Glencore's bid for Teck illuminates market pressures cutting against energy transition

The Teck-Glencore clash represents a contrast in strategies for confronting the energy transition.

“There’s this theoretical notion of the future and an energy transition,” said Bruce Lourie, president of the Ivey Foundation, a private charitable group dedicated to supporting Canada’s transition to a net-zero future. “Then there’s the present and in the present you can make a lot of money” from fossil fuels, he said.

Price has said this is necessary because the energy transition has changed the investment landscape. Teck used to receive a premium because it produced a diverse array of commodities, but “in recent years, the investor basis for base metals and steelmaking coal businesses have become increasingly divergent,” Price said on Feb. 23.

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