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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (13461)11/12/1998 1:01:00 PM
From: Kerm Yerman  Read Replies (24) of 15196
 
IN THE NEWS / Deal 'em out - Imperial Oil opposes Kyoto plan
By CP

OTTAWA -- Canada's largest oil producer says Ottawa should
not ratify the Kyoto climate treaty.

Imperial Oil is believed to be the first Canadian company to go
public with outright opposition to ratification of the treaty, which
the federal government endorsed in principle last December.

"This is the first position of this type that I've seen," said Michael
Barluk, spokesman for Environment Minister Christine Stewart,
referring to the new Imperial position paper.

The Imperial Oil analysis says compliance with the treaty would
cost as much as $140 billion by 2010, and massive government
intervention would be required to meet its targets.

"Potential actions would likely have to include a doubling of
consumption taxes on transportation fuels as well as limiting
families to no more than one small, fuel-efficient vehicle."

Under the Kyoto protocol, Canada committed itself to cutting its
greenhouse emissions 6% from 1990 levels by the year 2010.

The largest source of greenhouse emissions is the burning of fossil
fuels such as oil, coal and gasoline.

Environmentalists say the alarming analysis prepared by Imperial
is based on worst-case assumptions.

Steven Guilbeault of Greenpeace said Imperial's position
contrasts sharply with that of other major energy companies
which have been accepting climate change as an issue to be
addressed and ignores benefits of compliance.

British Petroleum and Shell have been moving aggressively into
solar energy.

TransAlta, the major supplier of electricity in Alberta, has just
won an award at a U.N. climate conference in Buenos Aires for
its innovative work in cutting greenhouse emissions.
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