The Conservative government, not wanting to spoil the money pot that is Alberta's oil, has formally decided to pull out of the Kyoto Protocol.
Following through on earlier telegraphed threats, Canada has become the first nation that embraced the Kyoto Protocol to formally reverse its stance and reject adhering to it in the future. Environment Minister Peter Kent summed up the country’s new position, saying Kyoto “does not represent a way forward for Canada”.
“Kyoto, for Canada, is in the past, and as such we are invoking our legal right to withdraw from Kyoto,” Mr Kent said in Toronto.
He said he would be formally advising the United Nations of his country’s intention to withdraw.
He said the cost of meeting Canada’s obligations under Kyoto would cost $13.6bn (10.3bn euros; £8.7bn): “That’s $1,600 from every Canadian family – that’s the Kyoto cost to Canadians, that was the legacy of an incompetent liberal government”.
Petty politicking and name calling aside, much has changed for Canada since the 1997 landmark agreement. Canada’s economy, and main driver for potential economic growth (and carbon-based pollution), will continue to be the mass exploitation of the Athabasca oil sands which are mainly found in the province of Alberta (which happens to be the home of the Prime Minister, funny enough). Much more difficult and environmentally destructive to extract from the ground than traditional oil deposits (such as the ones found in the Middle East), the Canadian deposits did not become economically viable until oil prices breached and remained above $70/barrel US.
With oil trading a few dollars either side of $100/barrel and showing no signs of ever dropping in a meaningful way, it would appear the economic temptations have gotten the best of the Conservative government. To adhere to Kyoto would be to put a lid on this environmentally destructive, economically enriching pot of money.







