Francois Poirier, the president and CEO of TC Energy Corp., delivered a compelling speech at the Chateau Laurier in Ottawa, calling for Canadians to revive a culture of ambition. Poirier emphasized that embracing the oil and gas industry could propel Canada to become a leading global economy within a few years.
A Call for National Ambition
Poirier, who leads the company formerly known as TransCanada Pipeline, founded in 1951, addressed concerns about TC Energy's investments in the United States. He acknowledged that the U.S. business is now the largest and fastest-growing segment but reaffirmed his pride in being Canadian. "Why am I here? Because I'm a proud Canadian," Poirier stated, highlighting his commitment to the nation's prosperity.
Economic Potential Through Oil and Gas
In his address, Poirier outlined a path for Canada to transition from ambition to tangible results. He argued that with political will, a renewed culture of ambition, and a streamlined regulatory framework, Canada could achieve the fastest-growing GDP in the G7. Specifically, he projected that real GDP growth could exceed two percent annually by 2030.
Poirier pointed to the regulatory burden as a significant obstacle, noting that Canada had over 320,000 regulations in 2021, a 37% increase from 2006. He asserted that this red tape slows down projects without providing clear benefits to companies or citizens. "To build more, Canada must, quite simply, make it easier to build," he urged.
Focus on LNG and Global Opportunities
The CEO highlighted liquified natural gas (LNG) as a key opportunity for economic growth. He noted that while the United States has developed eight LNG export facilities in the past decade, Canada has only one, despite numerous proposed projects. Poirier estimated that if Canada became the top LNG exporter to Asia, it could add $75 billion to GDP each year, representing more than a two percent increase to the current economy.
Poirier carefully avoided direct criticism of Prime Minister Mark Carney's government or the Major Projects Office but implied that progress has been sluggish. He mentioned that over a year into Carney's tenure, no new major projects have advanced beyond those already in the pipeline. Poirier suggested that Carney's hesitation might stem from alignment with the green faction of the Liberal caucus, which opposes oil and gas development.
A Plea for Action
Concluding his speech, Poirier stressed that generational success depends on execution rather than merely following processes. He called on the government to take decisive action to foster investment and employment in Canada. "Let's see if Carney will actually listen to a real business figure in Canada who would like to invest more here, would like to employ more people here, but is just waiting for the government to do the right thing," Poirier remarked, underscoring the urgency for policy changes to unlock economic potential.
