Canada stands at a pivotal moment in its history. A new federal government offers an opportunity to rejuvenate Canada’s economy and its approach to natural resource development.
Prime Minister Carney’s plan to build Canada into the best-performing economy in the Group of 7 (G7) is very much achievable, as is his plan to build from this country’s energy resource-rich foundation. This aligns with the oil and natural gas industry’s calls to play to our strengths of responsible energy development and exports. To succeed, we need a clear, practical strategy that reflects the realities of investment capital in today’s unpredictable global economy.
Canada has all the ingredients to become the next global energy superpower. What’s missing is the right recipe. For the past decade, a layering of policies has reduced investor confidence and made Canadian projects less attractive compared to our peers.
The result is capital that should have flowed into Canada’s world-class oil and gas sector has gone to other countries.
It’s time to establish the right policy frameworks, rebuild investor confidence, and demonstrate that Canada is open for business and investment once again. This needs to start by urgently overhauling the regulatory and fiscal frameworks that govern major energy projects. That means streamlining regulations, which today are too often unpredictable, excessively long, and vulnerable to legal challenges. Approval timelines must be firm, reliable, and competitive—targeting a timeframe that matches the speed of investment decisions. Projects of national significance require clear, coordinated assessments that uphold environmental integrity while respecting the jurisdictional roles of provincial governments and Indigenous communities. And we must take the politics out of the regulatory process.
It also means rethinking carbon policy. The current system is complex and inefficient. It needs to be reviewed and reformed, together with provinces and industry, to make it competitive for investment among other top oil- and natural gas-producing nations. A shift to a model tailored to regional realities and industrial needs, which respects provincial jurisdiction, could restore both flexibility and investor confidence. A national policy must drive investment into emissions reduction not through production caps, but by simplifying the regulatory regime, creating an attractive fiscal environment, and ensuring carbon policies protect our export industries while enabling innovation and growth.
Let’s be clear: this is not a call to abandon climate goals or environmental commitments. Canadians care deeply about the environment. But they also care about putting food on the table, about job security, and about Canada’s place in a rapidly evolving global economy. These values are not in conflict. In fact, the Canadian way—our high standards, our innovation, our sense of fairness—can show the world a model of responsible oil and natural gas development.
We must also ensure Indigenous communities are true partners in growth. Expanding Indigenous loan guarantees at scale will help create infrastructure ownership opportunities that generate long-term prosperity. But such programs will only succeed if Canada is seen as a competitive place to invest. That foundation must come first.
The mood across Canada has shifted. There’s broad public support for oil and natural gas development. Canadians want to see projects move forward—not just because of the jobs they bring or the revenue they generate, but because they understand the role energy plays in our national and economic sovereignty.
Alongside the chaos in the United States, Canada’s biggest competitor for capital, we have an opportunity to stand out as a stable and trusted economic partner. But this window of opportunity won’t be open for long.
We must act decisively. This includes eliminating unnecessary barriers such as production caps and embracing investment in technologies that reduce emissions while growing output.
Canadians voted to build our country into an energy superpower. The time has come to show and not just tell. Canadians are ready. Industry is ready. Let’s get building.
Lisa Baiton is the president & CEO of the Canadian Association of Petroleum Producers
