Industry’s warning that toxic regulations mean no more major pipelines will be built in this country is not hyperbole
Alberta Premier Rachel Notley is planning another tour to Toronto and New York to talk up the Trans Mountain pipeline expansion to business leaders.
It’s certainly good exposure for her re-election campaign. It probably won’t change investors’ pessimistic views of Canada’s oil and gas sector.
Here’s the problem. Aside from Canada’s dysfunctional handling of the Trans Mountain project, governments (including Alberta’s) have burdened energy companies with so much new regulation, so many new costs, and are on a path to make regulatory reviews of big energy projects so much more political, investors have tuned out and moved to jurisdictions where governments aren’t kneecapping their companies to meet commitments on climate change.
The message couldn’t be clearer than in the Canadian Energy Pipeline Association’s recent response to Bill C-69, the Impact Assessment Act, introduced by the federal government in February and now making its way through Parliament.
The group warns that instead of restoring trust in Canadian energy regulation, the bill, one of Prime Minister Justin Trudeau’s priorities, ensures no other major pipeline project will ever be built in Canada.
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