 2014, to support our industry partners as well as CIBC, but given the letter sent to CNRL by Whistler mayor, we will not spend our time and dollars shareholders at a Whistler event this year, "said Cameron Proctor, chief executive officer of PrairieSky.

Mr Proctor said the company does not want to damage CIBC, but it is eager to send the message that energy is really contributing to the Canadian economy, including Whistler and its locations ski lush.

The CIBC executive spoke to support the sector. "The Canadian energy industry has been a global leader in responsible energy development. We are committed to clients in the energy sector as they play a key role in driving the Canadian economy," said Roman Dubczak, managing director and head of banking global investment.

There is no evidence that CNRL, in particular, affects the climate more than any other producer; He has been chosen as a target for symbolic reasons. Other West Coast communities have sent similar letters to oil companies, including Chevron Corp, Exxon Mobil Corp and Saudi Aramco, as part of West Coast Environmental Law's initiative.

The campaign challenges "these companies and their shareholders to take advantage of their business model and what it means to take cruel responsibility to the grave for products that # 39; n destroys the health of our global environment, "said WCEL in a statement on its website.

Story continues below advertisement

Mr Crompton was a town council resort on Thursday and was not available for comments. But in a statement he said that his council saw tackling climate change as a "multi-faceted challenge" and that all levels of government, industries and individuals were responsible for solving the problems and dealing with the costs .

Mr Crompton acknowledged that people can visit Whistler due to fossil fuels, and that hundreds of thousands of people work in the industry. These employees are "proud of the work they are responsible for producing Canadian resources and … thousands of those employees have made a holiday option in our community. It was aimed at highlighting climate change. In any way was our goal to make anyone feel unlikely in Whistler, "he said.


Source link