politics
G7 Leaders Commit to Diversify Energy Supplies Away from Strait of Hormuz
G7 leaders agreed at a summit in France to accelerate diversification of energy supply routes. The group highlighted Canada's potential to increase energy exports as one route to reduce reliance on shipments through the Strait of Hormuz.
Jun 17, 1:26 PM·1m read1 source
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G7 leaders agreed Wednesday in Évian-les-Bains, France, to accelerate diversification of global energy supply routes and reduce dependence on oil and gas shipments through the Strait of Hormuz. A joint statement said the group would commit to increasing energy stocks while expanding supply routes outside the narrow waterway between Iran and Oman.
Carney said Canada is already increasing energy production through liquefied natural gas projects and expansion of the TMX oil pipeline. He added that two additional pipelines from Western Canada remain under consideration. Carney said Canada's energy capacity has drawn interest from European and Asian partners.
He also pointed to eastern Canadian energy sources as further options for G7 diversification.
G7 leaders also pledged to reduce reliance on single suppliers of critical minerals by the end of the year. Canada announced 13 new partnerships with more than eight countries at the summit. Those deals include an agreement with German company RCT Solutions to develop a high-purity silica project and solar manufacturing hub in Manitoba.
Additional partners include Japan, Italy, Denmark, the Netherlands, France, and Portugal. Conservative MP Ellis Ross said Canada's permitting process remains convoluted and could slow efforts to increase oil and gas output.
