CEOS for Royal Bank, Enbridge, call for better balance in energy policies

TORONTO — The CEOs of Canada’s largest bank and its largest pipeline company say the country needs an energy strategy that will better balance environmental and Indigenous goals with the need to develop its abundant oil and gas resources.

But Royal Bank CEO Dave McKay and Al Monaco, CEO of Calgary-based Enbridge Inc., had little in the way of specific advice for government during a Canadian Club event in Toronto.

Over a 45-minute discussion, the two agreed the world has a growing thirst for Canada’s energy production and the sector contributes mightily to the country’s gross domestic product.

But they also noted it’s suffering from what they say is an undeserved negative environmental image and that international investors have lost interest in funding Canadian projects.

Monaco says Canada has among the best resources, capital markets, regulatory systems and technologies in the world but it needs an energy strategy to “put the pieces together.”

He says the government shouldn’t mix social policy issues with its project regulatory reviews, a point made by critics of Ottawa’s proposed Bill C-69 to replace the National Energy Board, although he didn’t mention the bill specifically.

“We need to a have a strong energy policy in this country. We need to have a strong climate policy and we need to have Indigenous reconciliation. Those need to be at the policy or umbrella level,” Monaco said.

“Once those are set and we know the rules as investors, then we can say, ‘All right, I got the game plan, now here’s how I can build a project within that context.’”

Just Posted

Intelligence official charged seemed to be ‘exemplar of discretion’: former colleague

A professor who once worked with an RCMP intelligence official charged with… Continue reading

More than 100 people participate in the Light the Night Walk in Red Deer

Red Deer’s Michael Wark was 27 when he was diagnosed with cancer.… Continue reading

‘Big bang’ precedes Red Deer house fire, says neighbour

A Red Deer home was heavily damaged by a fire early Friday… Continue reading

PHOTOS: Grilling meat at Shelter Ribfest in Red Deer

The first-ever Shelter Ribfest is on this weekend at Gary W. Harris… Continue reading

Red Deer man arrested, charged for drug-related offences

A Red Deer man is facing a number of charges, including possession… Continue reading

Fashion Fridays: 10 effortlessly stylish items for fall

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Wednesday Central Alberta Historical Society annual general meeting is 6 p.m. at… Continue reading

UAW members on the job at GM plants after contract expires

DETROIT — The four-year contract between General Motors and the United Auto… Continue reading

Five things to watch for in the Canadian business world in the coming week

TORONTO — Five things to watch for in the Canadian business world… Continue reading

Police seeking multiple suspects in shooting that left 1 dead and 5 wounded

MISSISSAUGA, Ont. — A teenage boy is dead and five other people… Continue reading

Trump front and centre as talk of trade, jobs emerges on campaign trail

OTTAWA — A familiar U.S. face finally showed up front and centre… Continue reading

RDC Kings and Queens cross country dominate on home turf

There was a lot of pride floating around amongst the host team… Continue reading

Hunting Hills Lightning cruise past Foothills Falcons in high school football action

The Hunting Hills Lightning showed their Football Alberta ranking was no fluke… Continue reading

Two students dead, several seriously injured in Vancouver Island bus rollover

Two University of Victoria students died and several people were injured after… Continue reading

Most Read