New Markets
Demand for natural gas in the form ofliquefied natural gas (LNG) in India, China and Southeast Asia is growing. Also, countries in the European Union, such as Latvia and Germany are actively looking to LNG imports as a way of reducing dependency on natural gas from Russia.
World demand for natural gas is expected to increase22% by 2040, driven by rapidly expanding Asian economies.(Source: IEA World Energy Outlook, 2021) Canada’s natural gas is uniquely positioned to meet that growing energy demand by developing a LNGindustry.
However, Canada needs to act to meet this opportunity. The U.S. Federal Energy Regulatory Commission has approved 15 LNG export plant proposals, most located on the U.S. Gulf Coast. In less than a decade, the U.S. has gone from virtually no LNG exports to becoming now a dominant exporter of LNG around the world. (Source: U.S. Energy Information Agency)
A number of LNG export terminals have been proposed for Canada, but to date only two West Coast facilities are currently under construction, one is undergoing an expansion and there are proposals for two more. Utilizing leading-edge cleantech, these facilities will produce among the lowest greenhouse gas emissions for LNG production in the world. As the world grapples with energy insecurity, Canada is positioned to step up as a secure, reliable and responsible supplier.
