The president and CEO of the Royal Bank of Canada (RBC) says Canada is uniquely positioned to lead a global revolution through environmental and energy innovation. Dave McKay’s column in the Globe and Mail explores how Canada has the “natural resources, brainpower, democratic integrity and love of land, air and water” to “develop a new approach to carbon efficiency that will benefit the entire country, and perhaps even provide a model for the world: The Canadian Model.”
3 Factors for Success
McKay lists three factors essential for achieving this goal:
- “A coherent approach to pricing carbon”
- “A world-leading approach to energy innovation”
- “A transparent, respected and effective approach to infrastructure that allows businesses, investors and communities right across the country to plan their futures around clean energy, including cleaner oil and gas”
Praise for Carbon Strategy
The CEO expresses his support of the federal government’s recently announced carbon pricing strategy, calling it a “welcome step.” McKay states that the plan “adds clarity, meets our carbon targets and helps Canadian industry become a world leader in technology and innovation.” The plan has been controversial among provincial leaders and oil and gas industry stakeholders.
Energy Innovation Key
Echoing natural resources minister Jim Carr’s praise for innovation in the oil sands, McKay says “Our resource companies are among the best innovators in Canada.” He stresses the need to apply innovative technical problem solving to “the next big challenge: finding technologies to bring down emissions and costs.”
To help the industry realize this goal, McKay calls for “clear, market-oriented support” from the government and the public.
Pipelines and Infrastructure Crucial
One of the energy industry’s biggest challenges has been limited market access for pipelines. McKay acknowledges the importance of such infrastructure, stating “we won’t have the resources for those innovations if we don’t monetize the natural resources we have now – and that means getting those resources to market as sustainably as possible.”
Citing Canada’s massive oil and gas reserves, McKay warns against squandering these resources. “If we don’t build the energy infrastructure that we so clearly need, the world will move on, and we will lose our opportunity to lead the global energy transition.”
To read McKay’s entire column on Canada’s potential “energy revolution,” visit this article on the Globe and Mail’s website.