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Alberta

CEO of Alberta Securities Commission responds to editorial from the Parkland Institute

Published

3 years ago

3 minute read

On Feb. 2, 2022, Todayville Red Deer republished an article entitled Alberta oilpatch may face lending crunch as financial regulators worry about the risks of climate change by Robert L.(Bob) Ascah of The Parkland Institute.

Within this article Mr. Ascah correctly referred to a set of proposed disclosure requirements recently published by the Canadian Securities Administrators (CSA) for public comment. Those proposals would, among other things, call on all reporting issuers to report their greenhouse gas emissions or to explain why not. However, he incorrectly suggested that the Alberta Securities Commission (ASC) would intentionally slow the project down.

I can confirm that the ASC has been at the forefront and is co-leading the CSA’s work on climate change-related disclosure, in collaboration with all other CSA jurisdictions. Our original research and consultation project gave rise to CSA Staff Notice 51-354 Report on Climate change-related Disclosure and subsequent guidance in CSA Staff Notice 51-358 Reporting of Climate Change-related Risks.

The proposed rule, currently out for comment and under consideration, is intended to provide investors with decision-useful information in respect of emissions, governance, strategy and risk management, and is based in large part on the recommendations of the Task Force on Climate-related Financial Disclosures. The ASC and other CSA regulators are united in our belief that a harmonized approach across the country, and across all industries, is critical to the successful implementation of any rule in this area. No industry will be exempt from its application.

Like other jurisdictions, the ASC has been actively seeking to both inform and engage market participants about this proposed rule. We have held conversations, hosted webinars, published the information and shared it with as many parties as possible. We believe the final rule will be stronger with full engagement and feedback from all parts of our diverse country.

It is worth noting that one of our important industries in Canada, the oil and gas industry, has shown leadership in providing disclosure that responds to increasing investor interest in environmental, social and governance (ESG) matters and has generally expressed support for standardized comparable disclosure.

We are proud to be one of only three jurisdictions in the world to be actively creating a rule that will provide clarity to issuers, regardless of industry, and provide decision-useful information for investors.

Regards,
Stan Magidson
Chair & CEO
Alberta Securities Commission

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Alberta

Passenger rail experts from across the world to inform Alberta’s Passenger Rail Master Plan

Published on November 24, 2024

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Alberta’s future runs on rails

Alberta’s government is bringing together passenger rail experts from across the world to share best practices and inform the province’s Passenger Rail Master Plan.

As Alberta experiences record growth and evolving transportation needs, passenger rail infrastructure and services will be vital for enhancing accessibility and connecting communities. To support this, Alberta’s government is developing a Passenger Rail Master Plan to build the optimal passenger rail system for the province.

As part of the development of the plan, Alberta’s government is hosting a one-day forum to provide an opportunity for Alberta communities, industry and experts to collaborate and share information on passenger rail opportunities and challenges. The forum includes experts from Ontario, Quebec, California, Italy, Spain and Japan who are involved in passenger rail procurement, governance and operations. The sessions will allow for the sharing of best practices and lessons learned on passenger rail planning and development.

“Alberta was built by innovators and visionaries who saw potential in our province and its people. They believed that if you could dream it, you could achieve it. We believe there is opportunity and demand for passenger rail services in Alberta. Today’s forum marks an important step forward in the development of our Passenger Rail Master Plan and in achieving our vision for passenger rail.”

Danielle Smith, Premier

In line with the province’s commitment to engaging Albertans throughout the development of the Passenger Rail Master Plan, a survey has been launched to seek public input on passenger rail. Albertans are invited to complete the online survey by Dec. 20 to help shape the future of passenger rail in Alberta. There will be additional opportunities for Albertans to have their say on passenger rail in the future, including regional open houses which will be held in early 2025.

“Feedback from Albertans, Alberta municipalities, Indigenous communities and industry will be critically important to developing passenger rail services in Alberta. I encourage all Albertans to complete the online survey to help inform a shared vision for passenger rail to enhance accessibility, efficiency, and connectivity across the province.”

Devin Dreeshen, Minister of Transportation and Economic Corridors

In April 2024, Alberta’s government shared its vision for passenger rail and announced the development of the Passenger Rail Master Plan for Alberta. The province’s vision is for an Alberta passenger rail system that includes public, private or hybrid passenger rail, including:

  • a commuter rail system for the Calgary area that connects surrounding communities and the Calgary International Airport to downtown
  • a commuter rail system for the Edmonton area that connects surrounding communities and the Edmonton International Airport to downtown
  • passenger rail that runs between Calgary and Edmonton and the Rocky Mountain parks
  • a regional rail line between Calgary and Edmonton, with a local transit hub in Red Deer
  • municipal-led LRT systems in Calgary and Edmonton that integrate with the provincial passenger rail system
  • rail hubs serving the major cities that would provide linkages between a commuter rail system, regional rail routes and municipal-led mass transit systems

The vision includes a province-led “Metrolinx-like” Crown corporation with a mandate to develop the infrastructure and oversee daily operations, fare collection/booking systems, system maintenance, and planning for future system expansion.

Quick facts

  • The Passenger Rail Survey will be open until Dec. 20.
  • Alberta’s Passenger Rail Master Plan is expected to be completed by summer 2025 and will include:
    • a comprehensive feasibility assessment
    • financial and delivery model options
    • governance and operations recommendations
    • a 15-year delivery plan
    • public engagement

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Alberta

REPORT: Alberta municipalities hit with $37 million carbon tax tab in 2023

Published on November 24, 2024

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Grande Prairie. Getty Images photo

From the Canadian Energy Centre

By Laura Mitchell

Federal cash grab driving costs for local governments, driving up property taxes

New data shows the painful economic impact of the federal carbon tax on municipalities.

Municipalities in Alberta paid out more than $37 million in federal carbon taxes in 2023, based on a recent survey commissioned by Alberta Municipal Affairs, with data provided to the Canadian Energy Centre.

About $760,000 of that came from the City of Grande Prairie. In a statement, Mayor Jackie Clayton said “if the carbon tax were removed, City property taxes could be reduced by 0.6 per cent, providing direct financial relief to residents and businesses in Grande Prairie.”

Conducted in October, the survey asked municipal districts, towns and cities in Alberta to disclose the amount of carbon tax paid out for the heating and electrifying of municipal assets and fuel for fleet vehicles.

With these funds, Alberta municipalities could have hired 7,789 high school students at $15 per hour last year with the amount paid to Ottawa.

The cost on municipalities includes:

Lloydminster: $422,248

Calgary: $1,230,300 (estimate)

Medicine Hat: $876,237

Lethbridge: $1,398,000 (estimate)

Grande Prairie: $757,562

Crowsnest Pass: $71,100

Red Deer: $1,495,945

Bonnyville: $19,484

Hinton: $66,829

Several municipalities also noted substantial indirect costs from the carbon tax, including higher rates from vendors that serve the municipality – like gravel truck drivers and road repair providers – passing increased fuel prices onto local governments.

The rising price for materials and goods like traffic lights, steel, lumber and cement, due to higher transportation costs are also hitting the bottom line for local governments.

The City of Grande Prairie paid out $89 million in goods and services in 2023, and the indirect costs of the carbon tax “have had an inflationary impact on those expenses” in addition to the direct costs of the tax.

In her press conference announcing Alberta’s challenge to the federal carbon tax on Oct. 29, 2024, Premier Danielle Smith addressed the pressures the carbon tax places on municipal bottom lines.

“In 2023 alone, the City of Calgary could have hired an additional 112 police officers or firefighters for the amount they sent to Ottawa for the carbon tax,” she said.

In a statement issued on Oct. 7, 2024, Ontario Conservative MP Ryan Williams, shadow minister for international trade, said this issue is nationwide.

“In Belleville, Ontario, the impact of the carbon tax is particularly notable. The city faces an extra $410,000 annually in costs – a burden that directly translates to an increase of 0.37 per cent on residents’ property tax bills.”

There is no rebate yet provided on retail carbon pricing for towns, cities and counties.

In October, the council in Belleville passed a motion asking the federal government to return in full all carbon taxes paid by municipalities in Canada.

The unaltered reproduction of this content is free of charge with attribution to the Canadian Energy Centre.

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