Alberta
Canada can play a big role in addressing growing food insecurity, Nutrien CEO says
TORONTO — Canada is poised to play a big role in global food production as climate change makes farming more difficult and the world’s food supply chain is rendered fragile by political and economic uncertainty, said Nutrien CEO Ken Seitz.
Seitz made the remarks in Toronto at an event hosted by the Economic Club of Canada.
He said climate change is redrawing the map of global food production and Canada has an opportunity to be a key player in addressing food insecurity.
The world faces a double-barrelled problem, said Seitz: “To feed a rapidly growing world, we’ll need to produce more food and we’ll need to do it sustainably.”
Nutrien is the world’s third-largest producer of nitrogen and the largest producer of potash, two key ingredients in commercial fertilizer.
The Saskatoon-based potash and fertilizer company has six potash mines in Saskatchewan with more than 20 million tonnes of capacity, as well as two large phosphate mines in the U.S.
In Canada and across the world, climate change is making farming, already an unpredictable business, even more volatile, Seitz said.
“Here at home in Canada, growers are experiencing wetter springs, hotter and drier summers, all of which constrains our irrigation and water and all those resources that we need to manage,” he said.
Seitz said farmers need support in the form of incentives so they can adopt technology and new practices in order to farm more sustainably. Risk is a major barrier for farmers, he said, who are dealing with increasing uncertainty and managing slim margins.
Seitz said he believes carbon capture is a key part of the climate solution.
In 2021, Nutrien began piloting a new project aimed at helping farmers reduce greenhouse gas emissions, trap and store carbon, and measure improvements as well as facilitating the purchase and sale of carbon credits.
The pilot program is currently working on 750,000 acres across North America, Seitz said Wednesday.
The past year has been a tumultuous one for the agriculture business, and Nutrien has not been immune to the ups and downs.
Demand increased for Nutrien’s potash earlier in 2022 as a result of the war in Ukraine. Because of that boost, in March the company said it would ramp up production to meet the demand, with most of that additional volume expected to be produced in the second half of the year.
That ramp-up would mean more capital spending and more hiring at Nutrien’s Saskatchewan potash mines, the company said in May. However, as Nutrien saw sales slump in the latter half of its financial year, in February it announced it would delay increasing production.
Despite this, Nutrien’s earnings in 2022 doubled, which the company attributed mainly to higher selling prices resulting from global supply uncertainties as well as record retail performance.
And its production ramp-up, while pushed back, was far from scrapped. The company said while it had previously planned to increase annual potash production to 18 million tonnes by 2025, it would reach that milestone by 2026 instead.
Nutrien was created in 2018 as a result of a merger between PotashCorp of Saskatchewan and Calgary-based Agrium Inc.
— With files from Amanda Stephenson
This report by The Canadian Press was first published April 5, 2023.
Companies in this story: (TSX:NTR)
Rosa Saba, The Canadian Press
Alberta
They never wanted a pipeline! – Deputy Conservative Leader Melissa Lantsman
From Melissa Lantsman
Turns out the anti-development wing of the Liberal Party never stopped running the show.
Today, we’ll see if the Liberals vote for the pipeline they just finished bragging about.
Spoiler: they won’t. Because with the Liberals, the announcements are real, but the results never are.
Alberta
Premier Smith: Canadians support agreement between Alberta and Ottawa and the major economic opportunities it could unlock for the benefit of all
From Energy Now
By Premier Danielle Smith
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If Canada wants to lead global energy security efforts, build out sovereign AI infrastructure, increase funding to social programs and national defence and expand trade to new markets, we must unleash the full potential of our vast natural resources and embrace our role as a global energy superpower.
The Alberta-Ottawa Energy agreement is the first step in accomplishing all of these critical objectives.
Recent polling shows that a majority of Canadians are supportive of this agreement and the major economic opportunities it could unlock for the benefit of all Canadians.
As a nation we must embrace two important realities: First, global demand for oil is increasing and second, Canada needs to generate more revenue to address its fiscal challenges.
Nations around the world — including Korea, Japan, India, Taiwan and China in Asia as well as various European nations — continue to ask for Canadian energy. We are perfectly positioned to meet those needs and lead global energy security efforts.
Our heavy oil is not only abundant, it’s responsibly developed, geopolitically stable and backed by decades of proven supply.
If we want to pay down our debt, increase funding to social programs and meet our NATO defence spending commitments, then we need to generate more revenue. And the best way to do so is to leverage our vast natural resources.
At today’s prices, Alberta’s proven oil and gas reserves represent trillions in value.
It’s not just a number; it’s a generational opportunity for Alberta and Canada to secure prosperity and invest in the future of our communities. But to unlock the full potential of this resource, we need the infrastructure to match our ambition.
There is one nation-building project that stands above all others in its ability to deliver economic benefits to Canada — a new bitumen pipeline to Asian markets.
The energy agreement signed on Nov. 27 includes a clear path to the construction of a one-million-plus barrel-per-day bitumen pipeline, with Indigenous co-ownership, that can ensure our province and country are no longer dependent on just one customer to buy our most valuable resource.
Indigenous co-ownership also provide millions in revenue to communities along the route of the project to the northwest coast, contributing toward long-lasting prosperity for their people.
The agreement also recognizes that we can increase oil and gas production while reducing our emissions.
The removal of the oil and gas emissions cap will allow our energy producers to grow and thrive again and the suspension of the federal net-zero power regulations in Alberta will open to doors to major AI data-centre investment.
It also means that Alberta will be a world leader in the development and implementation of emissions-reduction infrastructure — particularly in carbon capture utilization and storage.
The agreement will see Alberta work together with our federal partners and the Pathways companies to commence and complete the world’s largest carbon capture, utilization and storage infrastructure project.
This would make Alberta heavy oil the lowest intensity barrel on the market and displace millions of barrels of heavier-emitting fuels around the globe.
We’re sending a clear message to investors across the world: Alberta and Canada are leaders, not just in oil and gas, but in the innovation and technologies that are cutting per barrel emissions even as we ramp up production.
Where we are going — and where we intend to go with more frequency — is east, west, north and south, across oceans and around the globe. We have the energy other countries need, and will continue to need, for decades to come.
However, this agreement is just the first step in this journey. There is much hard work ahead of us. Trust must be built and earned in this partnership as we move through the next steps of this process.
But it’s very encouraging that Prime Minister Mark Carney has made it clear he is willing to work with Alberta’s government to accomplish our shared goal of making Canada an energy superpower.
That is something we have not seen from a Canadian prime minister in more than a decade.
Together, in good faith, Alberta and Ottawa have taken the first step towards making Canada a global energy superpower for benefit of all Canadians.
Danielle Smith is the Premier of Alberta
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