TORONTO: Fourteen CEOs from Canada’s largest pipeline and oil and natural gas companies have issued an open letter to federal political leaders, calling for urgent regulatory reforms to bolster the nation’s economic sovereignty through its energy sector.
The letter, signed by leaders from the four largest pipeline companies and 10 major oil and gas firms, outlines a five-point action plan to address global energy security challenges and promote pragmatic energy strategies. The CEOs emphasized the need for swift and dramatic regulatory restructuring to enable investment in critical infrastructure, including oil and natural gas pipelines and Liquefied Natural Gas (LNG) export terminals.
“It’s time for Canadians to claim our economic sovereignty,” said Adam Waterous, executive chairman of Strathcona Resources Ltd. “We need to roll up our sleeves as a country and build the energy infrastructure necessary to ensure access to global markets and trade.”
The letter highlights Canada’s vast reserves of oil and natural gas, which are projected to remain among the world’s largest energy sources for decades. The CEOs argue that Canada has the potential to lead in global energy security by providing affordable, lower-emission, and responsibly produced energy.
François Poirier, president and CEO of TC Energy, stressed the importance of collaboration between industry, government, and citizens. “The federal government’s current policies and regulatory framework are not conducive to oil and gas investment. Delays in permitting processes for critical infrastructure result in billions in lost economic opportunities for Canadians. It’s time for change,” Poirier said.
The action plan calls for:
- Simplifying regulations, including overhauling the Impact Assessment Act and lifting the West Coast tanker ban.
- Setting firm deadlines for project approvals, with a six-month timeline for major projects.
- Eliminating the unlegislated cap on emissions to allow for production growth.
- Repealing the federal carbon levy on large emitters to attract investment.
- Providing Indigenous loan guarantees to support co-investment opportunities and ensure Indigenous communities benefit from development.
The CEOs expressed their readiness to engage with political leaders to advance energy projects and begin construction of critical infrastructure for the benefit of all Canadians.