Hodgson pushes oil and gas as core of Canada’s economic plan amid stalled electrification

Speaking at the Global Risk Summit in Toronto, Energy and Natural Resources Minister Tim Hodgson said Canada’s economic strategy now centers on oil, gas and LNG projects, citing the Pacific Link pipeline and expanded LNG exports as key opportunities. He argued that this focus reflects a changed risk calculation for the country’s energy and natural-resource development. The remarks echoed recent statements by Prime Minister Mark Carney and Finance Minister Francois-Philippe Champagne, who have highlighted the oilsands as a major investment prospect.

In contrast, the Canadian Climate Institute found that Canada’s overall emissions rose by six megatonnes last year and that progress on decarbonising industry, transport and power sectors remains minimal, leaving the nation far from its 2030 reduction target. Analysts warned that the growing share of natural-gas use and a “dirtier” power grid could further widen the gap to net-zero goals.