BANFF, ALTA. – Some Canadian CEOs say the hundreds of billions of dollars the United States is offering in subsidies for the energy transition is causing a worrisome brain drain of some of this country’s top talent.
Ken Seitz, the CEO of Saskatoon-based Nutrien Inc., said at a conference in Banff on Thursday that the tax credits and subsidies offered through the landmark U.S. Inflation Reduction Act are drawing investment dollars south of the border when it comes to things like renewable energy and carbon capture and storage.
He warned Canada’s failure to keep up is making this country less competitive, and added that bright Canadian scientists and entrepreneurs are moving south because that is where opportunities are.
Seitz’s comments were echoed by Darlene Gates, CEO of Canadian oilsands company MEG Energy Corp., who also spoke in Banff on Thursday.
Gates said Canada’s existing combination of regulation and incentives for decarbonization is not spurring the same amount of investment in this country as the Inflation Reduction Act has south of the border.
MEG is part of the Pathways Alliance, a consortium of oilsands companies that has proposed what would be one of the world’s largest carbon capture and storage networks, but that has not yet made a final investment decision to go ahead with the project.
This report by The Canadian Press was first published Sept. 26, 2024.