"Canada's Liberal government has said that a liquefied natural gas facility, critical mineral mines, a nuclear reactor and port expansion will mark the first wave of major national projects to turbocharge the country's economy as it fends off a trade war with the United States. Notably, the list unveiled by the prime minster, Mark Carney, on Thursday does not include any new oil pipelines projects which have proven to be deeply divisive and politically fractious in recent years."
"The path ahead will not always be easy, because what's happening now in the global economy is not a transition it is a rupture, said Carney. The United States is fundamentally and rapidly transforming all of its trading relationships, and the effects are both immediate and profound. The announcement is an attempt to fend off economic threats from Donald Trump, the US president, whose trade war with one of his closest allies has threatened to plunge the Canadian economy into a recession."
"Carney said the projects would add C$60bn to the country's economy and create tens of thousands of new jobs. The liquified natural gas project is a shift for Liberals. Under former prime minister Justin Trudeau, senior ministers were publicly skeptical of the economic case for exporting Canadian LNG across the Atlantic. But in recent months, Carney's government has met with European officials to pitch Canadian LNG exports."
Canada will back an initial wave of national projects including an LNG expansion at Kitimat, critical mineral mines, a small modular reactor at Darlington, and a Quebec port expansion. The Kitimat expansion will effectively double annual LNG export capacity to 28 million tonnes. The government expects the combined projects to add C$60 billion to the economy and create tens of thousands of jobs. The program is presented as a response to rapid global economic changes and to shield the Canadian economy from U.S. trade actions. The government emphasizes that the nuclear, mining, and port projects offer reduced environmental impacts while signaling a policy shift toward LNG exports.
#lng-expansion #critical-minerals #small-modular-reactor #us-canada-trade-tensions #economic-stimulus
Read at www.theguardian.com
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