February 26, 2024


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Canada approves construction of oil mega project in Newfoundland waters by Norwegian company Equine

Canada approves construction of oil mega project in Newfoundland waters by Norwegian company Equine

Equinor’s oil base in 2020.NTB SCANPIX (Reuters)

The Canadian government has given the green light to the construction of the controversial Bay to Nord project. Norwegian company Equinor To extract crude oil about 500 kilometers off the coast of Newfoundland. Federal Environment Minister Steven Gilbelt announced the decision Wednesday. Guilbeault pointed out that the Bay du Nord would “be subject to some of the harshest environmental conditions ever imposed”; One of them is “carbon neutral” by 2050. The start of its operations is scheduled for 2028.

Through this project, it is valued at about 12,000 million Canadian dollars (approximately, 8,800 million), which is expected to receive about 300 million barrels over 30 years, representing approximately $ 3,500 million (,500 2,500 million) in revenue to the public treasury. Canada is the world’s fourth largest oil producer. Gilbelt, a former environmental activist with Greenpeace, the creator of the Equiterre organization, noted that Equinor and its partners must comply with 137 conditions during construction and operation, and stressed that this decision takes into account the report prepared by the Canadian Impact Assessment Agency.

Recognition of the plan was applauded by representatives and officials of the Conservative Party Newfoundland And Labrador (Canada’s most indebted province) for reasons of its economic benefits and national oil supply, a week after the Trudeau government announced its intention to cut 31%. Hydrocarbon Industrial EmissionsTo meet the objectives set for 2030: 40% to 45% reduction compared to 2005 levels. UN Secretary-General Antonio Guterres this Monday described the continued reliance on fossil fuels as “madness”.

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Just hours before the results were announced, Prime Minister Justin Trudeau stressed that – as he had done at other times – it was possible to compromise economic growth and environmental protection. “If we are committed to investing, being a partner and, above all, science, we can succeed in protecting Canada, protecting the planet and creating good jobs for future generations of the middle class,” he told parliament.

Civil society organizations have expressed dissatisfaction with the government’s decision. Greenpeace said it reflects the success of a policy that will worsen the climate crisis and continue to rely on global trust in fossil fuels. For its part, the David Suzuki Foundation called the announcement “unacceptable” and criticized the reference to “green” oil. Both opposition parties expressed their dissatisfaction. Yves-François Blanchet, president of Bloc Québécois, called the Trudeau government “institutionally hypocritical” in using ecological rhetoric contrary to its actions. The New Democrats accused the prime minister of listening to the oil industry more than experts Climate change.

In an interview with Radio-Canada, Minister Gilfeld acknowledged that this was a “very difficult” decision, but stressed that it was supported by the Canadian Impact Assessment Agency report and that the project should be respected for its long list of conditions. He added that the world still needs oil by 2050. “I am no longer a representative of the ecosystem, but a government of a country of 37 million people,” he said.

Who knows deeply all the sides of the coin.


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