Mr. Speaker, the London School of Economics states that up to 80% of Canada's hydrocarbon reserves are “unburnable” if we are to avoid catastrophic climate change, but speculators and markets are counting these stranded assets toward the value of oil companies. This carbon bubble represents at least $236 billion of inflated assets in Canada.
If the government continues to avoid real action on its Copenhagen promises, investors will burst the bubble suddenly, taking our economy and thousands of jobs with it.
Ostrich-like oil companies, stockbrokers and the government are all betting against fixing climate change and diversifying our petro-economy. Instead, they are inflating the carbon bubble as fast as they can.
With so much at risk, the government needs to price carbon and fix its $236 billion job-killing carbon bubble.