March 5, 2022 - What Canadian policymakers can learn from Europe's energy woes

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March 1, 2022

What Canadian policymakers can learn from Europe's energy woes by Eric Nuttall
Appeared in The Financial Post on March 1, 2022

Gina's Thoughts

"It should be obvious: the world needs more, not less, of Canada’s abundant and ethically produced energy". So reads the by-line of Eric Nuttall's piece in The Financial Post. He poses two questions. "Is what we are witnessing in Europe a teachable moment for North American energy policy? Can we learn from the mistakes of others and improve North American energy reliability and affordability?" InvestNow posits the answer to these two questions is a resounding yes! Canada is following in Europe's footsteps, with projects being sidelined or regulated into oblivion and divestment and demonization of the industry, "all in the name of decarbonization and environmental protectionism". The author cites the UK as a chain of events example of what could go wrong. In the UK last winter, the wind stopped blowing by 90 per cent which nullified much of its offshore wind energy capacity. "Coal plants were fired up and liquefied natural gas demand surged resulting in all-time or near all-time price highs for both. Power prices surged. At least 19 energy suppliers went bankrupt. The rise in energy costs trickled through the economy and made the production of necessities such as fertilizer uneconomic, which impacted CO2 production and indirectly threatened beer and meat production." Energy fuels our world. With the world's third-largest oil reserves, Canada is blessed with an abundance of natural resources. Canada can and should be providing the oil and gas that fuels the world to the world.

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