If we talk about Canada’s energy producers, Trudeau has left no stone unturned to hurt their revenues and profits. In the garb of his green goals, he has choked the energy sector of Canada, which is facing the brunt of his green activism.
Try to imagine a country perfectly situated to have nearly unlimited per capita income. What would it look like? Where would it be? What kind of resources would it have? At this point, you’re likely imagining a country quite similar to Canada. a massive amount of territory. A relatively small population. An alliance with the world’s richest and most powerful country. Vast energy reserves.
Perhaps, this is what Canada used to be. Now, a lot has changed. Ever since the liberal poster boy came to power, he has been insulting the energy sector of Canada.
A recent report by the Financial Post suggests nearly $150 billion worth of energy projects have been shelved in Canada.
Even after receiving regulatory approval, Canadian and foreign investors have struggled to start construction on their projects. There are several reasons for this, including basic economics, political differences, Indigenous opposition, and environmental issues.
Since Canadians cannot agree on the necessity of resource development and climate change mitigation, all of the aforementioned considerations have resulted in a number of projects becoming stranded. Together, they make up about $150 billion in wasted investment opportunities that could have supported the local economy by producing taxes, employment, and enterprises.
The following are some significant energy initiatives from recent years that never materialized:
First is Teck Resources Ltd. company’s Frontier Oilsands Mine project which was worth $20.6 billion.It was anticipated that the projected oilsands mine in northern Alberta would generate 260,000 barrels of oil each day. In the midst of a significant dispute between Ottawa and Alberta over climate change issues, a shortage of pipeline capacity, and low oil prices, it was cancelled by the proponent over the weekend. Environmental organizations opposed the project because it was predicted to increase Canadian carbon emissions, but many local First Nations backed it.
Second is Enbridge Inc.’s Northern Gateway project, which was worth $7.9 billion. The pipeline project saw approval in Stephen Harper’s administration in 2014, but a Federal Court of Appeal threw it down two years later. The pipeline was intended to transport oil from northern Alberta to a port in Kitimat, British Columbia. In 2016, the Liberal government rejected it.
The pipeline was anticipated to increase pipeline capacity to handle the demands of the rapidly increasing Canadian oil output and transport 525,000 barrels of oil per day to international markets. We know how Trudeau has taken every step to crush the Prairies in the country.
The third is the Pacific Northwest LNG of lead company Petronas Bhd. which was worth $36 billion dollars. As much as 18 million tonnes of natural gas may have been exported annually through the proposed LNG pipeline and export terminal in Prince Rupert, British Columbia, on the Pacific Ocean. The project had to go through a protracted environmental evaluation process. In July 2017, Petronas cancelled it. The long list of projects that got scrapped under the liberal government continues. Others include Aurora LNG and Prince Rupert LNG worth $28 billion and $16 billion respectively.
The question is: why are Canadian authorities not doing enough in spite of having enough great resources at their disposal? The reason is simple. The government led by Justin Trudeau wants to push the green agenda and crush the prairies because, clearly, the provinces’ success is itching to them.
The party in power in Canada knows very well how to take Canada for granted. With massive gas reserves, technological prowess, and high ESG standards, Canada has an opportunity to help lead the way. But, will Trudeau let that happen? It seems not. He is rather ready to choke energy sector of Canada to crush the Prairies and push his green activism.