Canada Seeks Energy Supremacy Amid Declining Investment and Productivity
Canada's energy industry is facing declining business investment, productivity, and standard of living, but experts believe the country has significant opportunities to develop its resources. At a recent Canadian Energy Executive Association event, panellists discussed the negative trends and how Canada can reverse them with an energy focus.
Bryan Gould, Founder and Executive Chair of Aspenleaf Energy, emphasized that energy policy is about human flourishing, security, prosperity, survival, opportunity, and dignity. He noted that the objective is not just about meeting Memorandums of Understanding (MoU), but about creating a foundation for Canadians to thrive.
Trevor Ebl, President of Canadian Natural Gas Pipelines, TC Energy, highlighted the lessons learned from building big projects in Canada's history, such as the Trans-Canada Pipeline. He emphasized that Canada has the opportunity to become a significant LNG exporter and create jobs, economic growth, and revenue.
Heather Exner-Pirot, Senior Fellow and Director of Energy, Natural Resources and Environment at the Macdonald-Laurier Institute, predicted that good times are ahead for Canada due to a ten-year commodity cycle. She noted that gold, silver, uranium, and oil prices have reached record highs, and demand for critical minerals is barely keeping up with production.
Karen Ogen, CEO of First Nations Natural Gas Alliance, emphasized the importance of Indigenous involvement in energy projects and the need to change the narrative around pipeline development. She highlighted that Canada has significant potential and should focus on building big things while remaining sensitive to environmental issues.
Bryan Gould also discussed the challenges facing investors, stating that they require a continuous risk-adjusted return to justify taking risks. He noted that the MoU signals a change in direction but is too small, slow, and has too many impediments. He emphasized that key federal barriers need to be addressed for Canada to attract investments.
The panellists agreed that climate change discussions are broken and require a more practical approach. They emphasized the importance of producing three things: energy, jobs, and revenue.