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Written by Hanna Lee Copy Editor, Digital News
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Good morning. In the chaos of the U.S. operation in Venezuela, some Alberta companies are seeing a potential opportunity. Still, many variables remain unclear. We'll also look at what happens when the Winter Olympics run out of, well, winter, as well as a less green move from Ontario's largest greenhouse gas emitter.
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FEATURED STORIES
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(Edgar Frias/The Associated Press)
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Some Canadians are ready to work in Venezuela's oilpatch — if they're allowed in
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After the recent U.S. intervention in Venezuela, some Alberta companies are sensing a potential opportunity, even as major challenges remain.
What's happening: Venezuela's oil industry has been starved of new investment, equipment and technology for two decades. But many Alberta oil companies work with heavy oil similar to the crude found in the country and say they can bring their tech down south. Just this week, Adam Waterous of Strathcona Resources told Reuters he could quickly assemble a technical team to go to the country if asked.
The problems: There is no shortage of them. It's unclear how or for how long the U.S. will be involved with Venezuela, and whether it would allow Canadian companies to operate there. The rebuilding effort, too, will be no easy task, likely taking several years and billions of dollars, considering the state of the infrastructure. There's also no guarantee that the political situation will be stable in the future and staff safety issues remain. Still, any increase in output from the country would likely compete with Western Canada. Domestic heavy oil prices have already fallen this week on just that prospect.
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What happens when the Winter Olympics run out of winter?
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Temperatures are rising and snowfall is becoming less reliable. Cities hosting the Winter Olympics and Paralympics are having to contend with that reality — including Italy, which is preparing to host the games in just a few weeks.
What's happening: By the 2050s, just half of previous Winter Olympics host cities will still be cold enough to host the games, according to a 2024 study commissioned by the International Olympic Committee. Still, the organization insists its climate goals are on track, now requiring host cities to rely almost entirely on existing or temporary venues. In Italy, that has been controversial. A sliding centre in Cortina, which organizers emphasized as a reuse of an existing luge track, became a near-total rebuild, felling hundreds of mature trees and costing well over $160 million.
What else: More than half of ski resorts across North America have disappeared since the 1970s, with climate change being a major factor in recent decades. It's a problem here in Canada, too. The season typically runs for 100 days over the winter — and that's important for resorts looking to make a profit, as well as to skiers planning their trips. Last year was named the third-warmest year on record, with those trends expected to continue. And even artificially producing snow requires some cold winter weather.
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ArcelorMittal Dofasco quietly extends 'green' steel timeline from 2028 to 2050, gets $50M more from Ottawa
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ArcelorMittal Dofasco, Ontario's largest greenhouse gas emitter, has extended its timeline by 22 years to phase out coal for "decarbonized" steelmaking, according to a federal government document.
What's happening: It comes as the company is also receiving $50 million more from Ottawa for the project, bringing the total federal contribution to $450 million. In a statement, ArcelorMittal acknowledged it has extended the timeline — from 2028 to 2050 — but said its intentions haven't changed. It also said it needed the extra money for a technical configuration change. The government said the timeline was extended to reflect the "full contractional period," but that the project's completion date remains 2028. Meanwhile, iron production for direct reduced iron technology will move to another ArcelorMittal facility in Quebec.
Why it matters: It's in stark contrast to the high-profile media events in 2022 initially announcing the "green" steel transition. The steel plant was meant to be fuelled by natural gas instead of coal, and eventually hydrogen, reducing emissions by 60 per cent as well as harmful airborne pollutants.
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