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

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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

Snapshots of Alberta and Canadian trade with the US

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News release from the Alberta UCP

Alberta’s strong relationship with the U.S. is built on energy, trade, and jobs. These numbers highlight just how vital Alberta is to the U.S. economy—and why standing up for our energy sector matters now more than ever.
Alberta’s unmatched energy contributions supply over half of U.S. imported oil through a vast pipeline network—enough to circle the Earth 11 times. This is why protecting Alberta’s energy industry matters for North America’s prosperity.
Alberta’s energy exports fuel U.S. refineries across key states, creating over 25,000 jobs and turning billions of dollars’ worth of Alberta oil into essential products Americans rely on every day.
This snapshot of top U.S. exports to Canada highlights how vital our trade relationship is, with Alberta playing a key role as a major partner and market for American goods.
Energy leads U.S. imports from Canada, with Alberta’s resources powering industries across America and reinforcing our critical economic partnership.
This chart highlights how much Canadians buy from the U.S. compared to what Americans buy from Canada, with Canadians spending over seven times more per person on U.S. goods. Meanwhile, 904,000 American jobs depend on trade with Alberta, making our province a key economic partner.
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Alberta

New children’s book demonstrates how the everyday world is connected to natural resources

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From the Canadian Energy Centre

‘Today’s youth have the opportunity to lead us into the future with innovative solutions for environmental challenges’

After a 24-year career in oil sands land reclamation, author Tanya Richens is sharing her knowledge with young minds.

Her new book, From the Earth to Us: Discovering the Origins of Everyday Things, explores the relationship between natural resources and the things we use in everyday life, from computers and water bottles to batteries and solar panels.

“There is a gap in society’s understanding of where things come from. We are a society driven by consumerism and immediate gratification. We order something online, and it arrives on our doorstep the next day. We don’t stop to think about where it really came from or how it was made,” Richens says.

“There’s an ever-increasing societal position that mining is bad, and oil is even worse… But there’s a simple hypocrisy in those beliefs, since so many things in our lives are made from the raw materials that come from mining and oil and natural gas,” she says.

The book, illustrated by reclamation artist Shannon Carla King, follows young Hennessy Rose and her Cavalier King Charles Spaniel Riley on a trip to a children’s summer camp.

Hennessy’s mom is a guest speaker on the origin of everyday items and the relationship between humans and the earth. Through detailed explanations of items surrounding her, Hennessy’s mom teaches the kids how rocks, minerals, oil and gas from the earth are used to power and aid our lives, creating items such as building supplies, food and hair products, camping and sports equipment, and cell phones.

Author Tanya Richens poses with her two books for children about natural resources. Photo for Canadian Energy Centre

“I thought a simple and fun book explaining the raw materials needed to make everyday items would be valuable for all ages,” Richens says.

“When people feel personally connected to natural resources, they are more likely to promote sustainable practices. Today’s youth will have the opportunity to lead us into the future with innovative solutions for environmental challenges.”

Richens‘ career began with Alberta Environment, where she was a coordinator of reclamation approvals in the oil sands. She oversaw technical reviews of oil sands reclamation applications, communicated with statement of concern filers, coordinated public hearings and provided support for legislative changes.

She moved from government to Suncor Energy, ensuring the company’s compliance on reclamation projects and led initiatives to obtain reclamation certificates. She now works as an independent consultant.

Drawing on her wealth of experience in the field, Richens’ first book, Adventures in Land Reclamation: Exploring Jobs for a Greener Future, seeks to excite kids aged 9-12 years about jobs related to the environment and land reclamation.

Hoping to get From the Earth to Us into the hands of teachers, Richens is heading to the Edmonton Teachers Convention in late February. She says the book supports multiple learning outcomes in Alberta’s new science curriculum for grades 3, 4, 5 and 6.

“Ultimately, I’d like people to understand and acknowledge their individual part in the need for mining and oil and natural gas development. Until the naivety and hypocrisy in the world is addressed, I’m not sure that real environmental change is possible.”

Richens’ books can be purchased on her website at tcrenvironmental.com.

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