Sea to Sky MLA Jeremy Valeriote, whose election campaign was defined by his opposition to a liquefied natural gas facility in Squamish, said he plans to divest his remaining shares in an Alberta oil and gas company after a media report this week brought the investment to light.
On Monday, Jan. 6, The Tyee reported on the “surprising” financial holdings of some BC MLAs, based on the disclosure statements all candidates are required to complete, and found the BC Greens’ Valeriote owns shares in PraireSky Royalty Ltd., a Calgary-based company with crude oil and natural gas interests across Western Canada. The company reportedly holds interest in approximately 9.7 million acres of land with petroleum and/or natural gas rights, plus gross overriding royalty interests in another 8.5 million acres.
“I appreciate The Tyee for bringing this to my attention. This was an oversight which I am taking action to resolve,” Valeriote said in a statement to Pique. “The $172.08 I have in PrairieSky shares is a leftover dividend from past retirement investments in fossil fuels, which I have been actively divesting from over the years. While this highlights the systemic challenges of transitioning pensions away from oil and gas investments, I am committed to leading by example as the representative for West Vancouver-Sea to Sky and will be removing this investment immediately.”
Valeriote’s historic campaign centred around his fierce opposition to the Woodfibre LNG facility being constructed on Howe Sound, which helped make him the Greens’ first-ever candidate elected on the B.C. mainland. Last month, he told The Squamish Chief it was “tremendously disappointing” the NDP wouldn’t agree to cancel the controversial project as part of its power-sharing agreement with the Greens.
The Greens’ 2024 election platform promised no new LNG projects, no permits for new fracking wells or pipelines, and vowed to set a date to begin phasing out gas production in the province.
Valeriote’s disclosure lists other investments, including shares in companies dedicated to sustainability and reducing carbon emissions. They include wind power company Innergex, electric and hybrid vehicle producer Azure Dynamics, and Foremost Lithium Resource and Technology.
The MLA also invests in the telecommunications giant, Telus Corp.; plane and snowmobile manufacturer, Bombardier; cybersecurity and software provider, BlackBerry; Toronto-Dominion Bank; water management consultants Paradigm Environmental Technologies; drug developer Arbutus Biopharma; and IM Cannabis Corp., among others.
