Export Development Canada confirms it will provide $400 to $500 million in financing to the proposed Cedar LNG export facility.
Canada’s export credit agency has approved financing a major liquefied natural gas terminal in British Columbia — a plan four environmental groups recently warned breaches the federal government’s 2021 commitment to end funding of all new domestic fossil fuel projects.
The EDC loan to Cedar LNG ranges between $400 and $500 million, and will support the development of the facility and “associated onshore infrastructure,” said de Bellefeuille. It's part of a larger $5.5-billion project Kitimat announced in a final investment decision Tuesday. “EDC’s financing for this project is aligned with our focus on supporting the global energy transition and Indigenous economic reconciliation,” added the statement. “The Cedar LNG project is the first Indigenous-majority-owned natural gas project in the world and is expected to also provide significant jobs to Haisla Nation members, members of other local Indigenous groups, and the local community over the life of the project.
De Bellefeuille said “the Cedar LNG project will be primarily powered by B.C.’s clean hydro-electricity," making it one of the world’s "lowest GHG emission natural gas operations.” “LNG expansion is not in line with commitments, and unlikely to be economical over the span of the project,” reads the letter.
“Consequently, the International Energy Agency and other forecasts project a glut in LNG supply by mid-decade that will drive down prices, combined with a levelling off of gas demand in Asia,” they claim.
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