Canada's mining and energy ministers have stressed the need to accelerate the nation's shift to clean energy systems and advance its critical minerals strategy as Russia's invasion of Ukraine continues to alter the global energy landscape.
At an annual conference at St. John's in Newfoundland and Labrador, federal, provincial and territorial ministers discussed plans to increase Canada's energy exports to Europe, supply more clean electricity to Canadians to help tackle rising energy prices and develop plans to achieve a net-zero electricity grid by 2035.
"In the aftermath of the invasion of Ukraine...Germany in particular, but other countries in Europe are looking to displace Russian gas and oil," Minister of Natural Resources Jonathan Wilkinson said at a press conference marking the end of the week-long event.
While the minister said that Europe can displace its dependence on Russian oil in a "fairly short time," the continent is looking at a five-year window to reduce its reliance on Russian gas and Canada hopes to be an alternate supplier.
"I think European countries certainly are interested in securing supplies of LNG from Canada...but as I said there is a window there... and so you have to be able to hit that window," he said. "So, we are looking at the projects and working with the projects that could potentially meet that window."
But the minister also warned that Canada won't be able to supply enough LNG to meet the continent's needs and that Europe will have to secure supplies from other sources.
Russia's invasion of Ukraine has also heightened the importance of critical minerals, the demand for which has risen in recent years as countries work towards meeting their net-zero goals.
Canada, which is endowed with many of the critical minerals required for the green energy transition, hopes to become a global leader in the sector and build a battery ecosystem.
In April, the federal government allocated in this year's budget up to $3.8 billion over eight years to develop electric vehicle components such as batteries and permanent magnets and ensure that the country becomes a vital part of the global critical minerals industry.
In June, Ontario created a new standalone mining ministry with the mandate to develop the Ring of Fire, an area about 400 km northeast of Thunder Bay that is believed to contain one of the largest potential mineral reserves of nickel, chromite and other minerals in Canada. The ministry will be led by the former mayor of Timmins, George Pirie, as the province's minister of mines. Pirie is a former president and CEO of Placer Dome Canada.