One of Fink’s sentences is worth repeating: “The technology does not
yet exist to cost-effectively replace many of today’s essential uses
of hydrocarbons.” It may be even more complicated than lack of
technology. Some scientists say the physics and essential properties
of energy production make any known fossil fuel substitutes — such
as wind and solar — unrealistic alternatives.
I have some welcome news for Canada’s fossil fuel industry. Bank of England Governor Mark Carney, soon to be the UN envoy on climate finance, will not be joining the fossil fuel divestment movement. “I absolutely disagree with divestment campaigns,” Carney said in an email to an FP Comment column reader in Calgary.
Carney’s categorical rejection of divestment clarifies what has appeared to some as the central banker’s ambiguous position on the global campaign to get investment firms, pension funds and other financial institutions to remove carbon-emitting energy corporations from their portfolios.
Many in Canada’s energy sector have expressed concerns about Carney’s views, which will play a key role in policy circles when he returns to Canada this year to take up his new UN role. Continue Reading →