ENERGY ministers of the leading Western economies are discussing ways to create opportunities from the oil slump that include a push for more electric vehicles, Canadian Natural Resources Minister Jim Carr said yesterday. Members of the G7 include major vehicle-producing countries such as Japan and Germany, which benefit from cheaper oil but have been hit by fuel consumption and emissions scandals. In an attempt to regain the initiative, Germany last week announced the launch of a subsidy of ß4 000 (R65 690) per electric vehicle.
For G7 member Canada, a major oil and natural gas producer, an oil price fall of some 70% since mid-2014 means economic pain, but the Canadian energy minister said that the slump also opened up a new opportunity. “Prices are low. Investment is down but we see this also as an opportunity to prepare for a transition phase in the energy economy, and we were discussing that over these last two days at the G7 ministerial meeting,” Carr said on the sidelines of the strategic G7 energy ministers’ meeting in Kitakyushu, southwestern Japan. “In the case of Canada, we have tabled a budget in the House of Commons that will invest significantly in this transition through electric vehicles, green technologies, green infrastructure,” Carr said. Canada still plans to export liquefied natural gas despite low energy prices, a current abundance and the delay and cancellation of some projects.