Canada Oil-Sands Plan Collapses Over Politics and Economics

By District Energy posted 02-25-2020 13:35

  

New York Times

Summary

A major effort to develop growth of Canada’s oil sands has collapsed shortly earlier than a deadline for presidency approval, undone by investor issues over oil’s future and the political fault traces between financial and environmental priorities.

9 years within the planning, the challenge would have elevated Canada’s oil manufacturing by roughly 5 p.c. However it might have additionally slashed by way of 24,000 acres of boreal forest and launched thousands and thousands of tons of climate-warming carbon dioxide yearly.

Some Canadian oil executives had predicted that Prime Minister Justin Trudeau and his cabinet would approve the challenge by a regulatory deadline this week, although with burdensome circumstances. However in a letter launched Sunday night time, the Vancouver-based developer, Teck Sources, declared that “there isn’t a constructive path ahead.”

The unexpected withdrawal relieves Mr. Trudeau of a choice that was sure to anger environmentalists or energy interests, if not both.

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