The China Investment Corporation (CIC), one of the world's largest sovereign wealth funds, is set to become a powerful landowner in British Columbia if a $100 million deal with Island Timberlands, the second-largest owner of private forests in the province, goes through. The Ancient Forest Alliance (AFA) is concerned that closure of the deal, especially in light of Canada's pending ratification of the Foreign Investment Protection and Promotion Agreement (FIPA), could have negative consequences for protection of BC's treasured old-growth forests, forestry jobs, and the rights of First Nations, according to an AFA press release.
Carol Linnitt's blog
Last week Foreign Affairs and International Trade Canada announced Canada had “officially joined the latest round of Trans-Pacific Partnership (TPP) trade negotiations” after more than two and a half years of talks by previously engaged nations. The 15th round of talks, involving Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam, wrapped up yesterday in Auckland.
It looks like islands aren't the only thing Enbridge overlooks these days.
A pipeline safety review conducted by the Alberta government last summer was done with the oil and gas industry's interests in mind, according to recent documents released to Greenpeace through Freedom of Information legislation. The documents (PDF) show the review, commissioned after a series of back-to-back pipeline incidents across Alberta raised public concern, was coordinated internally between government and industry, and appears to have required industry consent.
Private communications suggest government officials worked behind the scenes to develop a review plan that would please industry.
Today Prime Minister Stephen Harper announced the approval of two major acquisitions of Canadian energy companies by foreign state-owned enterprises. The Chinese National Offshore Oil Company (CNOOC) will commence the $15.1 billion takeover of Nexen Inc., a Canadian company with major holdings in the Alberta tar sands. Malaysia's Petronas will proceed with the purchase of Progress Energy Resources Corp., a Calgary company with considerable shale gas plays in British Columbia, for $5.2 billion. Petronas has plans to construct an $11 billion liquified natural gas plant in Prince Rupert to prepare gas exports for Asia.
While international cooperation to reduce global greenhouse gas emissions has never been a greater imperative, climate progress has never been more stymied, more corrupted by those who stand to gain from maintaining a beleaguered carbon-based energy system that threatens the health and well-being of the global community.
“The Kochs cashed in by polluting our planet - economists would call them free-riders - and now they wield their wealth to rig the rules in their own favor…Leading an epic propaganda effort by the broader fossil fuel industry, global climate cooperation may face no bigger barrier blocking progress today than these two individuals of undue influence.”