Business
An era of Indigenous economic leadership in Canada has begun

Energy for a Secure Future (ESF), the Institute of Energy Economics, Japan (IEEJ), and the First Nations LNG Alliance have signed a Memorandum of Understanding (MOU) to increase energy trade between Canada and Japan. The MOU was signed at the Canadian Embassy in Tokyo and recognizes the growing importance of Indigenous-led LNG projects in Canada’s energy security, reducing global emissions, and driving economic growth for First Nations and the country as a whole.
With Canada’s trade relationship with the U.S. uncertain—especially with U.S. President Donald Trump threatening a 25 per cent tariff on Canadian exports, including 10 per cent on energy—the need to diversify markets has never been more pressing. Canada ships 97 per cent of its oil and gas to the U.S., leaving the country exposed to the political whims of Washington. Expanding trade partnerships with key allies like Japan provides an opportunity to mitigate these risks and build a more resilient economy.
At the heart of Canada’s modern energy industry are First Nations-led LNG projects, which are proving to be a model for economic reconciliation and environmental responsibility. The Haisla Nation’s Cedar LNG, the Squamish Nation’s involvement with Woodfibre LNG, and the Nisga’a Nation’s Ksi Lisims LNG project exemplify Indigenous leadership in Canada’s energy future. These projects bring economic prosperity to Indigenous communities and position Canada as a key player in low-emission energy for the world.
Few people embody this leadership more than Chief Crystal Smith of the Haisla Nation, who received the 2025 Testimonial Dinner Award on February 7. Her vision and determination have brought Cedar LNG—the world’s first Indigenous-majority-owned LNG facility—to life. Under her leadership, this $4-billion project will start up in 2028 and will be one of the most sustainable LNG facilities in the world, powered entirely by BC Hydro’s renewable electricity. Her work is not just about resource development—it represents a country-changing shift in Indigenous economic leadership. By owning the majority of the Cedar LNG project, the Haisla Nation has set a precedent for economic self-determination, long-term job creation, revenue generation, and skills training for Indigenous youth.
She is echoed by Karen Ogen, CEO of the First Nations LNG Alliance, who has been a long-time advocate for Indigenous participation in LNG. As she says, “Our involvement in LNG not only represents an opportunity for economic growth for our communities and for Canada but will help the world with energy security and emissions reduction.”
The MOU signed in Tokyo signals Japan’s growing interest in Canadian LNG as part of its energy security strategy. Japan is phasing out coal and needs reliable, low-emission energy sources—Canadian LNG is the answer. Shannon Joseph, Chair of Energy for a Secure Future, said, “Japan wants diverse energy partners, and on this mission, we’ve heard clearly that they want Canada to be one of those partners.”
This partnership also highlights Canada’s missed opportunities over the last decade. As industry leaders like Eric Nuttall of Ninepoint Partners have pointed out, Canada could have avoided its current dependence on U.S. markets had it built more pipelines to the east and west coasts. The cancellation of the Northern Gateway and Energy East pipelines left Canada without the infrastructure to reach Asian and European markets.
Now, with the expansion of Trans Mountain (TMX) and the rise of Indigenous-led LNG projects, Canada has a second chance to shape its energy future.
As B.C. Minister of Economic Development Diana Gibson has said, expanding trade relationships beyond the U.S. is key to Canada’s future.
The First Nations-led LNG sector is demonstrating that Indigenous leadership is driving economic reconciliation and strengthening Canada’s geopolitical influence in global energy markets. For too long, Indigenous communities were merely stakeholders in resource projects—now they are owners and partners. First Nations are proving that responsible development and environmental stewardship can coexist.
With the MOU between Canada and Japan, the growth of LNG projects, and the recognition of Chief Crystal Smith, a new era of Indigenous economic power is emerging. These developments make one thing clear: First Nations are not just leading their communities—they are leading Canada.
In times of trade uncertainty, their vision, resilience, and business acumen are building the foundation for Canada’s energy future, ensuring prosperity is shared between Indigenous peoples and all Canadians.
Business
Hudson’s Bay Bid Raises Red Flags Over Foreign Influence

From the Frontier Centre for Public Policy
A billionaire’s retail ambition might also serve Beijing’s global influence strategy. Canada must look beyond the storefront
When B.C. billionaire Weihong Liu publicly declared interest in acquiring Hudson’s Bay stores, it wasn’t just a retail story—it was a signal flare in an era where foreign investment increasingly doubles as geopolitical strategy.
The Hudson’s Bay Company, founded in 1670, remains an enduring symbol of Canadian heritage. While its commercial relevance has waned in recent years, its brand is deeply etched into the national identity. That’s precisely why any potential acquisition, particularly by an investor with strong ties to the People’s Republic of China (PRC), deserves thoughtful, measured scrutiny.
Liu, a prominent figure in Vancouver’s Chinese-Canadian business community, announced her interest in acquiring several Hudson’s Bay stores on Chinese social media platform Xiaohongshu (RedNote), expressing a desire to “make the Bay great again.” Though revitalizing a Canadian retail icon may seem commendable, the timing and context of this bid suggest a broader strategic positioning—one that aligns with the People’s Republic of China’s increasingly nuanced approach to economic diplomacy, especially in countries like Canada that sit at the crossroads of American and Chinese spheres of influence.
This fits a familiar pattern. In recent years, we’ve seen examples of Chinese corporate involvement in Canadian cultural and commercial institutions, such as Huawei’s past sponsorship of Hockey Night in Canada. Even as national security concerns were raised by allies and intelligence agencies, Huawei’s logo remained a visible presence during one of the country’s most cherished broadcasts. These engagements, though often framed as commercially justified, serve another purpose: to normalize Chinese brand and state-linked presence within the fabric of Canadian identity and daily life.
What we may be witnessing is part of a broader PRC strategy to deepen economic and cultural ties with Canada at a time when U.S.-China relations remain strained. As American tariffs on Canadian goods—particularly in aluminum, lumber and dairy—have tested cross-border loyalties, Beijing has positioned itself as an alternative economic partner. Investments into cultural and heritage-linked assets like Hudson’s Bay could be seen as a symbolic extension of this effort to draw Canada further into its orbit of influence, subtly decoupling the country from the gravitational pull of its traditional allies.
From my perspective, as a professional with experience in threat finance, economic subversion and political leveraging, this does not necessarily imply nefarious intent in each case. However, it does demand a conscious awareness of how soft power is exercised through commercial influence, particularly by state-aligned actors. As I continue my research in international business law, I see how investment vehicles, trade deals and brand acquisitions can function as instruments of foreign policy—tools for shaping narratives, building alliances and shifting influence over time.
Canada must neither overreact nor overlook these developments. Open markets and cultural exchange are vital to our prosperity and pluralism. But so too is the responsibility to preserve our sovereignty—not only in the physical sense, but in the cultural and institutional dimensions that shape our national identity.
Strategic investment review processes, cultural asset protections and greater transparency around foreign corporate ownership can help strike this balance. We should be cautious not to allow historically Canadian institutions to become conduits, however unintentionally, for geopolitical leverage.
In a world where power is increasingly exercised through influence rather than force, safeguarding our heritage means understanding who is buying—and why.
Scott McGregor is the managing partner and CEO of Close Hold Intelligence Consulting.
Bjorn Lomborg
Net zero’s cost-benefit ratio is crazy high

From the Fraser Institute
The best academic estimates show that over the century, policies to achieve net zero would cost every person on Earth the equivalent of more than CAD $4,000 every year. Of course, most people in poor countries cannot afford anywhere near this. If the cost falls solely on the rich world, the price-tag adds up to almost $30,000 (CAD) per person, per year, over the century.
Canada has made a legal commitment to achieve “net zero” carbon emissions by 2050. Back in 2015, then-Prime Minister Trudeau promised that climate action will “create jobs and economic growth” and the federal government insists it will create a “strong economy.” The truth is that the net zero policy generates vast costs and very little benefit—and Canada would be better off changing direction.
Achieving net zero carbon emissions is far more daunting than politicians have ever admitted. Canada is nowhere near on track. Annual Canadian CO₂ emissions have increased 20 per cent since 1990. In the time that Trudeau was prime minister, fossil fuel energy supply actually increased over 11 per cent. Similarly, the share of fossil fuels in Canada’s total energy supply (not just electricity) increased from 75 per cent in 2015 to 77 per cent in 2023.
Over the same period, the switch from coal to gas, and a tiny 0.4 percentage point increase in the energy from solar and wind, has reduced annual CO₂ emissions by less than three per cent. On that trend, getting to zero won’t take 25 years as the Liberal government promised, but more than 160 years. One study shows that the government’s current plan which won’t even reach net-zero will cost Canada a quarter of a million jobs, seven per cent lower GDP and wages on average $8,000 lower.
Globally, achieving net-zero will be even harder. Remember, Canada makes up about 1.5 per cent of global CO₂ emissions, and while Canada is already rich with plenty of energy, the world’s poor want much more energy.
In order to achieve global net-zero by 2050, by 2030 we would already need to achieve the equivalent of removing the combined emissions of China and the United States — every year. This is in the realm of science fiction.
The painful Covid lockdowns of 2020 only reduced global emissions by about six per cent. To achieve net zero, the UN points out that we would need to have doubled those reductions in 2021, tripled them in 2022, quadrupled them in 2023, and so on. This year they would need to be sextupled, and by 2030 increased 11-fold. So far, the world hasn’t even managed to start reducing global carbon emissions, which last year hit a new record.
Data from both the International Energy Agency and the US Energy Information Administration give added cause for skepticism. Both organizations foresee the world getting more energy from renewables: an increase from today’s 16 per cent to between one-quarter to one-third of all primary energy by 2050. But that is far from a transition. On an optimistically linear trend, this means we’re a century or two away from achieving 100 percent renewables.
Politicians like to blithely suggest the shift away from fossil fuels isn’t unprecedented, because in the past we transitioned from wood to coal, from coal to oil, and from oil to gas. The truth is, humanity hasn’t made a real energy transition even once. Coal didn’t replace wood but mostly added to global energy, just like oil and gas have added further additional energy. As in the past, solar and wind are now mostly adding to our global energy output, rather than replacing fossil fuels.
Indeed, it’s worth remembering that even after two centuries, humanity’s transition away from wood is not over. More than two billion mostly poor people still depend on wood for cooking and heating, and it still provides about 5 per cent of global energy.
Like Canada, the world remains fossil fuel-based, as it delivers more than four-fifths of energy. Over the last half century, our dependence has declined only slightly from 87 per cent to 82 per cent, but in absolute terms we have increased our fossil fuel use by more than 150 per cent. On the trajectory since 1971, we will reach zero fossil fuel use some nine centuries from now, and even the fastest period of recent decline from 2014 would see us taking over three centuries.
Global warming will create more problems than benefits, so achieving net-zero would see real benefits. Over the century, the average person would experience benefits worth $700 (CAD) each year.
But net zero policies will be much more expensive. The best academic estimates show that over the century, policies to achieve net zero would cost every person on Earth the equivalent of more than CAD $4,000 every year. Of course, most people in poor countries cannot afford anywhere near this. If the cost falls solely on the rich world, the price-tag adds up to almost $30,000 (CAD) per person, per year, over the century.
Every year over the 21st century, costs would vastly outweigh benefits, and global costs would exceed benefits by over CAD 32 trillion each year.
We would see much higher transport costs, higher electricity costs, higher heating and cooling costs and — as businesses would also have to pay for all this — drastic increases in the price of food and all other necessities. Just one example: net-zero targets would likely increase gas costs some two-to-four times even by 2030, costing consumers up to $US52.6 trillion. All that makes it a policy that just doesn’t make sense—for Canada and for the world.
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