A very apt quote from the CEO of Royal Bank of Canada speaking to business audience in Edmonton stating Canada “cannot get to the economy of the future if we don’t use all of our resources, smartly and sustainably.”
David McKay’s speech made the case for the approval of new pipeline projects while also weighing in on the current policy debate to have a national price on carbon.
McKay and many others are correct to observe, Canadian policy has been slow to adapt and obstructed the approval of pipeline projects in this country which has hindered the development of the energy sector.
With rising demand globally, it’s a competitive environment to be able to supply new growth, and without the infrastructure to take the product to market, Canada will miss out.
This will mean Canadian governments will have to tax other sectors with declining revenues from oil and gas.