Last week, Petronas announced that they will not proceed with their $36 Billon investment in their Pacific Northwest LNG project – a major blow as this project would have created hundreds of long-term, stable jobs and economic growth in Canada.
This worrying trend whereby companies are choosing to invest elsewhere falls squarely on the Liberal Government’s refusal to champion and promote energy projects. Instead of promoting Canada’s energy sector and the Pacific Northwest LNG project, this Liberal Government is prioritizing policies that impede growth and job creation in Canada’s energy sector. Investors simply no longer have confidence in Canada’s investment environment.
Since 2015, Justin Trudeau has sent clear signals to the investor community that Canada’s regulatory review process could be changed at a moment’s notice depending on which direction the political winds blow. We have seen this with the Northern Gateway and Trans Mountain Pipeline projects.
We saw this again when Justin Trudeau imposed a national carbon tax, even when the United States – our biggest trading partner – did not. He has failed to stand up for jobs and global economic growth, costing the Canadian economy hundreds of millions if not billions of dollars.
The government should champion both environmental reviews and economic development through sound regulatory processes. When projects meet the necessary environmental requirements for approval, economic growth and development should ensue. The Pacific Northwest LNG project was conditionally approved by the federal government but is now being cancelled.
What a shame that this Liberal Government stood by and watched billions of investment dollars move elsewhere.