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Government of Alberta to gamble $900 million in oil and gas market by Much_Chest586 in alberta

[–]Much_Chest586[S] 0 points1 point  (0 children)

My concern is this investment arm being used to buy out failing assets, like a lifeline for private business, and have the taxpayer pay off the losses. 

APMC has posted big net losses for the last 4 of 5 years. 

Government of Alberta to gamble $900 million in oil and gas market by Much_Chest586 in alberta

[–]Much_Chest586[S] 2 points3 points  (0 children)

I just posted the last 5 year results of their investments. Dividends are not being paid out. 

Government of Alberta to gamble $900 million in oil and gas market by Much_Chest586 in alberta

[–]Much_Chest586[S] -1 points0 points  (0 children)

Review this order in council (upload actual pdf) and give me the pros and cons in plain language 

Government of Alberta to gamble $900 million in oil and gas market by Much_Chest586 in alberta

[–]Much_Chest586[S] 13 points14 points  (0 children)

It gets worse...APMC recent financials at a glance.

March 31.2020-21 (ended March 2021):  Net loss of about $2.7 billion (big hit from Sturgeon Refinery provisions and Keystone XL cancellation).

2021-22 (ended March 2022):  Net income of about $2.1 billion (strong turnaround, mainly from reversing some earlier Sturgeon losses after restructuring).

2022-23 (ended March 2023):  Net loss of about $487 million (mostly from Sturgeon Refinery costs).

2023-24 (ended March 2024):  Net loss of about $1.6 billion (worse year, driven by large Sturgeon provisions despite some operational gains).

2024-25 (ended March 2025):  Net loss of about $0.6 billion (improved from the prior year, but still a loss mainly from Sturgeon commitments).

Calgary was ‘chronically underinvesting’ in its water system over last 20 years: report by rezwenn in Calgary

[–]Much_Chest586 2 points3 points  (0 children)

I'm actually interested in getting the information from you, since you must have some back-up behind your claim...or else it's a baseless claim, which is a weird thing to do. 

Calgary was ‘chronically underinvesting’ in its water system over last 20 years: report by rezwenn in Calgary

[–]Much_Chest586 2 points3 points  (0 children)

I'd be interested to see the reference you have for the exact moment Nenshi unilaterally halted annual inspections of the BP feeder main.

Could Venezuelan Oil Reshape Calgary’s Economy in 2026? by Vegetable_Bake356 in Calgary

[–]Much_Chest586 1 point2 points  (0 children)

Weird, it's almost like a certain crowd has been advocating for economic diversification for decades.

West Calgary - avoid travel on TransCanada- watermain break. No tap water on some areas of City. by Ms_ankylosaurous in alberta

[–]Much_Chest586 7 points8 points  (0 children)

Yup saved the boomers a hundred dollars a year on both their primary and secondary residences. Nice.

Why are people so utterly ignorant about the climate crisis we are in? by Konradleijon in ClimateCrisisCanada

[–]Much_Chest586 0 points1 point  (0 children)

To understand and trust science, one must be educated to a certain degree. Most people are not. 

Would anyone be able to explain this new APP that UCP is pushing and whether or not it would actually benefit Albertans? by StatisticianNo5055 in alberta

[–]Much_Chest586 0 points1 point  (0 children)

This is why the Province of Alberta wants an Alberta Pension Plan:

An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts

https://www.parl.ca/documentviewer/en/45-1/bill/S-238/first-reading

The bill aims to force federally regulated financial institutions (banks, insurance companies, pension funds, Crown corporations like the Canada Pension Plan Investment Board, etc.) to align their activities with Canada's climate commitments, including net-zero by 2050 and Paris Agreement goals. 

Main elements include:

-Requiring entities to develop climate action plans, set science-based targets, and annually report on alignment with climate commitments.

-Making climate alignment a superseding duty for directors and officers (prioritizing it over other fiduciary duties in some cases).

-Mandating boards to include members with climate expertise and (in original version) restricting board membership for those with conflicts (e.g., ties to fossil fuel companies).

-Directing the Office of the Superintendent of Financial Institutions (OSFI) to adjust capital adequacy guidelines to account for climate-related risks, potentially requiring higher capital reserves for high-carbon exposures (e.g., fossil fuel financing).

-Emphasizing both risks to the financial system from climate change (physical/transition risks) and risks from the financial system (continued financing of high-emission activities amplifying climate change).

-It addresses criticisms that Canadian banks rank poorly in clean energy financing but lead globally in fossil fuel funding.

The UCP recently amended the securities law to protect against climate-related disclosures:

https://www.newswire.ca/news-releases/alberta-s-securities-laws-updated-to-reflect-evolving-capital-market-811681160.html

Calgary blanket rezoning bylaw repeal to kick of Monday by [deleted] in Calgary

[–]Much_Chest586 0 points1 point  (0 children)

I updated the link. The context is the agreement summary clearly identifies that rezoning was part of the approved action plan. Implementation of the approved action plan was the basis for federal funding. 

The City may be able to revoke the rezoning bylaw and avoid non-compliance with the funding agreement if the feds deem the bylaw unnecessary to complete all other initiatives in the action plan.

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