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During a time when the Newfoundland and Labrador unemployment is nearly 8 percentage points higher than the national average, the Bay du Nord approval will ensure the province’s energy sector remains a source of hundreds of good paying, unionized jobs. Hundreds more jobs are sure to be created by indirect economic activity.
Revenues from offshore projects like Bay du Nord must contribute to the development of renewable energy projects in the province. The government of Newfoundland and Labrador should move swiftly to implement the 2022 provincial budget’s Future Fund to finance strategic investments in renewables.
That said, the project’s approval is fraught with questions about how the Canadian economy is going to adapt to meet 2030 emissions targets and the opportunities presented by a more diversified economy.
The federal and provincial governments have not done enough to plan a restructuring of the energy industry and other sectors responsible for heavy pollution. The carbon footprint that comes with Bay du Nord’s approval demonstrates that a worker-centred plan to transition towards a decarbonized economy is more urgent than ever.
Unifor is a participant in the ongoing federal just transition consultations. Read Unifor’s submission here.
