OTTAWA — 96 of Canada’s most senior energy executives have banded together in a rare show of unity, warning Prime Minister Mark Carney that the economy is faltering and urgent action is needed to restore investment and jobs.
The letter, published Monday under the banner Build Canada Now, argues that despite recent progress, Canada still lacks the fiscal and regulatory stability to unlock its vast oil and gas resources. Without that clarity, they say, the country risks squandering a once-in-a-generation chance to turn energy wealth into long-term prosperity. “The national economy is moving in the wrong direction,” the CEOs write. “Canadians deserve prosperity, not uncertainty.”
The list of signatories reads like a roll call of the industry’s biggest players. Rich Kruger of Suncor, Jon McKenzie of Cenovus, Greg Ebel of Enbridge, François Poirier of TC Energy, and Mike Rose of Tourmaline Oil all signed, joined by leaders from Canadian Natural Resources, Imperial Oil, MEG Energy, Pembina, Whitecap, and Ovintiv. Dozens of mid-sized producers, oilfield service firms, and sector associations also added their names, including the Canadian Association of Petroleum Producers, the Pathways Alliance, and the Canadian Association of Energy Contractors. The sheer number, 96 CEOs, gives the letter unusual heft in Ottawa’s policy debate.
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At the heart of the appeal is what the industry has dubbed the “Grand Bargain”: three interconnected goals of deep emissions reductions, expanded market access, and significant growth in upstream production. Energy leaders say Ottawa has shown movement on some fronts — creating a Major Projects Office, launching an Indigenous Advisory Council, and identifying projects of national significance. But the letter warns that those steps remain “insufficient to stimulate the investment and growth required” to make the bargain real.
The CEOs outline a five-point plan they say is essential to restore Canada’s competitive edge: simplify regulations by overhauling the federal Impact Assessment Act and repealing the West Coast tanker ban; set firm timelines so project approvals take months, not years, with clear respect for provincial jurisdiction; commit to growing production by scrapping the unlegislated emissions cap on oil and gas output; attract capital through competitive tax and carbon frameworks that align with global markets; and support Indigenous ownership with large-scale federal loan guarantees that enable communities to take meaningful stakes in major projects.
For many in the sector, the letter reflects a deeper frustration that years of policy uncertainty have left Canada lagging. Companies point to delayed projects, lost international opportunities, and a steady flow of capital out of the country. “Given your background, you understand that the private sector and public markets require clarity and certainty to make the long-term investments necessary,” the letter reminds Carney, a former Bank of Canada and Bank of England governor.
Carney’s government has pitched its economic strategy as moving Canada “from uncertainty to prosperity.” By highlighting uncertainty in their headline, the CEOs appear to be testing whether the prime minister will match words with action. The letter’s timing is no accident: Parliament was resuming for the fall sitting, and Ottawa is preparing for an economic update later this year. The CEOs are pressing for their demands to shape that agenda, framing energy development not as a regional issue but as central to national prosperity.
Whether the government responds with concessions remains to be seen. But the scale of the letter makes it harder to ignore. When 96 CEOs all sign their names, it signals an industry increasingly willing to push as one. “As Parliament resumes, the energy industry remains committed to working with you, your cabinet, and the provinces on an urgent basis,” the letter concludes. “Together, Canada can become the global energy superpower we all envision.”
This report by TrendingPolitics.ca was first published Sept. 17, 2025.
