Ninety-six executives from Canada’s oil and gas sector have signed an open letter to Prime Minister Mark Carney, urging the federal government to take stronger action to support resource development. The letter, titled “Build Canada Now”, argues that regulatory and fiscal barriers are discouraging investment and preventing the industry from reaching its full potential.
The signatories, which include senior leaders from companies such as Suncor Energy and Enbridge, say that while recent steps like the creation of a Major Projects Office and an Indigenous advisory council are positive, they fall short of what is needed to ensure long-term growth.
Main concerns raised by the industry
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Regulatory hurdles: The letter points to measures such as the Impact Assessment Act, proposed emissions caps, and tanker restrictions as creating uncertainty and delays for major projects.
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Investment climate: Executives argue that Canada lacks clear and competitive policies compared to other jurisdictions, which makes it harder to attract and retain investment.
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Economic opportunity: The industry maintains that oil and natural gas development could create jobs and generate significant economic activity, but only if conditions are improved.
Proposals in the open letter
The group is calling for:
- Simplified and more predictable project approval processes.
- Clear timelines for regulatory decisions.
- Reconsideration of policies that restrict operations, such as unlegislated emissions caps.
- A more competitive fiscal framework, including changes to how carbon costs are applied to major emitters.
- Greater roles for provinces and stronger opportunities for Indigenous communities to participate as partners in projects.
Broader implications
The executives warn that without prompt action, Canada could miss what they describe as a “generational opportunity” to strengthen its economy and support global energy needs. They argue that delays and regulatory uncertainty risk driving away investment and reducing Canada’s competitiveness.
The letter concludes by stating that industry leaders are ready to work with the federal government, provinces, and Indigenous communities to build a more reliable framework for resource development.
