Carbon capturing plan safe despite $1.4B deficit
Alberta will see a $1.4-billion deficit, but its government says itwill still follow through on its $2-billion commitment to carboncapturing.
Alberta will see a $1.4-billion deficit, but its government says it will still follow through on its $2-billion commitment to carbon capturing.
In the government's third quarterly update, the province's Heritage Savings Fund posted most of the losses, a drop of $3 billion in lost revenue.
But the government will still be able to make up the loss by using unspent money from the last fiscal year, said the government in its third quarterly update.
"Alberta is not immune to the turmoil in the investment markets," said Finance Minister Iris Evans in a release.
"The deficit is directly related to the downturn in investment markets, and to energy prices. Like many investments portfolios worldwide, the Heritage Fund has incurred significant losses."