Carney Vows to Speed Permits, Make Canada Energy Superpower

https://financialpost.com/pmn/business-pmn/carney-pledges-to-speed-permits-make-canada-energy-superpower

Prime Minister Mark Carney pledged to make Canada the world’s “leading energy superpower” through a plan that includes establishing a single office that would decide on major projects within two years.

Bloomberg News

Laura Dhillon Kane and Thomas Seal,  Apr 09, 2025

Mark Carney, Canada's prime minister, speaks during a campaign rally in Calgary on Tuesday. PHOTO BY GAVIN JOHN /Photographer: Gavin John/Bloombe

 

(Bloomberg) — Prime Minister Mark Carney pledged to make Canada the world’s “leading energy superpower” through a plan that includes establishing a single office that would decide on major projects within two years.

 

The Liberal Party leader said at a campaign stop in Calgary that his government would create a Major Federal Project Office with a “one project, one review” mandate. The aim would be to eliminate duplication of federal and provincial environmental assessments, speeding up reviews.

 

“We are going to aggressively develop projects that are in the national interest in order to protect Canada’s energy security, diversify our trade, and enhance our long-term competitiveness — all while reducing emissions,” Carney said in a statement. “We can lead the energy transition while ensuring affordable energy at home and building the strongest economy in the G-7.”

 

Canada ships some 4 million barrels of crude a day to the US — the vast majority of its production — and also relies on a pipeline that goes through midwestern states to supply provinces in the east. US President Donald Trump’s threats to Canada’s economy and sovereignty have intensified pressure to accelerate projects that reduce its dependence on the US.

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Carney’s rival in the April 28 election, Conservative Leader Pierre Poilievre, has also pledged a single project office with a maximum timeline for decisions of one year. Poilievre has said Indigenous communities would be involved at the outset of major projects, but Carney on Wednesday said Poilievre’s plan fails to account for Indigenous rights. 

The Liberal leader also announced Wednesday he would expand a critical minerals exploration tax credit to include minerals necessary for defense, semiconductors, energy and other clean technologies. His government would broaden the Canadian exploration expense to include the costs of technical studies, and modify the clean manufacturing tax credit to cover brownfield site development.  

“This is huge,” Pierre Gratton, CEO of the Mining Association of Canada, said in an interview. “It includes an awful lot of stuff that we’ve been advocating for for a while, and not getting.”

“I’m surprised, to be honest, because I didn’t expect it,” he added. The critical minerals tax credit in its current form can provide incentives for new development, but the more pressing opportunity is to expand existing operations, Gratton said. 

“This could really help increase Canadian production of critical minerals in the short- to medium-term.”

Both the Liberals and Conservatives have promised to renew a broader mineral exploration tax credit that expired in March. It’s “extremely encouraging” that the two major parties have such a strong focus on getting projects through the system faster, though governments of both stripes have promised to speed up permitting before, Gratton said. 

“There’s a certain degree of skepticism that I think the industry shares — but also optimism that there seems to be more determination than ever before,” he said. “The situation with the United States has obviously helped create the drive to really make sure we can start building.”

Though Carney grew up in the oil-rich province of Alberta, voters there overwhelmingly skew Conservative and tend to be skeptical of Liberal promises to support the energy sector. Poilievre has promised to unleash oil and gas investment through tax cuts, deregulation and the creation of a “national energy corridor” that would include pre-approvals from various levels of government for major projects.

Carney’s plan also includes developing a trade and energy corridor through a C$5 billion ($3.5 billion) fund to build infrastructure to reach export markets.

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Climate advocates criticized the Liberal leader’s plan to expand oil and gas production, though Carney says he aims to reduce emissions through carbon capture and storage technology. Canada should focus on selling clean energy and steel to international markets, said Keith Stewart, senior energy strategist at Greenpeace Canada. 

“If we are going to be an energy superpower, then we better not be a supervillain by doubling down on fossil fuels,” Stewart said in an email. “We need to pick a lane if we want to succeed and while Trump may be pulling the US backward, Europe and Asia are racing to reduce their reliance on oil and gas.”

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(Adds comment from Greenpeace to final paragraphs. An earlier update corrected paragraph 10 to reflect that a broader mineral exploration tax credit expired in March.)