The Government of Canada has approved the Pacific Northwest liquefied natural gas project openning Canadian energy to new global markets, striking a balance between growing the national prosperity generated by Canada’s energy sector while delivering on government’s commitment to lower global greenhouse gasemissions.
Canada has strengthened its potential as a global energy supplier by approving the PNW LNG terminal to move Western Canadian natural gas to tidewater and provide access to global markets. Through LNG, Canada can grow its Asia-Pacific trade, create more jobs and prosperity at home and grow its international reputation as a place to invest. Global demand for natural gas is expected to increase by 46 per cent through 2040 and 20 per cent of that increase is expected to be met by LNG.
Reaching new markets allows Canada to be a positive contributor to the global energy mix for the future. LNG will facilitate the expansion of renewable energy by complementing its intermittent energy output and possibly lowering global GHG emissions by providing jurisdictions with a lower-carbon alternative for their energy mix.
Ocean access from the West Coast of British Columbia to Asian markets is Canada’s opportunity to supply growing markets, make a positive contribution to the global energy mix and lead to action against climate change.
With the additional conditions applied, projects of this magnitude need to be carefully reviewed by the proponent to determine their commercial viability in the context of a competitive global environment.
“The government’s commitment to LNG shows that they are interested in balancing both Canada’s sustained environmental leadership and its prosperity.” Tim McMillan, president and CEO of CAPP said,“Canada is seizing its opportunity to be an energy supplier for the future.By approving LNG terminals, Canada has a remarkable opportunity to create jobs, contribute to communities and generate economic growth.”
Source & Image credit: CAPP
