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[Septemeber Theme Report]: Canada’s Energy Security and Potentials |
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by Minha Kyun | 30-09-2023 16:14
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Energy security means keeping an affordable and stable energy supply for the upcoming future. The idea of energy security derived from the oil crisis of the 1970s, when the Yom-Kippur War of 1973 and Iranian Revolution of 1979 greatly impacted the countries who relied on oil supplies from the region. After the crisis, countries realized the impact of energy supply on a country, how both industries and individuals are affected and ultimately the economy as well. Diversification and investment is one of the key parts in energy security. Although Canada is successful in having a diverse energy mix and has relatively high investment of domestic and foreign investment, there are still improvements that could be made. Canada is one of the countries with a high degree of energy security. It ranks third in the world in oil reserves, has almost no violent conflicts, and has plenty of natural resources. However, it has low energy productivity and the dependence on the U.S dangers its energy security. Not only that, but investments towards the existing infrastructure aren’t always implemented on time, failing to protect one of the bases that keep a steady supply of energy. Canada should try to address those problems and further develop their strengths. War in Ukraine has destabilized the energy security of countries that relied on Russia's energy and natural resources. Peter Zeihan, a geopolitical strategist analyst and an author, has said that it could take until 2028 to stabilize the situation and additional 20 years to go back to how it was before the war. This tells the immense impact war has left on the world’s economy. However, Canada can help to solve this problem by offering oil and gas supplies to countries who need to replace resources from Russia to another. Supporting the countries, which includes US and ones in Europe, not only benefits the economy of Canada itself, but the global energy security. Canada can help to build a stabilized economy around the world. Resources: https://energyeducation.ca/encyclopedia/Canadian_Energy_Security https://energyeducation.ca/encyclopedia/Energy_security https://energyeducation.ca/encyclopedia/Oil_crisis_of_the_1970s |
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Former E-gen Ambassador
Minha Kyun
Previous : [September Themed Report] Ener...
2 Comments
Hello, this is mentor Seeun.
Canada has a lot of advantages when it comes to energy security, but they do need to prepare for more extreme situations just in case. We never know what the future holds for us, and natural resources are slowly being depleted.
On a different note, I think it's great that Canada can step in to help other countries in need right now! Let's hope we can all work together to improve energy security.
Thank you for your report.
Posted 01-10-2023 17:44
From the perspective of living in S.Korea, I envy Canada, which is rich in natural resources. This is because abundant resources are directly linked to high energy security. However, I think it is a common challenge to reduce dependence on other countries and to circulate energy within the country through technology development. Thank you for the good article. It was your mentor SH!
Posted 30-09-2023 17:28