Lexpert magazine features articles and columns on developments in legal practice management, deals and lawsuits of interest in Canada, the law and business issues of interest to legal professionals and businesses that purchase legal services.
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2 www.lexpert.ca Editorial fortuna favet fortibus ISSUE 23.03 > SEPTEMBER GLOBAL MANAGING EDITOR Tim Wilbur SENIOR EDITOR Zena Olijnyk EDITOR Aidan Macnab PRODUCTION PROCESS LEAD Alina Leigh PRODUCTION EDITORS Wen-Ching Shang, Christina Jelinek WRITERS Kiezzsa Cruz, Lucy Saddleton DESIGNERS Khaye Cortez, Loiza Razon PRESIDENT Tim Duce BUSINESS DEVELOPMENT DIRECTOR Lynda Fenton SENIOR BUSINESS DEVELOPMENT MANAGER Steffanie Munroe BUSINESS DEVELOPMENT MANAGER Maurice Phillips ACCOUNT EXECUTIVE Matthew Oriel Lexpert Special Edition Magazine is published four times a year. KEY MEDIA and the KEY MEDIA logo are trademarks of Key Media IP Limited, and used under licence by KM Business Information Canada Ltd. LEXPERT is a trademark of KM Business Information Canada Ltd. KM Business Information Canada Ltd 317 Adelaide Street West, Suite 910 Toronto, ON M5V 1P9 Tel: (416) 609-8000 Fax: (416) 609-5840 Website: www.lexpert.ca All rights reserved. Contents may not be reprinted without written permission. Lexpert® Magazine is printed in Canada. PUBLICATION MAIL REGISTRATION NO. 41261516. ISSN1488-6553 Copyright© Key Media Canada (Law) Ltd All rights reserved. GST/HST#: 79989 8465 RC-0001 EDITORIAL INQUIRIES tim.wilbur@keymedia.com SUBSCRIPTIONS/ADDRESS CHANGES Contact: Donnabel Reyes at (647) 374-4536 ext. 243 or email donnabel.reyes@keymedia.com. Annual subscription costs C$175. To change your subscription address, please send your new address along with a copy of your mailing label(s) to the Subscription Dept., at the address indicated above. For all other circulation inquiries, please email Donnabel Reyes. L ike all natural resources, the energ y industry suffers from ups and downs. Not only the price of oil but also geopolitical events can dramatically affect the profitability of energ y projects, which can take years, if not decades, of planning. "Even though everything is very profitable right now, there's still a lot of headwinds facing the traditional oil and gas industry," says Xiaodi Jin at Borden Ladner Ger vais LLP (p. 4). "I think companies are just very cautious about what to do, what the future holds, and how to spend their money and time." eir caution is not just due to short-term economic trends, such as rising interest rates. Global uncertainty, such as the war in Ukraine and climate change, are long-term challenges that require long-term solutions. Renewables are undoubtedly a big part of the solution to climate change. Investment in innovative storage technologies is also increasing. "Energ y storage has picked up an incredible amount of momentum in 2022," says John Vellone at BLG (p. 14). But absent significant technological developments around batter y storage capacity, the sporadic nature of wind and solar makes it chal- lenging for these sources to displace natural gas, says Simon Baines at Osler Hoskin & Harcourt LLP (p. 6). Because Russia's invasion of Ukraine and the resulting sanctions have left a gap for many countries, the need for Canadian oil and gas is only likely to increase. That means the only feasible way for companies to reduce emissions while maintaining that production growth is through carbon capture. But newer innovative energ y sources outside of wind and solar are promising. This summer, Canada and Germany signed a pact establishing a transatlantic hydrogen supply network. Many view hydrogen as "one of the big clean energ y tools" that will propel Canada through the energ y transition, says Kerri Howard at McCarthy Tétrault LLP (p. 14). The energ y industry, through renewables, oil and gas, or everything in between, is stepping up to the plate. Long-term solutions are emerging for tomorrow's challenges. The future awaits. Tim Wilbur, global managing editor Investing in energy's long term