Alberta
CEO of Alberta Securities Commission responds to editorial from the Parkland Institute
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
Helping builders by putting an end to housing delays
Alberta’s new Stop Housing Delays online portal will allow developers, municipalities and other housing partners to report red tape and unnecessary home-building delays.
Alberta’s government is focused on ensuring Albertans have access to the housing they need, and that means working to streamline processes, cut red tape and reduce delays that are slowing housing construction down. As part of this work, government has launched a new online portal to help in these efforts.
The Stop Housing Delays online portal is now available for developers and municipal authorities to help identify areas that are preventing fast and efficient residential construction. This portal will help government identify and address barriers to building homes across the province.
“The Stop Housing Delays portal will allow Alberta’s government to hear directly from developers, municipalities and other partners on where delays are happening in the construction process. This will help identify and remove barriers, ultimately getting homes built faster and continuing Alberta’s record home-building pace.”
“Alberta’s government will continue to work with municipalities and find solutions to speed up the home-building process. The Stop Housing Delays portal will give us another tool to inform those discussions and identify areas where we can improve the pace of home building.”
Once developers, municipalities or industry partners have submitted their issue using the online form, government will collect and assess the information provided. Alberta’s government will be taking a collaborative, cross-ministry approach to ensure the appropriate departments are working together to find solutions where possible. Solutions may range from minor changes to policy reform.
Alberta’s government continues to support builders and encourage new residential housing construction by reducing red tape, incentivizing housing construction and supporting innovative strategies to build homes faster than ever.
“This webpage is an excellent opportunity to gather knowledge and further eliminate red tape. Government has been persistent in our approach of cutting red tape and removing roadblocks, and this will help to speed up residential construction. I look forward to hearing from developers and our other partners on how we can help get projects moving and Albertans in homes.”
Alberta continues to see strong housing starts and increases while other provinces across Canada are seeing a reduction in housing starts. The first half of 2024 saw 9,903 apartment unit starts in the province. This marks the highest amount in any half year in Alberta’s history, breaking the previous record of 9,750 set in 1977. Albertans will benefit from 33,577 new housing starts from January through September 2024, up 35 per cent from the same period last year. Alberta’s government remains focused on working with industry and non-profit partners to ensure that the province’s growing population has access to the housing it needs.
“This portal is a valuable tool for industry to highlight gaps, barriers and delays that may need to be prioritized and addressed by either local or provincial governments. Real solutions can only emerge through transparency, open communication and collaboration. This is an important step toward identifying the unique challenges each region and municipality faces in delivering attainable housing.”
Quick Facts
- Housing starts for January – September 2024 compared with January – September 2023
- Provincewide: 33,577 compared with 24,904 (up 35 per cent)
- Edmonton: 13,359 compared with 9,099 (up 47 per cent)
- Calgary: 17,414 compared with 14,141 (up 23 per cent)
- Lethbridge: 599 compared with 148 (up 305 per cent)
- Red Deer: 314 compared with 146 (up 115 per cent)
- Data shows Alberta had 10,699 purpose-built rentals, making up 32 per cent of all housing starts.
- Since 2019, Alberta’s government has invested almost $850 million to build more than 5,100 units and close to 900 shelter spaces. This includes projects we have committed to, that are in progress and that are complete.
- Together with its partners, Alberta’s government is supporting $9 billion in investments into affordable housing to support 25,000 additional low-income households by 2031.
Related information
(Left to right: Stéphane Germain, president of GHGSat; John Adams, president and CEO, NGIF Capital and NGIF Accelerator and managing partner of Cleantech Ventures; Rebecca Schulz, Minister of Environment and Protected Areas; Scott Volk, director of emissions and innovation, Tourmaline Oil; Justin Riemer, CEO of Emissions Reduction Alberta)
New funding will advance technologies that turn Alberta’s natural resources, such as bitumen, into materials of the future.
Alberta is Canada’s third-largest producer of manufactured goods and materials and first in clean technology innovation. At the same time, manufacturing companies around the world are looking for ways to make products like concrete, plastics, food, wood, chemicals and machinery more efficient, more durable, easier to recycle and better for the environment.
Alberta’s government is investing $40 million from the industry-funded Technology Innovation and Emissions Reduction (TIER) program to advance technologies that will turn everyday items that would otherwise be wasted or dumped in landfills into modern, low-emission products. These technologies will help create jobs, reduce emissions and help Alberta’s manufacturing industry lead the world.
“We have the resources, expertise and entrepreneurs needed to create some of the most advanced materials in the world. This funding competition will help develop new and exciting technologies that reduce emissions, create jobs, reuse waste and keep growing our economy.”
Advanced materials are increasing in global demand. They are new or significantly improved materials that provide a distinct advantage in performance when compared to conventional materials. Advanced materials have already been used to create new construction materials, improved batteries and fuel cells and lighter, stronger aircrafts, bicycles and golf clubs, among other products.
Led by Emissions Reduction Alberta, Alberta’s new funding competition will support scale-up, pilot, and demonstration and first-of-kind commercial technologies that improve the extraction, production, manufacturing, and performance of new and existing materials and products in Alberta. It is open to a wide a range of applicants including researchers, businesses, municipalities and Indigenous communities.
“Enhancing existing products and developing new materials with superior performance while embracing circular economy strategies will help deliver deeper emissions reductions, enhance supply chain resiliency and strengthen industrial competitiveness. This funding, sourced from Alberta’s TIER regulation, is critical and the possibilities are endless.”
The focus of this funding is to help create technologies that turn resources into modern, new products. This includes emerging technologies extracting high value metals like vanadium, titanium and lithium found within natural resources such as bitumen and creating novel, carbon-absorbing materials. These can then be used to improve everything from construction material and consumer electronics to aircrafts and hockey sticks.
“Emerging technology solutions, such as creating advanced carbon products from bitumen, are critical to lowering emissions and creating jobs in the province. Alberta Innovates is pleased to support this call and work closely with Emissions Reduction Alberta to realize a new future for Albertans.”
“By transforming our abundant natural resources into advanced, low-carbon materials, we are not only driving emissions reductions but also creating valuable opportunities for industry growth and export potential. The Government of Alberta’s investment through Emissions Reduction Alberta’s Advanced Materials Challenge demonstrates a commitment to building a resilient economy that harnesses Alberta’s strengths in new and sustainable ways.”
Quick facts
- Applications for the Advanced Materials Challenge close on Wednesday, January 22, 2025, at 5 PM MST.
- Successful applicants are eligible for up to $5 million.
- Applications are open to innovators, technology developers, commercial and industrial building owners, municipalities, Indigenous communities, small and medium-sized businesses, research and development organizations, universities, and not-for-profit organizations.
- Applications are open to emerging technologies. While technology solutions can originate from anywhere globally, they must be piloted, demonstrated or deployed in Alberta.
- The TIER system uses industry dollars to help Alberta facilities find innovative ways to reduce emissions and invest in clean technology to stay competitive and save money.
- Full details on the Advanced Materials Challenge can be found on Emissions Reduction Alberta’s website.
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