Latest news with #Enbridge
National Observer
an hour ago
- Politics
- National Observer
Coastal First Nations call on Carney to uphold oil tanker ban
Indigenous leaders on British Columbia's north coast are calling on the federal government to hold out against pressure from Alberta and industry to reverse the west coast oil export ban. On Tuesday, the Coastal First Nations, a group of nine First Nations along the north and central coast of BC and Haida Gwaii, wrote an open letter to Prime Minister Mark Carney. The group urged the government to uphold Bill C-48, known as the Oil Tanker Moratorium Act. Since 2019, this law has prohibited tankers carrying over 12,500 metric tons of crude oil and other oil products from stopping or transferring cargo at any port between the northern tip of Vancouver Island and the Alaska border, which includes Haida Gwaii, the Hecate Strait and Queen Charlotte Sound. The act formalizes protections that Indigenous communities and environmentalists have been seeking since the 1970s. It effectively bans crude oil supertankers from one of the world's most pristine cold-water marine ecosystems, home to whale habitats, wild salmon, seabirds and ancient rainforests. Exports through the Juan de Fuca Strait are allowed, meaning the ban has not interfered with the Trans Mountain pipeline expansion. The controversy comes as Carney said in a recent statement that a new bitumen pipeline to BC's north coast is 'highly, highly likely.' His remark aligns with Alberta Premier Danielle Smith and federal Conservative MPs push to lift the tanker ban. Smith has specifically called for faster federal approvals for pipeline projects and an exemption at the Port of Prince Rupert to allow oil exports to Asia. But Marilyn Slett, president of the Coastal First Nations and chief councillor of the Heiltsuk Tribal Council, said oil tankers are a 'non-starter' for her community. 'An oil tanker project is not something we can ever provide consent to,' she said. 'Our communities rely on healthy oceans and ecosystems for our livelihood and culture. Reversing or weakening this legislation would put everything our communities depend on at risk.' Marilyn Slett, president of the Coastal First Nations and chief councillor of the Heiltsuk Tribal Council, said oil tankers are a 'non-starter' for her community. The tanker ban was instituted after more than a decade marked by energetic opposition to pipelines to the West Coast. The Northern Gateway pipeline, first proposed by Enbridge in 2002, was ultimately halted in 2016 after more than 130 First Nations publicly opposed the project and courts ruled that consultations had been inadequate. Slett called the decision a major win for Indigenous rights and protection of coastal areas, and said any new talks should not repeat old mistakes. Marilyn Slett, president of Coastal First Nations and Heiltsuk chief councillor, signs an open letter urging Prime Minister Carney to uphold the north coast oil tanker ban. Indigenous leaders have come out against crude oil tankers but have been more accepting of other types of ships, especially those carrying liquefied natural gas (LNG). By 2030, as many as 600 LNG vessels are expected to pass through their waters — activities accommodated through lengthy engagement and approval processes with communities, said Danielle Shaw, chief councillor of the Wuikinuxv Nation and a board member of the Central Coast Indigenous Resource Alliance. 'We're open to discussing projects that will be sustainable and responsible and can strengthen the economy of Canada and British Columbia,' Shaw said. 'But there's strong opposition to oil tankers on this coast because of the impacts it would have for our communities directly.' Slett noted that with 175 LNG tankers already passing through coastal channels this year and more expected, the impact on the ecosystem is significant. 'This is substantial, and those have cumulative effects on the ecosystem. They are in place and serving as projects for British Columbia and other communities. This [oil tankers] is something we cannot add … it's not something we would support.' The risks from oil spills are considered too great. 'When it comes to allowing oil tankers on our coast, it wouldn't be if something were to happen, it would be when something happens,' Shaw said. Slett criticized the lack of formal consultation regarding renewed pipeline proposals. Bill C-5 was rushed through Parliament in just two weeks, and a meeting between Carney and First Nations leaders from across Canada last week was allotted just a few hours. 'There's been a lot of talk about us without talking to us,' she said. She said she learned about energy proposals through the news rather than direct government engagement. The open letter invites Carney to visit the north coast to see why the tanker moratorium remains vital and to consider how a path forward without an oil pipeline can benefit the region. Slett said her communities prefer discussion and collaboration but remain firm in their opposition. 'Court challenges and direct action would always be a last resort,' she said. 'We've built relationships with provincial and federal partners that we want to maintain, but we won't support new pipelines. The tanker ban must stand.'
Business Insider
3 hours ago
- Business
- Business Insider
Meta's (META) Texas Solar Project Gets $900 Million Investment from Enbridge
Canadian energy infrastructure company Enbridge (ENB) is investing $900 million in a 600-megawatt solar project in Texas that's being led by technology giant Meta Platforms (META). Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Calgary-based Enbridge says it is making the investment as demand for clean energy from technology companies drives the need for renewable sources of power. Meta has signed a long-term contract to purchase 100% of the project's renewable energy to help power its data center operations. Meta is one of many mega-cap technology firms that is investing heavily in renewable energy to power data centers and artificial intelligence (AI) models and applications. The 'Clear Fork' solar energy project, which is located near San Antonio, Texas, is expected to become operational by 2027. Rising Demand In a news release announcing the investment, Enbridge said: 'Clear Fork demonstrates the growing demand for renewable power across North America from blue-chip companies who are involved in technology and data center operations.' Construction on Clear Fork is underway, and Enbridge expects the project to be accretive to its cash flow and earnings once it comes online in 2027. ENB stock has gained 9% this year, while META stock has risen 21% so far in 2025. Is META Stock a Buy? average META price target of $746.07 implies 5.53% upside from current levels.
Yahoo
12 hours ago
- Business
- Yahoo
Clear Fork Solar Deal Fuels Meta and Enbridge
Meta (NASDAQ:META) lands a $900 million boost for its Clear Fork solar project in Texas thanks to Enbridge's investment. Enbridge (NYSE:ENB) will fund 600 MW of solar capacity, cementing a long?term deal for Meta to buy 100 % of the green power for its data centers. The project, slated to go live by 2027 near San Antonio, reflects a broader tech pivot toward renewable energy to power AI and cloud operations. Enbridge says Clear Fork will add accretive cash flow and earnings once online. META stock has climbed 21 % this year, while ENB shares are up 9 % on the back of growing clean?energy investments. Clear Fork demonstrates the growing demand for renewable power across North America from blue?chip companies involved in technology and data center operations, Enbridge said in a release. Meta joins Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT) in signing long?term power purchase agreements as AI workloads surge and sustainability targets tighten. This article first appeared on GuruFocus.
Globe and Mail
14 hours ago
- Business
- Globe and Mail
Energy Giants Abandon Global Net Zero Group Over Oil and Gas Clampdown
Shell and other major energy players have withdrawn from a high-profile effort to establish a global 'net zero' emissions benchmark, after draft proposals effectively demanded an end to new oil and gas developments, according to documents seen by the Financial Times. The companies—Shell, Norway's Aker BP, and Canada's Enbridge—exited an expert advisory group convened by the Science Based Targets initiative (SBTi), a widely followed climate standard-setter whose approval is sought by global corporations ranging from Apple to AstraZeneca. Their departures reflect mounting tensions between the fossil fuel industry and evolving climate disclosure and accountability frameworks. A Standoff Over New Oil and Gas Projects The draft standard at the heart of the dispute would have prohibited companies from pursuing new oil and gas fields after submitting a climate plan to the SBTi, or after 2027—whichever came first. It also called for a sharp decline in fossil fuel production, escalating concerns in the oil and gas industry that the standard would impose an unworkable path toward net zero targets. Shell, which has participated intermittently in the SBTi process since 2019, confirmed that it withdrew after concluding the draft 'did not reflect the industry view in any substantive way.' The company maintained its commitment to achieving net zero by 2050 but argued that any credible standard must offer companies 'sufficient flexibility' and reflect what it called a 'realistic' societal pathway. Aker BP said its ability to influence the emerging standard had proven 'limited,' while emphasizing that its departure was 'in no way' a sign of diminished climate ambition. Enbridge declined to comment, according to the Financial Times. SBTi Pauses Work on Oil and Gas Standard Following these high-profile exits, the SBTi announced it had 'paused' work on its oil and gas standard, citing internal 'capacity considerations.' However, the organization rejected claims that this decision was driven by pressure from industry, telling the FT there was 'no basis in reality for these claims.' Separately, the SBTi has reportedly delayed and diluted planned guidance for financial institutions regarding their financing of fossil fuel projects. According to sources cited by the FT, the deadline for ending finance or insurance for companies pursuing new oil and gas production was quietly pushed back from 2025 to 2030 after David Kennedy, a former EY partner, took the helm as SBTi's CEO in March. Industry vs. Climate Standards: A Growing Divide The outcome underscores a fundamental fault line: The burning of fossil fuels remains the leading contributor to global warming, and scientists broadly agree that capping long-term temperature rises to 1.5°C is critical to avoiding catastrophic and irreversible damage. Yet the oil and gas sector remains wary of climate standards that would effectively mandate an abrupt halt to exploration, raising concerns about energy security, investor interests, and the feasibility of meeting future demand during the transition. One source involved in drafting both the oil and gas and financial sector standards expressed frustration at the delay, telling the Financial Times: 'The more we delay, the more cover we are providing to big oil.' For now, Shell and others continue to publicly state their commitment to achieving net zero by 2050, even as the frameworks meant to define what 'net zero' means in practice remain mired in controversy.
Calgary Herald
17 hours ago
- Business
- Calgary Herald
Meta 'thrilled' to partner with Enbridge on US$900M solar farm
Article content Calgary-based Enbridge's new solar facility near San Antonio, Texas, will help power Meta's data centre boom. Article content Dubbed Clear Fork, construction on the utility-scale solar facility is underway. When it's expected to complete in 2027, the farm will have a capacity of 600 megawatts. Article content Meta Platforms, Inc., which owns applications like Facebook, Instagram and WhatsApp, has signed a long-term contract for 100 per cent of the renewable output of the project, according to Enbridge. Article content Article content The project demonstrates growing demand for renewable power across North America, particularly from companies involved in technology and data centre operations, said Matthew Akman, executive vice president of corporate strategyu and president, power at Enbridge. Article content
