Today’s news is about the biggest private-sector investment in Canadian history: a $40 billion liquefied natural gas (LNG) project that will get Canadian resources to new international markets.
This private-sector investment:
is a huge vote of confidence in Canada’s economy
will create 10,000 middle class jobs during construction
will lead to billions of dollars in government revenues
The largest infrastructure project of its kind in Canada, it will include a natural gas liquefaction facility, a pipeline, and a marine terminal to export surplus Canadian natural gas to some of the world’s fastest growing economies in Asia.
The investment comes from LNG Canada, a joint venture with primary investors (including Shell) from five different countries.
In addition, our government announced $275 million in federal support, as well as a commitment that trade barriers will not get in the way of this generational project.
The new facility will be built in Kitimat, B.C. There, the gas will be converted to a liquid form for export to markets in Asia that are currently powered by coal-fired electricity – a significant source of greenhouse gases.
Construction in Kitimat is expected to begin in 2018.Once built, it will have the lowest carbon intensity of any large-scale LNG facility in the world.
In my view, this will not only help our economy but ultimately will reduce emissions from more carbon-intensive sources.
Between our new trade agreement with the USA and Mexico, and today’s LNG news, this is a very big week for our nation.