by Jim Emberger | Commentary Telegraph Journal, 28 June 2022
A recent Brunswick News editorial admitted Canadian fossil fuel companies might not profit on the misfortunes of the war in Ukraine (“Think long-term on resource projects,” June 17). That should have been a foregone conclusion.
Europe’s search for natural gas to replace Russian supplies logically pointed it toward nations that could fill its needs immediately. Many European nations also stressed that their climate crisis plans to reduce gas usage as quickly as possible were still in effect.
Canada would take years to become a European supplier, by which time there may no longer be a demand. Large fossil fuel projects are also generally planned for 30-year lifespans to recoup the massive financial investment involved. So, investors in Canada would risk their investments becoming stranded (essentially, lost) if the Europeans stick to their climate pledges.
