G7 backs Canada to add “significant additional capacity” as it seeks to reduce reliance on the Strait of Hormuz

G7 leaders agreed to speed up efforts to diversify energy supply routes away from the Strait of Hormuz and said Canada could provide “significant additional capacity” to global markets in the coming years. Prime Minister Mark Carney pointed to liquefied natural gas projects already underway, higher output from the TMX oil pipeline, and the potential for two additional pipelines from Western Canada. He also announced new critical minerals partnerships that his office said would unlock more than $5 billion in capital investment across Canada’s critical minerals value chain.