Canada might be outmatched by the U.S. on raw spending power, but retooling the way Ottawa signs off on infrastructure projects could help it gain ground in the race to build North America's green economy, industry leaders say.
Resource companies are less attracted to monetary incentives than they are to the decidedly less sexy idea of regulatory consistency and predictability, TC Energy president and CEO François Poirier said Monday.
"While Canada and Mexico are pondering how to achieve parity or close to parity with the U.S. to attract capital to be invested in energy, the U.S. has already moved on to the realization that permitting reform is critical," Poirier said. Media reports suggest the contours of a deal could be taking shape this week — a deal that would include passage of Manchin's permitting reform bill, which would streamline U.S. approvals for energy and infrastructure projects.
Central to that goal must be ensuring the continued survival of the U.S.-Mexico-Canada Agreement, which replaced NAFTA in 2020, said U.S. Chamber of Commerce CEO Suzanne Clark. "If we, together, don't define global leadership — if we don't lead on global challenges and meet the opportunities of the future — others like China and Russia will fill that void," Clark said.
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