A new economic alliance is reportedly taking shape between Canada and the European Union to create critical raw material reserves by increasing gas shipments to Europe.

Both regions are currently studying this possibility, sending more Canadian liquefied natural gas (LNG) to Europe to guarantee supply to their industries and the general population, particularly during times of crisis or service disruptions.

On October 30, a joint declaration was issued, “adopted at the end of the summit held in Montreal, in which both parties commit to conducting a long-term feasibility study on gas shipments to European territory,” as well as exploring mechanisms to “store resources considered essential for both civilian and defense industries.”

Investment aspects and long-term energy supply contracts were evaluated, as well as climate commitments and the development of sustainable energy sources.

“To this end, they will conduct a joint study on LNG exports to Europe and expand their collaboration on electricity grids, battery storage, and physical and cybersecurity of energy infrastructure,” the document states.

Increasing investments and bilateral cooperation

The EU-Canada declaration also includes maintaining cooperation on nuclear technologies, the supply of uranium, fuels, and services related to the nuclear cycle.

In parallel, Canada and the European Investment Bank (EIB) finalized negotiations on an agreement to facilitate European investment in Canadian strategic resources, especially critical raw materials. This also includes opening up to new investments in third countries regarding “connections between European and Canadian ports to facilitate the transport of energy and strategic minerals, as well as improving the protection of maritime and submarine infrastructure.”

M.Pino

Source: elperiodicodelanergia

(Reference image source: Christian Harb on Unsplash)

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