That the Conference Board of Canada came out with a new report outlining the impacts associated with 30 million tonnes per annum [30mmtpa] LNG in British Columbia. [$6.9 billion in spending and 65,000 jobs annually nationally].
I would like to highlight that this is currently a totally unrealistic scenario! Assuming the average production of a single LNG Terminal is 5mmtpa, the 30mmtpa means 6 new terminals! However …
• The Pembina Institute has recently stated that without implementing the Climate Leadership Team’s [created by the BC government] recommendations, any significant LNG development makes the province’s legal GHG reduction targets unachievable.
• Clean Energy Canada recently concluded renewable power will quite possibly become cheaper than the LNG sales prices needed to justify the cost of LNG investments. This is a significant investment risk—before including carbon pollution costs.
• Several countries have LNG terminals that have just come on line or will be soon. There will be a global glut of LNG and low prices will follow.
• Demand for LNG is decreasing in countries like Japan which is re investing in safer nuclear.
To me, investing heavily in LNG is nonsense.