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Canada has an endowment of pure fuel that’s the envy of the world, however we have now accomplished a poor job of capitalizing on it
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The federal authorities’s bumbling ineptitude has resulted in lots of missed alternatives, lowered residing requirements and contributed to Canada’s reputational decline. A working example is the truth that Ottawa has impeded Canada’s potential to turn into a world chief in liquefied pure fuel (LNG) exports, which might be a boon for the financial system and assist scale back world greenhouse-gas emissions.
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LNG is a booming enterprise proper now. It’s the finest hope of getting creating nations, the place coal is king, to drastically scale back emissions. It’s one of many cleanest fuels round, it’s straightforward to move lengthy distances and it’s protected.
Canada has an endowment of pure fuel that’s the envy of the world, however we have now accomplished a poor job of capitalizing on it. As an alternative of seizing the chance, the Liberals declared conflict in opposition to assets, pipelines and companies. Over time, 18 LNG export services have been proposed, based on Pure Sources Canada , however just one is now underneath development. The remaining have given up.
Provincial governments are additionally in charge. Quebec’s refusal to construct pipelines from western Canada has stranded the province and Atlantic Canada, making them depending on Saudi and American oil and pure fuel.
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That, mixed with the province’s refusal to develop its personal pure fuel deposits, has made a number of LNG initiatives proposed in Quebec and Atlantic Canada unviable. And British Columbia’s “greenie” authorities has needed to be dragged kicking and screaming into LNG, and has misplaced out on a number of initiatives in consequence.
In the meantime, Australia and the USA have constructed dozens of LNG export terminals. This 12 months, the U.S. will turn into the most important LNG exporter on the planet with 110 LNG services , and extra underneath development. “America is about to turn into the world’s largest liquefied pure fuel exporter in 2022, surpassing Qatar and Australia, and should maintain that title for years to come back,” based on Reuters.
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Canada has not solely missed this boat, however has additionally missed the possibility to make an enormous distinction geopolitically by contributing to the West’s marketing campaign in opposition to Russian President Vladimir Putin, who’s threatening to invade Ukraine.
Europe receives 40 per cent of its pure fuel provides from Russia, which might be an issue if Moscow turns off the faucets, however the USA has engineered an “LNG workaround” with the intention to reduce the blow and supply the west with extra wiggle room ought to it hope to impose sanctions. “The U.S. has helped put together for the diversion of pure fuel provides from world wide to Europe within the occasion that the circulate from Russia is minimize,” reads a report within the Guardian this week.
Europe realizes it should turn into much less depending on Russian vitality, with the intention to assure its vitality safety. On Jan. 28, the U.S. and European Union issued a joint assertion on vitality safety, nothing that, “America and the EU are working collectively in direction of continued, enough and well timed provide of pure fuel to the EU from various sources throughout the globe to keep away from provide shocks, together with those who might consequence from an additional Russian invasion of Ukraine.”
Europe clearly acknowledges the worth of LNG and can probably approve extra terminals within the close to future. Canada, in the meantime, is sitting on the sidelines and has missed out on a bonanza of extremely paid jobs and untold billions of {dollars} in revenue.
The LNG revolution — and Canada’s absence from it — illustrates that incompetent political management is the nation’s largest aggressive drawback.
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Learn and join Diane Francis’ publication on America at dianefrancis.substack.com.
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