“These are the kinds of things that friends can do when they come together,” he said, describing Canada and the EU as “some of the best friends in the world.”
“As we talk about the transatlantic partnership, what better place to dig into it than a rock in the middle of the Atlantic Ocean?” he added.
This year’s EU-Canada Summit in St. John’s is the 19th such meeting between Canada’s prime minister and the heads of the bloc of 27 countries. The meetings are held every two years, and the last summit took place in Brussels in 2021.
“We are not separated by an ocean, we are connected by this ocean,” Michel said.
A group of about two dozen pro-Palestinian protesters lined the narrow street outside the building, waving Palestinian flags and chanting “Ceasefire now!” Canada has called for “humanitarian pauses” in the ongoing conflict between Israel and Hamas, though the Liberals have been under sustained pressure from humanitarian organizations, Muslim groups and even some of their MPs to endorse calls for a ceasefire.
Risley said he’s looking for the Europeans to ante up. Canada, he said, has come up with programs and loans to back hydrogen developments, including a clean hydrogen investment tax credit. Risley also estimates his company will invest about $250 million into its project before he and his co-directors are ready to make a final investment decision.
He said now it’s Europe’s turn to make a solid, substantial investment to help move the hydrogen partnership along. Ideally, a country like Germany would announce a program that would help support one of its large industries, like steel production, transition to hydrogen energy, he added.
“Because industry isn’t going to make the switch if they don’t get some help,” Risley said.
He said it’s “scary” to be at the precipice of a new energy industry, waiting for action from slow-moving governments with so much of his own money at stake.
“But on the other hand, it’s very exciting because we’re standing up a whole new industry that could be huge,” he said. Atlantic Canada has a “natural right” to lead a global transition from fossil fuels to hydrogen, he added.
“We’ve got the wind,” Risley said. “The wind blows more often than the sun shines. So let’s take advantage.”