There’s growing speculation that the decision to “postpone” work on the giant Bay du Nord oil and gas project off the Newfoundland and Labrador coast is actually a cancellation moving in slow motion.
Norwegian state fossil Equinor announced Wednesday that it was suspending plans to develop the C$16-billion Bay du Nord megaproject in the province’s offshore for up to three years.
"By focusing on pressure campaigns against private actors with no direct effect on the fossil fuel industry, well-intentioned people inadvertently delay the necessary struggle to win and engage state power to phase out the extraction and production of fossil fuels.". . . . "Indeed, doing so buys into the neoliberal logic that government can do nothing when, in fact, only government can shut down the fossil fuel industry."
Demand for crucial energy transition materials is expected to increase four to six times from current levels by 2050, making it urgent to solve the social and environmental problems of mining, say advocates for a clean and just energy transition.
"Every LNG terminal that comes online risks locking in decades of avoidable climate pollution and environmental injustice."
Ahead of a planned global summit on the climate and environment in Japan, campaigners on Wednesday urged the Biden administration to resist pressure from Japanese officials to expand public investments in liquefied natural gas, which is derived from fracking and the drilling of oil and gas wells, warning that proponents have wrongly claimed the gas is a "clean" alternative to other fossil fuels.
Despite pledging to reach net-zero greenhouse gas emissions, Canada’s Big 5 banks have invested over $1 trillion in coal, oil and gas companies since 2016, upping the risk to the Canadian economy as the energy transition unfolds.
