B.C. Premier Eby says he's not opposed to privately backed oil pipeline to north coast
As Alberta Premier Danielle Smith pushes for a crude oil pipeline to British Columbia's north coast, B.C. Premier David Eby says he's not simply saying no.
Instead, Eby said he's against the public funding of such a pipeline.
"What I don't support is tens of billions of dollars in federal subsidy going to build this new pipeline when we already own a pipeline that empties into British Columbia and has significant additional capacity — 200,000 barrels," Eby said on Sunday, referring to the Trans Mountain pipeline.
He added there's no company currently advocating for Smith's pipeline proposal.
"There's no money for it," Eby told CBC's chief political correspondent Rosemary Barton.
Smith has been advocating for the bitumen pipeline to B.C.'s northern tidewaters and said she is actively searching for interested private sector companies.
She has suggested the pipeline's end point be in Prince Rupert, B.C., avoiding the cancelled Northern Gateway pipeline's proposed terminus in another northern B.C. port, Kitimat.
But Eby said he wants to prioritize projects that are "shovel-ready."
"We have major projects with private proponents, cash on the table, ready to go to hire people and build — let's focus on those," he said.
Eby listed B.C. energy projects including the LNG Canada project in Kitimat and the Ksi Lisims LNG project north of Prince Rupert, as well as major hydroelectric projects, mining projects in the northwest, and various wind and solar projects that he said will be interconnected with the Yukon and Alberta.Eby also highlighted the fact that he recently signed onto a memorandum of understanding with western premiers around a trade corridor that could include major energy projects such as heavy oil.
But he noted there are major issues with a proposal for a pipeline, particularly the federal tanker ban on the north coast.
The ban prohibits oil tankers carrying more than 12,500 metric tons of crude oil, or persistent oil products, from stopping, loading, or unloading at ports in a restricted area covering nearly the entire north coast.Smith has said she will convince Eby of the pipeline's merits, which she said could include billions in revenue.
"It's Team Canada or not," she said on Rosemary Barton Live earlier this month.
"I would hope that what would happen is that we would identify whatever legitimate concerns that a province might have and then work through them," Smith added.
Prime Minister Mark Carney has said while he wants to speed up "nation-building" infrastructure projects, he wants to build consensus between governments.
"We will not impose a project on a province," Carney said at a press conference earlier this month.
Eby said he would be happy to sit down with Albertan officials if a private proponent came to the table without public money.
"We'll cross that bridge when we come to it," Eby said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
2 hours ago
- Associated Press
NATO leaders gather Tuesday for what could be a historic summit, or one marred by divisions
THE HAGUE, Netherlands (AP) — U.S. President Donald Trump and his NATO counterparts are due to gather Tuesday for a summit that could unite the world's biggest security organization around a new defense spending pledge or widen divisions among the 32 allies. Just a week ago, things had seemed rosy. NATO Secretary-General Mark Rutte was optimistic the European members and Canada would commit to invest at least as much of their economic growth on defense as the United States does for the first time. Then Spain rejected the new NATO target for each country to spend 5% of its gross domestic product on defense needs, calling it 'unreasonable.' Trump also insists on that figure. The alliance operates on a consensus that requires the backing of all 32 members. The following day, Trump said the U.S. should not have to respect the goal. 'I don't think we should, but I think they should,' he said. Trump lashed out at Prime Minister Pedro Sánchez's government, saying: 'NATO is going to have to deal with Spain. Spain's been a very low payer.' He also criticized Canada as 'a low payer.' Spain was the lowest spender in the alliance last year, directing less than 2% of its GDP on defense expenditure, while Canada was spending 1.45%, according to NATO figures. Then Trump ordered the bombing of nuclear installations in Iran. In 2003, the U.S.-led war on Iraq deeply divided NATO, as France and Germany led opposition to the attack, while Britain and Spain joined the coalition. European allies and Canada also want Ukraine to be at the top of the summit agenda, but they are wary that Trump might not want President Volodymyr Zelenskyy to steal the limelight. A short summit, decades of mutual security The two-day summit in The Hague involves an informal dinner Tuesday and one working session Wednesday morning. A very short summit statement has been drafted to ensure the meeting is not derailed by fights over details and wording. Indeed, much about this NATO summit is brief, even though ripples could be felt for years. Founded in 1949, the North Atlantic Treaty Organization was formed by 12 nations to counter the threat to security in Europe posed by the Soviet Union during the Cold War, notably via a strong U.S. presence on the continent. Dealing with Moscow is in its DNA. Keeping the peace outside the Euro-Atlantic area is not. NATO's ranks have grown to 32 countries since the Washington Treaty was signed 75 years ago. Sweden joined last year, worried by an increasingly aggressive Russia. NATO's collective security guarantee — Article 5 of the treaty — underpins its credibility. It's a political commitment by all countries to come to the aid of any member whose sovereignty or territory might be under attack. Trump has suggested he is committed to that pledge, but he has also sowed doubt about his intentions. He has said the U.S. intends to remain a member of the alliance. A civilian runs NATO, but the U.S. and its military hold power The United States is NATO's most powerful member. It spends much more on defense than any other ally and far outweighs its partners in terms of military muscle. Washington has traditionally driven the agenda but has stepped back under Trump. The U.S. nuclear arsenal provides strategic deterrence against would-be adversaries. NATO's day-to-day work is led by Rutte, a former Dutch prime minister. As its top civilian official, he chairs almost weekly meetings of ambassadors in the North Atlantic Council at its Brussels headquarters. He chairs other 'NACs' at ministerial and leader levels. Rutte runs NATO headquarters, trying to foster consensus and to speak on behalf of all members. NATO's military headquarters is based nearby in Mons, Belgium. It is always run by a top U.S. officer. Ukraine's role at the summit is unclear With Trump demanding greater defense spending, it's unclear what role Ukraine will play at the summit. Zelenskyy has been invited, but it's unclear whether he will have a seat at NATO's table, although he may take part in Tuesday's dinner. Russia's war in Ukraine usually dominates such meetings. More broadly, NATO itself is not arming Ukraine. As an organization, it possesses no weapons of any kind. Collectively, it provides only non-lethal support — fuel, combat rations, medical supplies, body armor, and equipment to counter drones or mines. But individually, members do send arms. European allies provided 60% of the military support that Ukraine received in 2024. NATO coordinates those weapons deliveries via a hub on the Polish border and helps organize training for Ukrainian troops. NATO's troop plans A key part of the commitment for allies to defend one another is to deter Russia, or any other adversary, from attacking in the first place. Finland and Sweden joined NATO recently because of this concern. Under NATO's new military plans, 300,000 military personnel would be deployed within 30 days to counter any attack, whether it be on land, at sea, by air or in cyberspace. But experts doubt whether the allies could muster the troop numbers. It's not just about troop and equipment numbers. An adversary would be less likely to challenge NATO if it thought the allies would use the forces it controls. Trump's threats against U.S. allies — including imposing tariffs on them — has weakened that deterrence. The U.S. is carrying the biggest military burden Due to high U.S. defense spending over many years, the American armed forces have more personnel and superior weapons but also significant transportation and logistics assets. Other allies are starting to spend more, though. After years of cuts, NATO members committed to ramp up their national defense budgets in 2014 when Russia illegally annexed Ukraine's Crimean Peninsula. After Russia's full-scale invasion of Ukraine in 2022, the NATO allies agreed to make 2% of GDP the minimum spending level. Last year, 22 countries were expected to hit that target, up from only three a decade ago. In The Hague, the allies were expected to up the ante to 3.5%, plus a further 1.5% for things like improving roads, bridges, ports and airfields or preparing societies to deal with future conflicts. Whether they will now remains an open question.
Yahoo
2 hours ago
- Yahoo
Fondaction's share price set at $16.70
Highlights of the fiscal year ended May 31, 2025 Share value of $16.70, down $0.03 from the value established following the 6-month period ended November 30, 2024 and up $0.55 from the fiscal year ended May 31, 2024 Annual shareholder return of 3.4%, while shareholder return for the last 6-month period was -0.2% Annual compound shareholder returns: 3.4% over 1 year; 3.6% over 3 years; 5.8% over 5 years and 5.0% over 10 years, excluding tax credits Comprehensive income of $133.4M for the 6-month period Net assets reached $4.04B on May 31, 2025, up $268M or 7.1% from $3.77B as at May 31, 2024 222,451 shareholders, an increase of 1.8% compared with May 31, 2024 The carbon footprint of listed investments on the financial markets ("Other investments" category) is estimated at 20.1 tonnes CO2eq/$M invested, which is 52% less than the benchmark index as at April 30, 2025 MONTRÉAL, June 23, 2025 /CNW/ - Fondaction announces that as of today, its share value is set at $16.70. This represents an increase of $0.55 from the share value as at May 31, 2024. For the 6–month period ended May 31, 2025, shareholder return was -0.2% and shareholder return over the last 12 months was 3.4%. Share value following the 6-month period ended November 30, 2024 was $16.73. "For the first time, Fondaction's net assets have surpassed the $4 billion mark. Our community of shareholders continues to grow. Nearly a quarter of a million people have chosen to entrust us with some of their savings to help prepare for their retirement and contribute to shaping the world in which they will enjoy it. Our conviction remains unchanged, even in a more challenging economic landscape: companies that generate positive environmental and social spinoffs are most likely to deliver better financial returns in the long term. It's these companies that we aim to support through our investments," says Geneviève Morin, President and Chief Executive Officer of Fondaction. Fondaction's annual compound shareholder returns are 3.4% over 1 year, 3.6% over 3 years, 5.8% over 5 years and 5.0% over 10 years, calculated based on the variation of the share value between its value at the start of each indicated period and the value of $16.70 as at May 31, 2025. These returns do not take into account tax credits that could be granted to taxpayers when subscribing to Fondaction shares, subject to their eligibility. For the fiscal year ended May 31, 2025, the gross returns are 4.5% for development capital investments and 7.9% for other investments. The total operating expense ratio was 2.32% for the fiscal year ended May 31, 2025, compared to 2.19% for the fiscal year ended May 31, 2024. Net assets increased by 7.1% during the fiscal year to $4.04B as at May 31, 2025. On May 31, 2025, Fondaction had 225,451 shareholders, 1.8% more than on May 31, 2024. Share issuance totalled $389.2M, compared with $389.6M for the fiscal year ended May 31, 2024. Redemptions and purchases by agreement of shares totalled $254.5M, compared with $202.5M for the 2024 fiscal year. As a long-term investor, Fondaction has chosen to integrate sustainability as a key consideration in its investments. This approach explains why the carbon footprint of the "Other investments" portfolio (listed investments on the financial markets) is estimated at 20.1 tonnes CO2eq/$M invested, compared to 41.4 tonnes CO2eq/$M invested for the index selected by Fondaction, which is 52% lower than that of the securities of a benchmark portfolio as at April 30, 2025. These values are based on data available on April 30, 2025, and were calculated using the PCAF methodology, in tonnes of GHG emissions CO2 equivalent per million dollars of enterprise value. The benchmark portfolio is composed of 40% MSCI ACWI, 40% FTSE Canada Universe Bond and 20% TSX Composite. Each shareholder rate of return indicated represents the historical annual compound total rate of return including changes in share value and reinvestment of all dividends, as applicable, and does not take into account income taxes payable by any shareholder that would have reduced the return. The rate of return serves only to illustrate the effects of the historic growth rate and is not intended to reflect any future share values or the return on an investment in the shares. There are ongoing costs associated with owning shares in an investment fund. Fondaction shares are not guaranteed. They are an investment whose value and performance will fluctuate, and past performance should not be taken as an indication of future performance. Before investing, please read the prospectus at About Fondaction A forerunner for almost 30 years, Fondaction is the investment fund for individuals and companies that are mobilizing for the positive transformation of Québec's economy, making it fairer, more inclusive, greener and more performant. As a labour-sponsored fund created at the initiative of the CSN, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress. It manages more than $4B in net assets, as at May 31, 2025, invested largely in hundreds of businesses and on the financial markets, prioritizing investments that generate positive economic, social and environmental spinoffs in addition to a financial return. Fondaction helps maintain and create jobs, reduce inequalities and combat climate change. For more information, visit or our LinkedIn page. SOURCE Fondaction View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
Rupee under fire after US strikes on Iran jolt oil, stoke risk aversion
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee is set to open weaker on Monday, pressured by the rise in crude oil prices and risk-off sentiment following the U.S. military action against Iran. Non-deliverable forwards indicate the currency will open around 86.75-86.80 per dollar, compared to 86.5850 in the previous session. Oil prices jumped to their highest level since January after the U.S. joined Israel in attacking Iranian nuclear facilities over the weekend, increasing concerns over the potential impact on energy supply. Tehran vowed to defend itself. [O/R] The attack came just after U.S. President Donald Trump said on Friday that such a decision would come 'within the next two weeks". Fears that Iran may disrupt traffic through the Strait of Hormuz, a key conduit for about a fifth of world crude flows, lifted oil prices and weighed on risk assets. Goldman Sachs warned that if oil flows through the Strait of Hormuz — a key chokepoint for crude shipments — were halved for a month and remained down by 10% for the following 11 months, Brent could temporarily spike to $110. Brent crude hit a high of $81.40, before retracing a part of its rally. The rupee, which had caught a bit of a breather on Friday, unfortunately has to contend with the U.S.-Iran news, a currency trader at a bank said, "and we're back to watching if 87 breaks". An FX trader at another bank noted that the rise in oil prices was milder than expected, and attention now shifts to how Iran chooses to respond. "While Iran may feel it needs to retaliate to US strikes, blocking the Hormuz might be a step too far," ING Bank said in a note, and said that the price action in Asian trading suggests markets do not yet believe crude flows through Hormuz will be blocked. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.90; onshore one-month forward premium at 10.25 paisa ** Dollar index up at 98.92 ** Brent crude futures up 1.8% at $78.4 per barrel ** Ten-year U.S. note yield at 4.39% ** As per NSDL data, foreign investors bought a net $235.3 million worth of Indian shares on June 19 ** NSDL data shows foreign investors bought a net $34.4 million worth of Indian bonds on June 19 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
