Approving new fossil fuel projects is moral and economic madness
After approving the Bay du Nord offshore oil project off Newfoundland and Labrador in April, the Canadian government has decided to take our climate risk-taking to a whole new level by issuing a Call for Bids for oil exploration for an area one third larger than the size of New Brunswick. Bids to drill for…
The potential cost is hundreds of millions of dollars in royalties that must be paid
Two weeks after Bay du Nord received environmental approval, the Canadian and Newfoundland and Labrador governments were arguing about who would foot the bill. The project promoted as the answer to Newfoundland and Labrador’s economic woes could end up costing hundreds of millions in revenue. Some backstory: according to the United Nations Convention on the…
Economic benefits crucial to the Newfoundland and Labrador economy
With the market prices of hydrocarbons soaring, accelerated by the Russian invasion of Ukraine, the federal government is once again extending the deadline for making a decision about the future of the Bay du Nord project off the shore of Newfoundland. Division within the Prime Minister’s Office on this project is certainly one of the…
Both economically and environmentally
As wildfires destroy whole communities, coastal towns lose their shorelines and fisheries, and half the world’s population faces dangerous climate impacts, a contentious project sits before the Liberal cabinet. Bay du Nord is a proposed oil development 500km off the coast of Newfoundland and Labrador. Industry lobbyists assure us of “green oil production,” low environmental…