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Based on this, one potential solution to the energy and climate change challenges that Canada faces can potentially be addressed by consciously stepping over polarization to find common ground represented by one unifying shared value . That value will need to include economic drivers, value for society by addressing its needs and challenges, and addressing environmental and climate change imperatives . Today, this drive is commonly parked under Environmental, Social, and Governance (ESG) initiatives that incorporate many PostBrundtland Commission sustainability-based imperatives. One methodology to developing balanced ESG approaches gaining international support is “dynamic materiality” developed by Truvalue Labs (TVL). This approach recognizes the role of materiality in corporate reporting, how it is in a constant state of flux, and how it influences decision-making. As it pertains to the oil and gas sector, applying ESG norms to their business is becoming increasingly critical given the current investment atmosphere. BNN Bloomberg demonstrated this recently by comparing current $80 a barrel pricing to the last time such prices were the norm in 2014. Concluding that although barrel pricing is the same as in 2014, company stock valuations are currently 26% lower then they were in 2014. The reason? Back in 2014 there were fewer ESG institutional constraints from the market. Conclusion - Your Role So, what can we take away from all of this? Hopefully not just that we are becoming more entrenched and divisive, or that polarization can have strong negative consequences. As a CHOA stakeholder there is a high probability that in reading this you have a strong technical expertise from the industry you are a part of but have your considered the following: • Are you able to consider the views of others when not linked to some form of empirical data that makes their proposition “right”? • Are you aware that you too are governed, either consciously or unconsciously, by your emotions? • Do you realize just how valuable the work you do is if it could be shared with other industries who currently would not collaborate with you or your industry? The solution to Canada’s polarization challenge that is impeding our future potential can be simply into two key mandates that everyone can decide for themselves: 1. Consciously park whatever polarized position you have, regardless of empirical proof, and first find a shared value with the groups who currently you are un-aligned with in order to gain goodwill and trust to have the tough conversations. 2. To actively be aware of how your emotions, particularly those in the negative realm such as anger, frustration, and anxiousness, push you to further engrain yourself within your position, and fight them so they don’t hinder your ability to work on a complex problem with others. At The Canadian Energy and Climate Nexus, we believe that a climate

“We must stop arguing friendly energy system for Canada is possible and for one form of energy OR essential and are working with and for people from all sectors another and instead pursue to create an energy and climate future for Canada. Polarization shared values that create has largely robbed us of being able to leverage our advantages one form of energy AND another AND another AND another.” amongst the many energy systems, many stakeholders, and many approaches available to us. The answer is to combine the joint expertise of our energy industries and jointly and authentically look to address, adapt, and evolve them. In essence, we need to imperfectly achieve something together, rather than be perfectly “right” and have no progress on energy and climate in Canada . This means we must stop arguing for one form of energy OR another and instead pursue shared values that create one form of energy AND another AND another AND another. In concluding, you may naturally be asking yourself who has done this successfully before? Are there any case studies from which to draw some lessons learned? The answer is yes, so please stay tuned for the next issue of The Journal where we will follow up this article with some examples from which any practitioner can draw from. REFERENCES Comprehensive references for this article are located online.

David L. Milia

David is the President and Chief Executive Officer of the Canadian Energy and Climate Nexus. David has worked as a specialist and advisor for engineering firms, and large energy corporations. His academic experience includes: the Academic Chair for the B. Sc. in Construction Project Management at SAIT, the Chairman of the Canadian Coalition for Green Finance, and the Director of Strategic Centre Initiatives at the Haskayne School of Business at the University of Calgary which included leading the Hunter Centre for Entrepreneurship and Innovation, the Centre for Corporate Sustainability and Energy and Environment Initiatives. David is also an MBA sessional Instructor for “Business of Oil & Gas” and “The Business of Cleantech”.

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