Canadian provinces and the federal government agreed to pave the way for accelerating transportation infrastructure to move commodities such as oil and natural gas to new markets.
Canadian commodities need to reach markets in “responsible” and “sustainable” ways after “science-based environmental assessments,” while there’s an urgent need for infrastructure development, according to a statement released by Prime Minister Justin Trudeau and provincial leaders Thursday in Vancouver.
Canada’s oil industry has struggled to win approval for pipeline projects to transport crude to new markets and help eliminate the price discount that has resulted from an oversupply of the commodity and dependence on U.S. buyers. Three large pipelines are being proposed to get crude to the Pacific and Atlantic Oceans, while TransCanada Corp.’s Keystone XL line to the Gulf Coast was denied a permit by President Obama last year.
The leaders also agreed to work together to lower carbon emissions as part of a commitment made at United Nations climate talks last year in Paris.