Author: Milan

In the spring of 2005, I graduated from the University of British Columbia with a degree in International Relations and a general focus in the area of environmental politics. Between 2005 and 2007 I completed an M.Phil in IR at Wadham College, Oxford. I worked for five years for the Canadian federal government, including completing the Accelerated Economist Training Program, and then completed a PhD in Political Science at the University of Toronto in 2023.

Nuclear papers

Over the years I have written a variety of academic papers on various aspects of nuclear weapons and nuclear power:

1) Written for an undergrad international relations course at UBC and subsequently published in a journal and given an award:

“The Space Race as ‘Primitive’ Warfare.” UBC Journal of International Affairs. 2005. p. 19-28.

2) Written during my M.Phil at Oxford:

“Climate Change, Energy Security, and Nuclear Power.” St. Antony’s International Review. Volume 4, Number 2, February 2009. p. 92-112.

3) Written as part of my PhD coursework at U of T:

Climate change and nuclear power in Ontario (self-published on Academia.edu)

Canada’s mixed nuclear policy experiences.

Open thread: conservative climate hawks

Conservatives have no more reason to want to destabilize the climate than anyone else, though the political right has largely become where those who deny the existence of or need to do anything about climate change can persist unrebuked and win converts.

A central view of mine these days is that it’s hopeless to pursue climate strategies which depend on progressive governments always being in power, since that’s not plausible for the foreseeable future in Canada, the United States, the UK, etc. Climate policies will need to be in place for decades, so in way way or another they need the ability to endure through at least centre-right if not full on right wing populist governments.

It was nice therefore to see former Prime Minister Kim Campbell criticize the lack of seriousness in Andrew Scheer’s no-targets climate plan. Our deliberations need to be as much as possible about the issues instead of party politics, and seeing voices on the right that accept the scientific consensus and are willing to call out inaction as unacceptable is necessary to build a sufficient political coalition to curb the damage we’re imposing on the planet.

Threatening clawback

A central aim of the climate change activist movement is to discourage further investment in fossil fuel projects. This is closely tied to economic analyses showing that the total cost of the transition depends critically on how quickly it starts and how effectively long-term high-carbon projects are avoided. It’s also the inverse of a frequent claim made by pro-fossil proponents: that investor confidence is necessary to keep billions flowing into fossil fuel infrastructure investment. That was the logic that made Canada’s federal government buy the Trans Mountain pipeline, in order to demonstrate to investors that Canada still has a legal and economic climate in which major fossil fuel projects are possible.

A potential strategy that could help avoid further fossil fuel infrastructure investments is the threat that profits earned in the near-term will be clawed back in the longer term to pay for some of the damages arising from climate change. It’s not something that today’s governments in North America are willing to threaten (not least because the longstanding purpose of corporations is to protect investors from personal liability for the actions of the firms they invest in). Nonetheless, it’s something that can be emphasized as a risk in the future in order to increase investor reluctance.

One practical way could be to begin tracking which entities large enough to be worth targeting in the future are profiting from fossil fuels today: fossil fuel corporations directly, but also major stockholders receiving dividends. Having some claim to being able to credibly track the flow of profits is essential to this strategy; otherwise investors will likely believe that they will have spent the profits by the time there is any demand for compensation, or that they will have shifted them through so many other investments as to have ‘cleaned’ them in a sense akin to money laundering.

The threat of clawback could be an argument to use when advocating divestment from the fossil fuel industry, since it would protect the institutional investor from such future claims of compensation, at least as far as future fossil fuel profits go.

It may seem pointless to suggest an idea like this when it is so far outside the political mainstream today, but a central point in the entire stranded assets / carbon bubble argument is that the political possibilities of the future will be different, and governments may grow far less accommodating of fossil fuels as decarbonization proceeds and the impacts of climate change worsen. Putting a little asterisk beside fossil fuel profits (* may be clawed back in the future to pay for climate damages) would both be a fair representation of a reasonable prospect, which can be made more probable through activist effort, and a way to make fossil fuel related returns seem less valuable and more tenuous than returns from alternative investments.