Our newsletter 25 April 2024
Finance Minister Chrystia Freeland and Prime Minister Justin Trudeau during budget speech in Parliament
LNG OK under federal loan program
Ottawa’s move to help Indigenous peoples fund investments in natural-resource and energy projects is on the way, and, as requested by First Nations leaders, it will allow for equity investment in oil, gas, LNG, and related initiatives.
The program was announced in the 2024-5 federal budget, with Finance Minister Chrystia Freeland (above) promising that up to $5 billion will be available.
There is no detail yet on when the program will go into effect, how long a period it will cover, what the rules and red tape will be, or exactly how it will be administered. But at least it will allow for Indigenous investment in oil and gas projects.
Said Freeland: “Indigenous communities need to be able to share in the benefits of natural resource and energy projects in their territories and on their own terms. Due to the Indian Act and the legacy of colonialism, Indigenous communities have fewer options for securing capital or leveraging existing assets as collateral, leading to increased borrowing rates that create a barrier to equity investment in natural resource and energy projects.”
- Read more: https://ow.ly/SI8k50RkIpg
Freeland later said $5 billion is just a start for the Indigenous loan-guarantee program. “Nothing would make me happier than seeing that $5-billion oversubscribed and needing to put in place even more.”
Gas vital as energy source and raw material
Not only for export: Natural gas is the largest single energy source for Canada’s manufacturing sector, accounting for about 28 percent of the energy it consumes.
And the abundance of our natural-gas reserves gives our industries an advantage over manufacturers elsewhere in the world.
- Learn more: https://ow.ly/ycgg50RgBNZ
Canada’s vast reserves of natural gas give us an edge as world demand for plastics is forecast to almost triple.
- Read more here: https://ow.ly/ljVu50RkwO5
Activists fear for LNG investors? Not quite
From Resource Works: One activist group has been arguing “the reality is that in the coming years the world may no longer need BC.’s LNG” and that could mean “the risk of future stranded assets.”
Of course, notes Resource Works, they aren’t at all concerned about LNG investors; “they’re just desperately throwing every brick they can think of in organized and well-funded political campaigns to influence government.”
Meanwhile, two of their prime targets proceed with their government-approved plans: LNG Canada moves steadily toward overseas exports in 2025, and Woodfibre LNG is moving toward construction, and shipping pre-sold exports, in 2027.
And First Nations are working on the Haisla Nation’s Cedar LNG project, and the Nisga’a Nation’s proposed Ksi Lisims LNG operation. Odd how the activists refrain from criticizing the First Nations Peoples who want to export LNG to help their communities thrive.
- Read more: https://ow.ly/9LA650RkwLU
Also from Resource Works: Indigenous leaders are among those calling for government to facilitate investment in resources in BC: https://ow.ly/5jW050Rmr5l
Indigenous clean-energy news
- Stakeholders sign on to $52-million Alberta First Nation solar project (the site pictured above will hold 69,450 solar panels): https://ow.ly/na5a50RkF0E
- Solar project near Sooke BC, which could power 20,000 homes, can work on detailed project description, and must engage First Nations in it: https://ow.ly/elPa50Rf1hp Background: https://ow.ly/Mmzi50Rf1z3
- A $15-million First Nation solar farm near Anahim Lake BC is expected to save 1.1 million litres of diesel a year: https://ow.ly/1oFh50RkCBR See also: https://ow.ly/vKTM50Rml74
- Wind-power project with the Innu Council of Pessamit as a partner is selected by Hydro-Québec: https://ow.ly/bMLe50RkFn6
- Indigenous communities are leading Canada’s clean-energy transition: https://ow.ly/T7P250RkFlA
- Ontario boosts support for Indigenous-led renewable energy projects: https://ow.ly/3Mwe50RkFkk See also: https://ow.ly/fXCw50RkFmu
- Compressed natural-gas facility in the Northwest Territories will improve energy security — and reduce emissions: https://bit.ly/3TWNuDQ
ALSO IN THE NEWS
- Ready To Rock! ‘Natural gas flow to LNG Canada is imminent.’ https://ow.ly/cg7Q50Rkxli
- District of Squamish seeks millions from Woodfibre LNG, setting its tax rate at over 4 times the average for major industry: https://ow.ly/5Lxh50RkwG7
- First Nations are increasingly set to become equity partners in major projects: https://ow.ly/LTTx50RlBz2
- Seaspan Energy launches its second LNG bunkering (ship-fuelling) vessel, Seaspan Lions: https://ow.ly/MxG650Rj0bI
- How Summit Lake LNG in BC plans to ship LNG in containers by rail to tidewater: https://ow.ly/NAcm50RcyOL
- Canada can export world-class energy. But ‘we need to urgently overhaul our regulatory framework to restore Canada’s competitiveness and attract global capital.’ https://ow.ly/B58650Rm3Km
DATES
- Canada Gas conference, Vancouver, May 7-9: https://ow.ly/Kcbw50RjkIU (Our Alliance chair, Chief Crystal Smith, and our Alliance CEO, Karen Ogen, are strategic speakers, and are also on the governing body: https://ow.ly/anem50Rjl1S)
- Transformation in Energy Summit, Calgary, May 13-15: https://ow.ly/LPar50QtFi2
- The International Gas Research Conference, Banff, May 13-16: https://ow.ly/YCMV50Q9E6j. (Alliance chair Crystal Smith and Alliance director Bernardine Coleman are among speakers. And Chief Crystal and our Alliance CEO, Karen Ogen, are on the national governing body: https://igrc2024.org/)
- Forward Summit: Empowering Indigenous Economies, May 14-15, Tsuut’ina Nation, near Calgary: https://ow.ly/Ebx750QnWXf
- Creating Energy Northern Resource Conference, May 21-22, Fort St. John: https://ow.ly/67FF50Rj430 (Alliance CEO Karen Ogen is a speaker.)
- Generate 2024 clean-energy conference, May 23-24, Vancouver: https://ow.ly/FWeH50QZJk8. Early-bird pricing in effect until April 30.
- Indigenous Partnerships Success Showcase, June 5-6, Vancouver Convention Centre: https://ow.ly/uiop50QjxVH
- National Coalition of Chiefs Energy and Natural Resource Summit, June 9-10, Tsuut’ina Nation, near Calgary: https://ow.ly/B2Rs50QN7aw
- Global Energy Show, Calgary, June 11-13: https://ow.ly/mKwP50R2K0Z
- First Nations Power Authority’s Indigenous Cleaner Energy Forum, Saskatoon, June 26-27: https://ow.ly/1jkA50Re6xu
- Forward Summit East, Sept. 25-26, Orillia ON: https://ow.ly/i65h50QnWYR
- Forward Summit West Coast, Oct. 22-23, Vancouver: https://ow.ly/4UQe50R3CY2
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