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iPolitics By iPolitics. Published on Jan 15, 2021 12:55pm (Pexels photo)
The Lead
Lower temperatures across the northern hemisphere are causing oil prices to rise, especially in Europe, CTV News reports.
“Europe is the largest consumer of oil products, as we speak,” said Faisal Karmali, with the Popowich Karmali Advisory Group. “We’re probably going to see the price of oil shoot up even further, (to) $55 or $57 (per barrel), given the weather. That will impact short-term energy stocks and, potentially, the royalties coming to Alberta.”
BNN Bloomberg reports that households outside Europe, from Japan to Pakistan, are being asked to reduce their electricity use.
iPolitics By iPolitics. Published on Jan 14, 2021 1:30pm
The Lead
According to Reuters, Chesapeake Energy’s bankruptcy plan was approved by U.S. bankruptcy judge David Jones. The U.S. gas company “will emerge from bankruptcy with about $3 billion in new financing, a $7-billion reduction in debt, and $1.7 billion cut from gas-processing and pipeline costs.”
Investors who committed to backing the restructuring of the company’s finances will benefit greatly. In fact, a rebound in energy prices bumped Chesapeake’s value to about $5.13 billion.
Bloomberg reports that Chesapeake’s ownership will be transferred to Franklin Resources Inc., a global investment firm. The approval follows objections from other creditors who argued that senior lenders were getting Chesapeake at a discount through two refinancing deals.
iPolitics By iPolitics. Published on Jan 12, 2021 1:41pm Photo: PMO Twitter account
The Lead
Prime Minister Justin Trudeau says Canada will commit up to $55 million to reduce land degradation and protect vital ecosystems. He made the announcement during the virtual One Planet Summit, an international event hosted by French President Emmanuel Macron in co-operation with the United Nations and the World Bank, which Trudeau attended yesterday.
“When sea levels rise, when droughts become the norm and not the exception, this has catastrophic effects on national habitats,” Trudeau told summit attendees.
The summit dealt with four topics, including preserving terrestrial and marine ecosystems, promoting more sustainable agricultural practices, increasing funding to protect biodiversity, and identifying connections between deforestation and the health of humans and animals.
iPolitics By iPolitics. Published on Jan 11, 2021 1:58pm The Esso-Imperial Oil Nanticoke refinery in Toronto. (Marcus Oleniuk/Toronto Star)
The Lead
Canada’s Imperial Oil has committed to disclosing its carbon pollution data “in the coming months” after parent company Exxon Mobil Corp., released its emissions rates last week.
The Canadian energy giant vowed to release its Scope 3 emissions, which is the carbon pollution generated when Imperial Oil fuels are burned, as per demands from investors.
Financial experts have long encouraged oil companies to disclose their emissions data. Canada’s expert panel on sustainable finance recommended in 2019 that firms should start preparing to “disclose, if appropriate, Scope 3 greenhouse gas emissions.”