S&P/TSX composite down nearly 200 points, U.S. stock markets also down

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Canada's main stock index was down nearly 200 points, as losses in the energy and base metal sectors helped lead a broad-based decline, while U.S. stock markets also fell in late-morning trading.

In New York, the Dow Jones industrial average was down 234.35 points at 33,319.48. The S&P 500 index was down 45.56 points at 3,913.23, while the Nasdaq composite was down 124.57 points at 11,059.09.The January crude oil contract was down US$2.72 at US$82.28 per barrel and the December natural gas contract was up 14 cents at US$6.34 per mmBTU.

The December gold contract was down US$13.80 at US$1,762.00 an ounce and the December copper contract was down 10 cents US$3.68 a pound.

 

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Will Canada be the last fossil funder standing?When it comes to ending fossil financing, “slow and steady” will not win the race.  Tackling the climate crisis requires rapidly phasing out fossil fuels while managing an equitable transition to 100 per cent renewable energy.  This will require massive investments in clean energy solutions—and public finance has a critical role to play. Unfortunately, governments continue to use their public spending power to prolong the fossil fuel era.  This is changing.  Julia Levin is with Environmental Defence Canada. Photograph courtesy of Environmental Defence Canada. Last year, at COP26 in Glasgow, U.K., Canada joined 39 other countries and institutions—including the United States, the United Kingdom, and Germany—in signing a landmark agreement to end international public finance for fossil fuel projects and prioritize support for clean energy by the end of 2022, known as the Glasgow Statement.  The Glasgow Statement signatories account for $28-billion a year in overseas public finance for oil and gas. If that were redirected, it could more than double their international clean-energy finance.  The Glasgow Statement is historic. It is the first international diplomatic effort aimed at ending public financing of oil and gas. It sends a clear message: the age of oil and gas is over. And it’s working! Many signatories have come out with strong policies—and in those countries there have been real drops in fossil fuel finance.  But Canada is dragging its feet.  Canada is the top fossil-fuel financier of the Glasgow signatories. We rank among the worst in the G20 for providing public financing to oil and gas companies and average $11.3-billion CAD annually through crown corporation Export Development Canada. By comparison, Canada’s support for clean energy is a meagre eight per cent of its total energy finance. Bronwen Tucker is with Oil Change International. Photograph courtesy of Oil Change International What does that look like? For example, Export Development Canada routinely Enviro fright peddlers who persecute us for wanting to stay warm totally ignore the mind blowing huge use of energy by technology sector. whose servers & other equipment generate enormous heat. Now devouring water in Calif. to cool equip., but blame droughts on climate. Better hope we are. Witness the deadly energy mess facing the EU right now due to extreme 'renewables' policies. That's what you want for Canadians too? Natural gas is a transition fuel. We need time to find the right solution, not dive head first into total 'renewable mythology How much suffering would we bring on the globe's citizens if we cut off fossil fuels now? You think we can transition to renewables with cheap reliable energy? Nobody is helped by more expensive energy
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