Crown corp loans $500 million for LNG project, despite government promise to end oil and gas financing
Export Development Canada approved the loan for the Indigenous-owned Cedar LNG project in Kitimat, B.C., despite the Liberal government’s plans to release a framework for ending public financing in the fossil fuel sector later this year.The outside of a massive liquefied natural gas storage tank is seen under construction at the LNG Canada export terminal, in Kitimat, B.C., on Wednesday, September 28, 2022.
A federal Crown corporation has earmarked $500 million to finance a liquefied natural gas facility in Kitimat, B.C., despite the Liberal government vowing to phase out all public financing for fossil fuel projects. On Tuesday, Export Development Canada , an arm’s length credit agency, approved the loan for the Cedar LNG project, jointly owned by the Haisla Nation and Pembina Pipeline.
The facility will receive natural gas from Western Canada via the Coastal GasLink pipeline, which can then produce LNG for export to Asian markets.