Energy leaders to Carney: cut red tape now or miss “generational opportunity”

Energy industry leaders say Prime Minister Mark Carney’s government needs to change its ways and cut red tape or miss out on a “generational opportunity.”

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Energy industry leaders say Prime Minister Mark Carney’s government needs to change its ways and cut red tape or miss out on a “generational opportunity.”

Nearly 100 of Canada’s top energy executives and industry associations have signed an open letter to Carney urging him to repeal the federal emissions cap, overhaul regulatory laws, and speed up project approvals.

The letter, dated Monday, carried the names of 92 signatories, including 37 CEOs of major oil and gas producers and pipeline companies, 50 leaders from smaller producers and service firms, and five heads of industry associations.

Together, the leaders of almost every major Canadian energy company warned that without urgent action, Canada will miss what they called a “generational opportunity.”

“Clear and urgent action is still required to ensure Canada captures the generational opportunity before us,” the letter stated.

The group of energy behemoths, including the CEOs of Suncor, Enbridge, Canadian Natural Resources Limited, Imperial Oil, Cenovus, and TC Energy, and more, reminded Carney of their first letter that was sent six months ago. Another letter was sent following the federal election, but the group warned that subsequent progress has been insufficient.

“Canada still lacks the clear, competitive and durable fiscal and regulatory policies required to achieve the so-called ‘Grand Bargain.’ That bargain being significant emissions reductions, expanded market access and material upstream production growth,” reads the letter.

The group said years of Liberal policy have created uncertainty, delayed investment and weakened competitiveness.

“As leaders of this sector, we have consistently advocated for the changes required to unwind the past decade of increasing policy complexity and uncertainty that led to delayed investments, lost opportunities and a competitive disadvantage on the global energy stage,” reads the letter.

They urged Ottawa to repeal the Federal Impact Assessment Act, lift the West Coast tanker ban, eliminate the unlegislated emissions cap, and repeal the carbon levy on large industrial emitters.

“The Federal Government needs to dramatically reduce regulatory timelines to approve all projects within months, not years, of application,” the letter said. “Clarity on provincial versus federal jurisdiction related to project approvals is also required and needs to be respected.”

Alberta Premier Danielle Smith quickly backed the letter, saying Ottawa must reverse restrictive policies.

“Canada needs momentum urgently. I agree with our partners in industry – the federal government must immediately repeal, amend, or replace the damaging Trudeau-era laws that have cost our economy hundreds of billions of dollars and thousands of jobs,” she said.

Smith had previously issued her own similar demands weeks before the letter. She called on Parliament to immediately scrap the oil and gas production cap, overhaul the “No New Pipelines” Act, and eliminate the tanker ban.

“The national economic self-sabotage has to stop. Canadians deserve leaders in Ottawa with the courage to unleash our full potential, restore prosperity, and make our country strong again,” she said.