CALGARY—Alberta premier-designate Jason Kenney vowed in his election victory speech, “Today, we begin to fight back.” And as the United Conservatives prepare to take power, there are already specific targets.

The latest in the crosshairs? The bank HSBC. On election night, Kenney said that when companies like HSBC “boycott” Alberta, “we’ll boycott them back.”

In a Wednesday tweet, Kenney went after HSBC again, sharing a Bloomberg article quoting CEO John Flint at a conference in Saudi Arabia, where Flint says he’s “excited” about HSBC’s role in the country’s financial sector.

Kenney took issue with HSBC expressing support for industry in Saudi Arabia — a country with an exceptionally poor human rights record — since the company’s energy policy, updated last year, rules out financing for energy projects that could be in Canada.

The policy states that to support the transition to a low-carbon economy, HSBC will not provide financial services for coal-fired power plants, Arctic drilling or new greenfield oilsands projects. That includes pipelines — the bank said it will not give new financing where the majority of the lending will be used for new pipelines dedicated to the oilsands sector. (The policy adds that “any future technological developments which improve environmental performance” will be considered in future updates.)

But Kenney said the stance amounts to HSBC “boycotting” Alberta’s oilsands.

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“The next Alberta government will not tolerate this kind of hypocrisy,” he wrote.

It’s unclear what, exactly, Kenney can do about a U.K.-based multinational company’s energy policy. He said during the election campaign that he would be willing to block the company from investing in Alberta. The mechanics of how he would do that are unclear, since banking falls under federal jurisdiction in Canada.

But setting up an energy “war room” to address perceived misinformation about Alberta oil and gas is a promise the UCP floated before the election even began. And after winning a decisive victory in this year’s provincial election, Kenney so far hasn’t changed his tone about getting combative with anyone who might hold back Alberta’s energy sector.

Mount Royal University policy studies professor Lori Williams said it’s valid for Kenney to point out problems with policy that potentially hurts Alberta. But she said the future “war room” needs to be carefully approached and managed.

“This is very risky. By all means, fight to advance people interests, to advocate and provide information about Alberta, but you’ve got to be nuanced. You’ve got to be strategic. It’s about getting information to people who might actually change their minds,” she said.

The “war room” Kenney envisions could have a role in something like raising awareness about steps Alberta energy projects have taken to be more environmentally sustainable, Williams said. But she added that it will need to offer people something apart from an outlet to vent anger, especially as the province moves beyond the election campaign.

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“If it’s managed effectively, if they’re smart about it ... I think it’s possible to change people’s minds, to actually get the information to the people that are persuadable,” she said.

“If this is managed badly, it could cause irreversible damage,” like eroding support for pipeline projects Alberta needs to get its products to wider markets.

Williams said she has heard from many Albertans who are looking for someone to “stand up” for the province more assertively, and the economic anxiety driving that need shouldn’t be dismissed. But she isn’t convinced that threats against people or groups will actually achieve that.

“This is about providing information that changes enough minds in enough places and enough boardrooms and enough electorate that it makes a difference.”

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