We're asking the big banks to study what disinvestment from oil and gas is going to cost both their shareholders and the economy

By Gina Pappano

The race to net zero by 2050 is on, and governments, regulators, banks and corporations are all off and running. Towards what? As the federal government’s website explains, “achieving net zero emissions means our (entire) economy either emits no greenhouse gas emissions or offsets (those) emissions.”

The dogged pursuit of this goal, just 26 years off, has led to carbon taxes, soaring energy prices, “emissions caps” (really production caps) for Canada’s oil and gas sector, deindustrialization and economic hardship for all.

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That’s not just speculation. To see the effects of net zero, we need only look to Europe. As countries there have pursued similar policies, many energy-intensive manufacturers of basic materials like chemicals, ceramics, glass, steel and fertilizers have either gone elsewhere, drastically cut back production or gone out of business entirely. Manufacturing requires energy, and net zero is premised on making energy more expensive and less abundant.

But net zero by 2050 is currently the No. 1 ideological, political and financial goal in Canada. Governments and regulatory agencies........

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