38 oil and gas CEOs sign list of shared objectives, opportunities to work together
The CEOs of 38 of Canada’s largest energy companies have a message for the new federal government: after all the discussion on the campaign trail about the need to flex Canada’s role as a global energy superpower, the time is now to take action.
Heads of pipeline majors including Enbridge, TC Energy, Pembina and Inter Pipeline, chiefs of producers such as Canadian Natural Resources, Suncor Energy, Cenovus Energy, Tourmaline and ARC Resources released a joint letter to Prime Minister Mark Carney on April 30 with their “urgent action plan.”
The plan reflects a similar letter sent before the election from 14 heads of industry.
With the list of names more than doubling, the CEOs added their view of opportunities to work together with the federal government “to deliver on our shared objectives.”
“Many of these issues were talked about in your campaign and are of growing interest for Canadians as is evidenced by recent polling,” they wrote.
Here are their five priority areas:
1. Simplify regulation: The federal government’s Impact Assessment Act and West Coast tanker ban are impeding development and need to be overhauled and simplified. Regulatory processes need to be streamlined, and decisions need to withstand judicial challenges.
2. Commit to firm deadlines for project approvals: The federal government needs to reduce regulatory timelines so that major projects are approved within six months of application.
3. Grow production: The federal government’s unlegislated cap on emissions must be eliminated to allow the sector to reach its full potential.
4. Attract investment: The federal carbon levy on large emitters is not globally cost competitive and should be repealed to allow provincial governments to set more suitable carbon regulations.
5. Incent Indigenous co-investment opportunities: The federal government needs to provide Indigenous loan guarantees at scale so industry may create infrastructure ownership opportunities to increase prosperity for communities and to ensure that Indigenous communities benefit from development.
This article was originally produced by the Canadian Energy Centre. See the original article here.