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Bullboard - Stock Discussion Forum Nuvista Energy Ltd T.NVA

Alternate Symbol(s):  NUVSF

NuVista Energy Ltd. is an oil and natural gas company, which is engaged in the exploration for, and the development and production of, oil and natural gas reserves in the Western Canadian Sedimentary Basin. Its primary focus is on the scalable and repeatable condensate rich Montney formation in the Alberta Deep Basin (Wapiti Montney). Its core operating areas of Wapiti and Pipestone in the... see more

TSX:NVA - Post Discussion

Nuvista Energy Ltd > Canada presents long-awaited sustainable jobs bill for green
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Post by Carjack on Jun 15, 2023 6:23pm

Canada presents long-awaited sustainable jobs bill for green

The Canadian government on Thursday presented a sustainable jobs bill intended to prepare workers for a transition to a lower-carbon economy following years of consultation and opposition from Alberta, Canada's main fossil-fuel producing province.

Canada, the world's fourth-largest oil producer and sixth-largest natural gas producer, is aiming for a 40% to 45% reduction in emissions by 2030 and net-zero by 2050.

Prime Minister Justin Trudeau's Liberal government hopes the sustainable jobs legislation will help train workers for new roles in a future green economy, and attract billions of dollars in investment by creating a skilled clean energy workforce.

"Canada is executing its plan to become the clean energy and technology supplier of choice in a net-zero world," Natural Resources Minister Jonathan Wilkinson said in a statement.

Trudeau has been promising sustainable jobs legislation since 2019, but the concept, also called a "Just Transition," became a lightning rod for criticism, especially in Alberta where conservative Premier Danielle Smith accused Trudeau of wanting to phase out the oil and gas sector.

Thursday's bill builds on Canada's sustainable jobs plan that was released in February and will likely become law early next year.

It includes creating a partnership council to advise the government on job creation and supporting workers, publishing an action plan every five years and establishing a sustainable jobs secretariat to ensure coherent policies across federal departments.

Smith said there should be multiple Alberta government appointments to the advisory council, and warned her government would not recognize the legitimacy of any recommendations that interfere with the province's jurisdiction over its natural resources or energy workforce regulation.

"Alberta will not recognize, cooperate with or enforce any attempt to phase out our province's oil and gas industry or its workforce," Smith said in a statement.

The federal Conservative party criticized the legislation as "anti-energy", and said it would hurt the economy and make life more expensive for Canadians.

Laura Cameron, a policy adviser for the International Institute for Sustainable Development, said the bill was welcome but there needed to be a clearer link in the body of the legislation between sustainable jobs and Canada's climate goals.

"We need to ensure these jobs are sustainable and are reducing emissions and advancing climate action," Cameron said. "Without that link ... we risk pursing job creation in industries that aren't actually moving us in the right direction."

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