Can Canada’s Energy Sector Really Capitalize on Current Events?

It took the invasion of Ukraine, but it’s now clear just how dependent Europe is on Russian energy. In many respects, the EU—and Germany in particular—failed to heed the warning signs. Eight years ago, Vladimir Putin annexed Ukraine’s Crimean Peninsula. Germany nonetheless increased its energy imports from Russia in the wake of this event, as it was eager to substitute for coal and nuclear power. Former Chancellor Angela Merkel even oversaw construction of the contentious Nord Stream 2 pipeline. The natural gas pipeline would have doubled Russia’s supply capacity to Germany, further tightening Putin’s energy stranglehold on Europe. While the pipeline has been complete since September 2021, German authorities halted certification in the wake of the invasion.