Yet another sign that across the world times are getting tougher for carbon-intensive projects:
A major effort to expand development of Canada’s oil sands has collapsed after 9 years of planning. It would have slashed through 24,000 acres of boreal forest and released millions of tons of climate-warming carbon dioxide every year. https://t.co/nhCVBVRNqL— The New York Times (@nytimes) February 24, 2020
A major effort to expand development of Canada’s oil sands has collapsed shortly before a deadline for government approval, undone by investor concerns over oil’s future and the political fault lines between economic and environmental priorities.
Simon Dyer, from the Pembina Institute, a leading Canadian environmental research organization, said:
Companies like Teck are realizing that global capital markets are changing rapidly. There was never an economic pathway for this project under global demand scenarios consistent with the Paris climate agreement.
