The chief executives of Canada’s biggest bank and its largest pipeline company warned Wednesday that the country is at risk of squandering a huge advantage if it does not come together to tap the potential of the energy industry.
Royal Bank of Canada CEO Dave McKay added that business leaders also need to be stronger advocates for the sector to give governments the cover needed to forge ahead with changes.
“They need the support of the business community to take the political risk to move forward with this agenda,” McKay said during a lunchtime interview with Enbridge Inc. CEO Al Monaco.
The remarks came amid the current gridlock in Canada over building pipelines, which has prompted political unrest and protest from those both for and against various energy projects.
During their approximately 45-minute back-and-forth, McKay and Monaco attempted to make the case for future development of the energy sector to the Canadian Club Toronto audience, arguing that the demand for energy is expected to grow, among other things.