Here’s a thought for Canada’s Indo-Pacific strategy: some LNG diplomacy
Scott McKnight, PhD, is a research associate at the Lupina Innovation Policy Lab at the Munk School of Global Affairs and Public Policy, University of Toronto. Giancarlo Da-Re is a master of global affairs candidate at the Munk School and a Lupina-IPL Fellow in Innovation., aiming to reposition Canada in the region in the face of an increasingly hostile China. The five-year, $2.
It’s been a long and bumpy road for Canada’s LNG projects to come to fruition. Despite being the world’s fifth largest producer of natural gas, the country does not – and physically cannot – export liquefied natural gas, lacking the sophisticated infrastructure to get gas piped to the coast and chilled for shipment overseas., now nearly complete and with an eventual export capacity of up to 28 million tonnes per year, starts exporting.
In total, Asia buys about three-fourths of global LNG cargoes. Chief among these buyers are some of Canada’s most important allies. Japan, South Korea, India, and Taiwan collectively purchase about 45 per cent of all LNG cargoes. That doesn’t include another half-dozen Asian buyers who buy in smaller quantities – all with whom Canada is attempting to deepen ties.
Third, the use of long-term contracts could shield both exporter and importer from whiplashing natural gas prices, while ensuring a market for capital-intensive LNG projects that take many years to turn a profit. Fourth, turning natural gas into a major export makes use of a resource Canada possesses in abundance, while generating revenue and allowing Canada to more actively pursue its own decarbonization.
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