Has Canada entered a new era of energy and economic development?
The Growth Lens by Scotia Growth InstituteShow Notes
Canada has the resources and expertise to become an energy superpower. But realizing that potential will depend on whether the country can attract investment, build major projects and create the reliable energy system our economy will need in the years ahead.
In the first episode of The Growth Lens by Scotia Growth Institute, Peter Tertzakian, leading energy economist with Studio.Energy and the Institute’s Strategic Advisor, sits down the Institute’s Global Head of Research Patrick Bryden to discuss the changing landscape for Canada’s energy sector and the impact of the landmark Canada Investment Summit on the road ahead.
They discuss the main takeaways from the summit – where Tertzakian moderated the energy panel – and what the federal government’s moves to court international investors could mean for Canada’s energy sector and broader economic resilience.
They also discuss new policy proposals aimed at incentivizing investment, how Canada can shift from momentum to execution, moving quickly while upholding environmental protections and Indigenous consultation, and what the future holds for energy projects and other ambitious initiatives across the country.
They also explore Canada’s progress on major projects so far and what else needs to be done for projects to go from ambition to reality.
Related content:
Building Canada Initiatives: Year One Progress Report — The Shovels Are Calling
Building Canada Initiatives: The World Needs More Canada – Particularly its Critical Minerals and Mining Capabilities
Key moments this episode:
00:01:45 – Peter’s takeaways from the Canada Investment Summit
00:03:36 – Peter’s read of the changing attitude towards energy and major projects in Canada internally and to prospective international investors
00:07:12 – Understanding the regulatory process in Canada and the importance of Indigenous participation
00:08:54 – How regulatory streamlining and a competitive corporate tax structure can increase Canada’s economic resilience
00:11:40 – The imperative for major changes in Canada and why it matters for all Canadians
00:13:54 – Discussion of the report for the Scotia Growth Institute analyzing progress on major projects in Canada
00:17:44 – How to actually assess the progress of major projects
00:20:32 – Potential challenges Canada faces in executing its ambitious major projects agenda and how policymakers and institutions can respond
00:27:03 – How Canada can differentiate itself to compete globally
00:30:05 – How the Scotia Growth Institute’s work is providing informed perspectives on Canada’s growth ambitions
00:32:25 – How sustainability and Indigenous consultation fit into conversations on economic growth
00:35:00 – Peter and Patrick’s optimism about Canada’s ability to deliver on its ambitions
00:37:54 – Peter compares Canada’s current situation to five to ten years ago
More from The Growth Lens by Scotia Growth Institute
The proposed Pacific Link pipeline could significantly expand Canada’s ability to get its energy resources to global markets. But getting a project of this scale built will depend on how the country navigates questions around cost, construction, investment, Indigenous participation and execution.
As part of a push to spur new business investment in Canada, Prime Minister Mark Carney announced the new Productivity Mega Deduction at the Canada Investment Summit. This proposed new tax incentive would apply to more than 65% of capital assets and allow eligible businesses to immediately deduct qualifying investments, effectively lowering the after-tax cost of investing.
Canada is at a pivotal moment in a time of rapid economic and geopolitical change, and the country’s next chapter will be determined by the path taken today.