While Canadian coal workers and their families watch their livelihoods get taken away by the Trudeau government’s anti-coal agenda, some of Canada’s biggest financial institutions are making money off of coal production in foreign countries.
A report released by Friends of the Earth Canada and Urgewald, “lists six Canadian financial companies among the top 100 investors in new coal plants in the world. Together, Sun Life, Power Corporation, Caisse de depot et placement du Quebec, Royal Bank of Canada, Manulife Financial and the Canada Pension Plan Investment Board have pledged $2.9 billion towards building new coal plants overseas.”
According to Urgewald, there are 1,600 new coal plants being developed in a total of 62 countries, including “more than a dozen of which don’t have any coal-fired plants now.”
That new production will totally wipe out any change made by the anti-coal effort of the Trudeau government, meaning that Canada’s coal industry and Canadian coal workers are being destroyed and punished for absolutely nothing.
Clearly, private investors can see value in the coal industry, and if the government supported Canadian coal instead of trying to destroy it, more of that investment could stay within Canada and help enrich our nation.
Yet, the Trudeau government is choosing to take actions that destroy jobs and set us on a path of wiping out an entire Canadian industry, all so they can virtue-signal at fancy foreign galas and get a few nice talking points.
Meanwhile, the people who actually keep our country running get hurt by their own government.
Of course, this is all happening as the Trudeau government does everything to suck up to China, despite the fact that China accounts for more than half of all world coal power use.
Still, Minister of Weather Catherine McKenna “said she wasn’t planning to raise the issue of China investing in new plants outside its borders.”
So, China is allowed to use coal, big financial institutions are allowed to profit from foreign coal projects, but Canadian coal workers aren’t allowed to have the security of knowing the government will defend their industry – instead of trying to destroy it.
Once again, the government looks after elite and foreign interests, while working class Canadians get screwed over.