The Globe and Mail reports in its Wednesday edition that with Glencore's offer for the coal business of Teck now formally on the table, all eyes are on the federal government: Will Ottawa approve the $8.9-billion (U.S.) deal and, if so, under what conditions? Guest columnist Eugene Ellmen writes that Teck chief executive officer Jonathan Price says the deal is good for his company and good for Canada. Glencore is promising to maintain jobs, invest billions in capital expenditures and increase spending on research and development. There is, however, a huge elephant in the room. Teck's coal assets are beset with pollution problems, indirectly emitting tens of millions of tonnes of carbon dioxide annually and implicitly at odds with Canada's own steel decarbonization efforts. Teck's coal assets have long stood against Ottawa's policy objectives, and that does not change with the ownership. Even if the federal government approves the deal without any significant conditions, the coal assets exist in a regulatory environment that is increasingly hostile to them. Glencore might just find that it will have to simultaneously invest in its newly acquired asset, while also planning for its possible phase out in coming years.