FEDERAL GOVERNMENT APPROVES CONTROVERSIAL BAY DU NORD OIL PROJECT, NEWFOUNDLAND CANADA

By Chandrayee Roy Choudhury, Canada:

Federal Environment Minister Steven Guilbeault formally approved the Bay du Nord offshore oil megaproject Wednesday, making a decision that will infuriate environmentalists but boost the Newfoundland and Labrador economy.

In a statement Wednesday evening Guilbeault said he has determined that the project would not cause "significant adverse environmental effects" with the implementation of mitigation measures.

Guilbeault said the decision was difficult to make, but pointed out that the project is subject to 137 conditions, including one that the project would have to meet net zero emissions by 2050. 

In a statement Wednesday evening, Equinor called the federal environmental decision "an important milestone" for the project.

"We now look forward to progressing this key investment in Canada – which has the potential to produce the lowest carbon oil in the country," said the company's statement.