CANADA PLANNING TO HELP EUROPE CUT RELIANCE ON RUSSIAN ENERGY

Mar 12, 2022

By Jeremy Logan

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Natural Resources Minister Jonathan Wilkinson says it will be another week or two before Canada will know with certainty how much extra oil it can produce and ship to help offset bans on the use of fossil fuels from Russia.

But he says the longer-term conversations about Canada partnering with Europe on renewable energy are likely more realistic and more lucrative.

Wilkinson is currently spending most of his time on the phone with G7 partners and energy industry executives hammering out how best to help Europe cut its reliance on Russia as a source of energy.

He says a plan should be ready by March 23rd, when the International Energy Agency is hosting a meeting of energy ministers in Paris.

But even as the world’s fourth largest oil producer, Canada’s role in solving Europe’s immediate fossil fuel needs is going to be limited because the logistics of both increasing production and getting it to Europe are complex.

Wilkinson says massive investments in pipelines or oil production to help Europe make little sense, but conversations about Canada and Europe transitioning more quickly to renewable energies like hydrogen are a key part of the talks he is now having.

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