Canada has been ranked 4th out of 162 countries on the Human Freedom Index 2019, much higher than any other top 10 oil exporter in the world (in order: Saudi Arabia, Russia, Iraq, Canada, Kuwait, UAE, USA, Iran, Nigeria, Kazakhstan). Way to go Canada!
The Human Freedom Index (HFI) is one of the most comprehensive indexes of its kind. Developed by the Fraser Institute, it examines 76 different key indicators of personal and economic freedoms ranging from freedom of religion and movement to rule of law and property rights (more below).
Here are the top 10 countries on the Human Freedom Index 2019, along with how the world’s top 10 oil exporters ranked:
Human Freedom Index 2019 Rankings Map - Fraser Institute
HFI 2019 – Top 10
- New Zealand
- Hong Kong
HFI 2019 – World’s Top 10 Oil Exporters
As the world’s 4th top exporter of oil, Canada has moved up 1 spot a year prior on the HFI index to 4th overall. The United States also jumped 2 spots, while Kazakhstan saw the largest increase from 85th to 73rd. Russia also saw a five spot jump to 114th while Iraq improved slightly from 159th to 158th.
On the other hand, the UAE and Nigeria both dropped by 14 and 2 spots to 128th and 112th. Kuwait, Saudi Arabia and Iran managed to stay put at 124th, 148th and 154th, respectively.
- Saudi Arabia – Rank: 149th
- Russia – Rank: 114th
- Iraq – Rank: 158th
- Canada – Rank: 4th
- UAE – Rank: 128th
- Kuwait – Rank: 124th
- Iran – Rank: 154th
- USA – Rank: 15th
- Nigeria – Rank: 112th
- Kazakhstan – 73rd
Methodology of the HFI
The HFI 2019 uses 76 distinct indicators of personal freedom and economic freedom (both weighted 50% of total score) which fall into one of the following main categories (with their respective score-weights):
> Rule of Law (12.5%)
> Security and Safety (12.5%)
> Freedom of Movement (5%)
> Expression and Information (5%)
> Freedom of Religion (5%)
> Association, Assembly, and Civil Society (5%)
> Identity and Relationships (5%)
> Size of Government (10%)
> Legal System and Property Rights (10%)
> Access to Sound Money (10%)
> Freedom to Trade Internationally (10%)
> Regulation of Credit, Labour, and Business (10%)
Each indicator is ranked on a scale of 0 to 10, where 10 represents the most freedom and 0 the least. The scores are averaged and then tallied to determine the rankings of each evaluated nation.
Why the Human Freedom Index Matters
The HFI 2019 measures important economic freedoms such as the ability for people to enjoy freedom of speech, religion, association and assembly to name a few, which are top of the list when it comes to ESG criteria.
Investors are becoming increasingly concerned about the effect their money will have on the world, and many are focusing on growing their portfolios in countries that have high levels of freedom and democracy. It’s no surprise the HFI 2019 found a strong relationship between human freedom and democracy.
With Canada continually ranking much higher than all of the top oil exporting nations in the world on multiple environmental, social and governance (ESG) criteria related reports, the question is when our country will start getting the recognition it deserves.
Canada is one of the most transparent, regulated and environmentally responsible oil and gas producers on the planet and our country should be one of the last ones “out of the pool” when it comes to supplying the world with the fossil fuels it needs.
If you agree or want to know more about Canada's exemplary ESG record, be sure to check us out: