Economy
Roadmap to Canadian energy superpowerdom
By Damjan Krnjević Mišković for Inside Policy
There is no getting around the fact that Canada’s energy superpowerdom must involve all fuels and technologies.
Transforming our country into an “energy superpower” requires treating hydrocarbons as an integral part of a comprehensive, single-standard, and non-discriminatory energy strategy. This means Prime Minister Mark Carney must adopt an explicit “all of the above” approach to energy: all fuels, all technologies, all systems, and more.
A majority of Canadians support this. But achieving it requires policy changes. Key necessary measures include repealing the Impact Assessment Act, the industrial carbon tax, the tanker ban, and the emissions cap. These counterproductive policies all stand in the way of affordable, efficient, and secure energy.
One reason these changes are needed is that the necessary investment to achieve energy superpower status simply will not materialize until industry is given two clear signals: that the government has understood Canada’s needs, and that it rightly views our abundant hydrocarbon resources as strategic national assets rather than liabilities.
Another reason these steps must be taken is because clear action on this front will strengthen Canadian sovereignty, unity, resilience, security, and prosperity. Like never before in Canada’s history, there is an unbreakable connection between nation-building and fast-tracking sensible energy projects. Carney says he wants to achieve both. However, many critics misunderstand a key point: such a path will also enable the prime minister to build on his climate action legacy, allowing him to reconcile raison d’état with raison de planète – all while upholding true Canadian values.
Canadians remember how Carney decisively shaped the private finance agenda at the United Nations Climate Change Conference (COP26) in 2021. At that time, Carney served concurrently as then-British prime minister Boris Johnson’s climate finance adviser and as the UN special envoy on climate action and finance. “The objective is simple,” said Carney. “Ensure that every financial decision takes climate change into account.”
Today, he can meet that objective by embracing the sensible logic of “policy blindness” regarding the means and technologies used to achieve domestic and international climate action policy preferences and obligations. This pragmatic principle is Canadian-made: it was first incorporated into international law in the Montreal Protocol for reducing chlorofluorocarbons in response to ozone depletion. By adopting a “whatever works” standard instead of doubling down on picking fuel or technology favourites, Carney would ensure Canadian energy and emissions reduction policies contribute to global climate action and accelerate sustainable economic development at home and around the world.
That’s why building Canada into an energy superpower must also have a foreign policy dimension. There are two key tracks of activity.
The first involves recalibrating the North American energy system, as part of the prime minister’s broader effort to realign our trade arrangements with the US on as favourable terms as possible by adopting a “grand bargain strategy.” The way forward is evidently fraught with peril, given bilateral tensions to date, but also the fact that the trade deals Japan, the EU, and others have already struck with the US mean that forming a coalition of affected advanced economies to push back against Washington is no longer an option. Canada is thus effectually on its own. Ottawa cannot afford to be reactive. “It has always fallen to Canada to draw America’s gaze to the benefits of continental co-operation and this time will be no exception,” said Macdonald-Laurier Institute Managing Director Brian Lee Crowley.
In these efforts, a point in Canada’s favour is that the highly-regarded US Energy Secretary Chris Wright has a deep understanding of the Canadian energy reality and is a champion of deepening continental energy ties. The strength of a continental energy alliance is not lost on the Trump Administration. And the enormous economic and strategic benefits to Canada should be evident to all.
The second activity track involves re-engagement with the developing world. This is where a “policy-blind” approach to climate action really comes into play. Canada’s UN Framework Convention on Climate Change (UNFCCC) obligations and our Paris Climate Agreement commitments mean we are amongst a small number of countries that have assumed primary responsibility for managing this planetary challenge. At COP29 in Baku last November, the Trudeau government committed Canada to contribute an undefined portion of at least US$300 billion per year in cash-only transfer payments to developing countries for unspecified mitigation and adaptation measures on climate. This means that it is entirely within Canada’s sovereign prerogative to choose how to allocate these resources – and the recent non-binding advisory opinion handed down by the International Court of Justice takes nothing away from either the legitimacy or prudence of this approach. The key objective must be to move developing countries from inefficient, health-damaging fuel options (such as open fire coal, dung, wood, and crop residue) onto more efficient, better-performing options that, at a minimum, contribute to lower overall greenhouse gas emissions, measured against “do nothing” scenarios.
Ideologically driven climate maximalists reject this “whatever works” approach in favour of spending untold billions of Canadian taxpayer dollars exclusively on renewable solutions abroad. There are two basic problems with this alternative.
The first is that it’s immoral: it makes us complicit in impeding developing world poverty reduction. Generally, the higher the percentage of variable renewables in a country’s electricity mix, the higher the retail electricity price for consumers, especially when costly subsidies that distort the market are factored in; a corollary is that the lower a country’s per capita electricity consumption, the lower its per capita GDP. Here’s how Nigeria’s then-vice president Yemi Osinbajo put it a few years ago: “No country in the world has been able to industrialize using renewable energy, and we [Africa] have been asked to industrialize using renewable energy when everybody else in the world knows that we need gas-powered industries for business.” Even the controversial International Energy Agency admits in a recent report that the increased use of fossil fuels in Africa and, by extension, the rest of the developing world, is an integral part of the world’s lower emissions future. However, it falls short of explicitly concluding the obvious: not just Africa but the global majority needs more fossil fuels in its energy mix to achieve sustainable development. Canada is uniquely well-placed to be part of the solution.
The second reason we must not advocate that developing countries pursue exclusively renewable energy sources is because it’s not in our national interest. Canadian industry cannot benefit from financing most renewable solutions since our companies are neither global leaders in making the products involved nor do they own much of the underlying intellectual property. In essence, Canadian climate maximalists advocate for a foreign and energy policy that consists of giving away billions of our taxpayer dollars to developing countries and then instructing them to purchase solar panels and wind turbines manufactured in foreign countries – almost none of which share our values. This amounts to geopolitical and geoeconomic malpractice.
There is no getting around the fact that Canada’s energy superpowerdom must involve all fuels and technologies. By removing the barriers to help finance any fuel option – including the hydrocarbon resources with which we are so richly blessed – Canada can achieve five strategic objectives. One, we can meet our international climate finance pledges and contribute to reducing global greenhouse gas emissions. Two, we can further diversify our growing energy export markets. Three, we can ensure that the global majority has as fair a chance as possible to rise out of poverty. Four, we can restore our international reputation by demonstrating that we can be a dependable democratic energy partner. And five, we can push back decisively against our foreign competitors near and far while creating well-paying jobs for hard-working Canadians.
But it all starts with the prime minister making pragmatic yet definitive choices on the home front. How else can he hope to make our economy the strongest and most resilient in the G7?
Damjan Krnjević Mišković is professor of practice in geopolitics at ADA University (Baku) and director for policy research and analysis at its Institute for Development and Diplomacy. He is also a fellow at the Agora Strategy Institute (Berlin). He is a former senior UN and Serbian official and managing editor of The National Interest. The views and opinions expressed herein are solely those of the author.
Business
Energy leaders send this letter urging Prime Minister Mark Carney to unlock Canada’s resources
An Open Letter to the Prime Minister of Canada
The CEOs of Canada’s largest energy companies, including Canadian Natural Resources, Cenovus, Suncor, Imperial Oil and many more, have issued a new “Build Canada Now” letter to Prime Minister Carney. They are calling for Ottawa to repeal the production cap, scrap the tanker ban, simplify regulations and shorten project approvals so Alberta’s energy sector can create jobs, attract investment and help Canada become a true global energy superpower.
September 15, 2025
The Rt. Hon. Mark Carney, PC, MP
Prime Minister of Canada
Dear Prime Minister Carney,
Six months have passed since the first “Build Canada Now” letter was sent to you and the leaders of Canada’s other political parties outlining an action plan to unlock Canada’s world class oil and natural gas resources to strengthen Canada’s economic sovereignty, resilience and prosperity. After the election, we followed up with a second letter expressing our support for our shared vision of Canada becoming an energy superpower, one that harnesses both conventional and clean energy resources. Since then, we have seen progress but it is insufficient to stimulate the investment and growth required to make this vision a reality.
Thank you for leading the positive change in tone from the Federal Government in terms of the importance of economic development, including expanded investments in conventional energy. The launch of the new Major Projects Office, Indigenous Advisory Council, the initial list of projects of national significance, and the announcement that it will begin work in support of Pathways Plus are critical steps in the right direction. We appreciate the progress the Federal Government has made in these areas.
However, 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. Achieving these three inter-related outcomes goes beyond progressing select major projects but rather includes a multitude of other projects and related investments. Consequently, we reiterate our call to work together to make the policy changes required for this to happen.
Our call to action is urgent, with persistent indicators that the Canadian economy is moving in the wrong direction. The need to improve productivity and create jobs requires swift and decisive action. Canada is blessed with an enviable abundance of oil and natural gas resources and has the expertise to develop them in a manner consistent with environmental responsibility, social values, and working with Indigenous groups for the benefit of Canada and Canadians. 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.
Given your background, you understand that the private sector and public markets require clarity and certainty to make the long-term investments necessary to realizing this sector’s potential, in turn creating thousands of high-paying jobs and significantly strengthening Canada’s economy.
Making the changes expressed in the earlier Build Canada Now letters are necessary to send clear signals that Canada is open for business. To reiterate, we believe that your government must focus on the following:
- Significantly simplify regulations. The Federal Impact Assessment Act and West Coast tanker ban are impeding development and need to be overhauled and repealed, respectively. Existing processes are complex, unpredictable, subjective, and excessively long. Processes need to be clarified and simplified, and decisions must withstand judicial review.
- Shorten timelines for project approvals. The Federal Government needs to dramatically reduce regulatory timelines to approve all projects within months, not years, of application. This is required to restore investor confidence and once again attract capital to Canada. Clarity on provincial versus federal jurisdiction related to project approvals is also required and needs to be respected.
- Commit to grow production, not limit it. The Federal Government’s unlegislated cap on emissions must be eliminated to allow the sector to grow and achieve its potential for the benefit of Canada and Canadians. The “production cap” creates uncertainty, is redundant, will result in production cuts, and stifles investment.
- Fiscal framework that attracts investment. The Federal carbon levy on large emitters is not globally cost competitive and should be repealed allowing provinces to set regulations. The Federal Government can lead cooperation across jurisdictions, protecting domestic and international competitiveness. Industry needs clear, competitive, and durable fiscal frameworks, including associated with carbon and overall taxation, to secure capital and incentivize investment.
- Incent Indigenous investment opportunities. The Federal Government needs to provide Indigenous loan guarantees at scale so industry can create ownership opportunities to increase prosperity and ensure Indigenous communities benefit from resource development.
As you have clearly stated, our country needs to move from “uncertainty to prosperity”. There needs to be tangible change to make this happen, and without clear and urgent action we risk missing a generational opportunity to capture the potential before Canada now.
As Parliament resumes for the Fall sitting, the energy industry remains committed to working with you, your cabinet, and the provinces on an urgent basis to achieve the energy sector’s potential for the good of Canada. Together, Canada can become the global energy superpower we all envision. We look forward to your response.
Sincerely,
Original signatories
Brandon Anderson
President & CEO
NorthRiver Midstream Inc
Doug Bartole
President & CEO
InPlay Oil Corp.
Robert Broen
President & CEO
Athabasca Oil Corporation
Scott Burrows
President and Chief Executive Officer
Pembina Pipeline Corp.
Chris Carlsen
President & COO
Birchcliff Energy Ltd.
Brad W. Corson
Chairman, President and Chief Executive Officer
Imperial Oil Ltd.
N. Murray Edwards
Executive Chairman
Canadian Natural Resources Limited
Darlene Gates
President and Chief Executive Officer
MEG Energy Corp.
Paul Hawksworth
President and Chief Executive Officer
Inter Pipeline Ltd.
Tyson Huska
President & CEO
Longshore Resources Ltd.
Mike Lawford
President & CEO
NuVista Energy Ltd.
Chris Mazerolle
President
Chevron Canada Resources
Nicholas McKenna
President
ConocoPhillips Canada
Paul Myers
President
Pacific Canbriam Energy Limited
François Poirier
President and Chief Executive Officer
TC Energy Corp.
Susan Riddell Rose
President & CEO
Rubellite Energy Corp.
Don Simmons
President & CEO
Hemisphere Energy Corporation
Adam Waterous
Executive Chairman, Board of Directors
Strathcona Resources Ltd.
Richard Wyman
President
Chance Oil and Gas Limited
Terry Anderson
President and Chief Executive Officer
ARC Resources Ltd.
Michael Binnion
President & CEO
Questerre Energy Corporation
Craig Bryksa
President and Chief Executive Officer
Veren Inc.
David J. Burton
President & CEO
Lycos Energy Inc.
Paul Colborne
President & CEO
Surge Energy Inc.
Greg Ebel
President and Chief Executive Officer
Enbridge Inc.
Grant Fagerheim
President and Chief Executive Officer
Whitecap Resources Inc.
Bryan Gould
Founder & CEO
Aspenleaf Energy Limited
Philip B. Hodge
President & CEO
Pine Cliff Energy Ltd.
Rich Kruger
President and Chief Executive Officer
Suncor Energy Inc.
Byron Lutes
President
Mancal Energy Inc.
Brendan McCracken
President & CEO
Ovintiv Canada ULC
Jon McKenzie
President and Chief Executive Officer
Cenovus Energy Inc.
Curtis Philippon
President & CEO
Gibson Energy
Mike Rose
President and Chief Executive Officer
Tourmaline Oil Corp.
Brian Schmidt
President & CEO
Tamarack Valley Energy Ltd.
David Spyker
President & CEO
Freehold Royalties Ltd.
Bevin Wirzba
President and Chief Executive Officer
South Bow Corp.
Vern Yu
President & Chief Executive Officer
AltaGas
Additional signatories
Business
Canada’s ‘supply management’ system makes milk twice as expensive and favours affluent dairy farms
From the Fraser Institute
By Fred McMahon
While the Canada-U.S. trade negotiations continue, with much speculation about potential deals, one thing is certain: Canada’s agricultural marketing boards remain a barrier to success.
A White House official said as much: “[Canada] has repeatedly demonstrated a lack of seriousness in trade discussions as it relates to removing trade barriers.” That’s a clear reference to agricultural marketing boards, our Iron Curtain trade barrier. International trade lawyer Lawrence L. Herman aptly described boards as “Canada’s Soviet-style supply management system.”
Agricultural marketing boards are as Canadian as maple syrup, but more so. Maple syrup is international. Supply management is uniquely Canadian. No other country has such a system. And for good reason. It’s odious policy, favouring an affluent few, burdening the poorest, and creating needless friction with allies and trading partners.
President Trump’s distaste for the boards is well known. But, it’s not just Donald. The European Union, the United Kingdom, the World Trade Organization (effectively all of Canada’s trading partners)—and, wait for it, the majority Canadian farmers—all oppose the boards.
Canada claims to support free trade, except when we don’t. Canada seals off a large portion of its agricultural market with the system, but gets irritable when another country closes part of its market—say for autos, aluminum or steel.
Marketing boards employ a variety of tools, including quotas and tariffs, and a large bureaucracy to block international and interprovincial trade and deprive Canadians of choice in dairy, eggs and poultry. Without competition, productivity stagnates and prices soar.
The cost of living in the United States is 8.4 per cent higher than in the Canada, rent 14.9 per cent higher. But, thanks to our marketing boards, milk is twice as expensive—C$3.07 a litre on average in Canada versus C$1.47 in the United States. The most recent estimate of the cost of the system revealed, using 2015 data, that the average Canadian household pays an extra $300 to $433 annually because of marketing boards, hitting hard poorer Canadians, who spend a higher portion of their income on food than affluent Canadians.
Martha Hall Findlay, former Liberal MP and leadership contender, now director of the University of Calgary’s School of Public Policy, wrote with outrage, “The average Canadian dairy farm’s net worth is almost $4 million…. This archaic [supply-management] system forces a single mother on welfare to pay hundreds of dollars more per year than she needs to, just so we can continue to enrich a small number of cartel millionaires… members of the oft-vilified ‘one-percent’.”
Don’t expect meaningful negotiations. Canada’s Parliament, endorsed by the Senate, recently unanimously passed Bill C-202, which prohibits the foreign affairs minister from negotiating increased quotas or reduced tariffs for imports of supply-managed products.
The dairy industry, particularly in Quebec, is the big player. To protect this mighty lobby, Bloc Québécois Leader Yves-François Blanchet proposed C-202, backed by all parties, fearing a Quebec backlash if they stood up for Canadians, including for Quebecers who lack the privilege of owning one of province’s 4,200 multi-million-dollar dairy farms of Canada’s 9,400.
The Canadian Agri-Food Trade Alliance (CAFTA), Grain Growers of Canada (GGC), and other farm groups oppose C-202. Scott Hepworth, acting chair of GGC, said, “Parliament chose to prioritize one group of farmers over another. As a grain producer, I know firsthand how important international trade is to my family’s livelihood. Without reliable access to global markets, farmers like me are left behind.”
Canada has 65,000 grain farms and 53,000 pig and beef farms, compared to 14,700 supply-managed farms, less than one per cent of the total of 190,000 farms in Canada.
Marketing boards benefit a tiny minority of Canadian farmers while damaging the majority and increasing prices for all Canadians. One benefit of Donald Trump’s trade war against Canada has been the resolve on all levels of government to reduce home-grown obstacles to growth, including iron trade curtains between provinces.
The spineless response to C-202 reveals the weakness of that resolve and politician’s willingness to bend the knee to rich lobbies, toss other farmers under the bus, and carelessly pile on costs for Canadians, particularly low-income ones.
Fred McMahon
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