- 41 minutes ago
Canadian Prime Minister Mark Carney highlights Canada as a leading destination for investment, calling it the “best country in the world” and emphasizing its competitive tax rate for new investment. His remarks come amid ongoing Canada-U.S. economic and trade tensions involving Donald Trump.
Watch the full remarks and the latest developments in Canada-U.S. relations, investment, energy and trade.
Also Read
Trump Says Iran May be Linked to FlyDubai Copilot Who Tried to Crash Israel-Bound Jet :: https://www.oneindia.com/international/trump-says-iran-may-be-linked-to-flydubai-copilot-who-tried-to-crash-israel-bound-jet-8222373.html?ref=DMDesc
Flydubai Pilot 'a Hero', Plumber Steadied Plunging Aircraft: Trump :: https://www.oneindia.com/international/flydubai-pilot-a-hero-plumber-steadied-plunging-aircraft-trump-8221173.html?ref=DMDesc
Trump Pushes ‘Super Intelligence’ as New Name for Artificial Intelligence :: https://www.oneindia.com/artificial-intelligence/trump-pushes-super-intelligence-as-new-name-for-artificial-intelligence-8220059.html?ref=DMDesc
~PR.462~ED.420~GR.508~HT.178~VG.HM~
Watch the full remarks and the latest developments in Canada-U.S. relations, investment, energy and trade.
Also Read
Trump Says Iran May be Linked to FlyDubai Copilot Who Tried to Crash Israel-Bound Jet :: https://www.oneindia.com/international/trump-says-iran-may-be-linked-to-flydubai-copilot-who-tried-to-crash-israel-bound-jet-8222373.html?ref=DMDesc
Flydubai Pilot 'a Hero', Plumber Steadied Plunging Aircraft: Trump :: https://www.oneindia.com/international/flydubai-pilot-a-hero-plumber-steadied-plunging-aircraft-trump-8221173.html?ref=DMDesc
Trump Pushes ‘Super Intelligence’ as New Name for Artificial Intelligence :: https://www.oneindia.com/artificial-intelligence/trump-pushes-super-intelligence-as-new-name-for-artificial-intelligence-8220059.html?ref=DMDesc
~PR.462~ED.420~GR.508~HT.178~VG.HM~
Category
🗞
NewsTranscript
00:00So this is the best country in the world, major economy in the world, to invest.
00:04And I'm sure those companies and companies across the country will take that into account as they...
00:11...beats often begin with adversity.
00:14This community's overcome many challenges over the years, including a devastating forest fire a decade ago,
00:20and it has always emerged stronger.
00:23Carved out of the wilderness, at the meetings of the Athabasca, Clearwater and Hanging Stone rivers,
00:30this region holds the fourth largest oil reserve in the world.
00:35There's more than three and a half million barrels of oil that leave here every day, to markets around the
00:40world,
00:41bringing home more than $40 billion to the Canadian economy every year.
00:46There are literally hundreds and hundreds of thousands of people who wake up and go to work every day,
00:52because of what Fort McMurray has built.
00:56Truck drivers, engineers, welders, geologists from Alberta, joined by workers across Canada.
01:03This bustling city started as a trading post, became a boom town, now is a global energy hub.
01:12And it's a transformation that didn't happen overnight, and it didn't happen by chance.
01:17It was steadily built by choice, through grit, determination, and through ingenuity.
01:23Long before European settlers arrived, the Dene and the Cree peoples collected bitumen from the riverbanks
01:30and used it to dress wounds and waterproof canoes.
01:34Later, explorers and researchers saw the economic potential for fuel and for trade,
01:39but the bitumen was too thick to flow, and most of it lay too deep to extract.
01:44So for years, the oil sands were written off.
01:48Written off is too costly and too hard to develop at scale.
01:55But generations of researchers, of engineers, workers, entrepreneurs kept pushing forward,
02:00finding new ways to separate the oil, to extract it, and unlock what lay beneath the sandstone.
02:06And for decades, the Alberta and the Canadian governments invested in research,
02:11created tax incentives for private capital, and even financed oil sands plants themselves.
02:16And so by the 60s, a new industry began emerging in this region
02:20and became home to the world's first large-scale oil sands operations.
02:25Fort McMurray became a symbol of opportunity across Canada and across the world.
02:33That's what Canada can achieve when our workers, our builders, our scientists, our governments
02:39work together to seize generational opportunities.
02:44And it's this legacy that we're calling on today.
02:48We have to do this because the world's facing an energy crisis on three dimensions.
02:53There's an immediate challenge of affordability and, in some countries, the very availability of hydrocarbons.
03:00There's a structural challenge of energy security and the existential challenge of climate change.
03:07And these challenges are forcing countries to think differently about where their energy comes from
03:12and on who they can rely on to supply it.
03:17Global oil demand is around 100 million barrels a day.
03:21Global oil supply is often now impacted by conflicts and it's becoming more volatile.
03:29And while the precise path ahead is always uncertain,
03:32oil demand will continue to be significant for decades to come.
03:36Even under any plausible MetZero scenario, the IEA forecasts the world will still need tens of millions of barrels of
03:44crude a day.
03:45So the question is, who will emerge as the world's trusted suppliers?
03:51It should be us.
03:53It must be Canada.
03:56Earlier this year, the head of the IEA said, and I quote,
04:00Canada has a golden opportunity to become the low-cost, low-risk, low-carbon supplier that the world needs now.
04:10In June 7, the G7 leaders echoed that sentiment.
04:15The oil sands are part of Canada's once-in-a-generation opportunity to become a global energy superpower,
04:22to transform our economy, to diversify our trade, to achieve greater strategic autonomy so we can continue to live our
04:32lives as we choose.
04:35And the best way to seize that opportunity is to build together.
04:42In Canada, we have already been built on the ground, the Pacific Pacific Railroad, the coast of St. Laurent, the
04:51trans-canadienne, and the arousal sands.
04:55These big national interest projects have deeply transformed our economy in the past.
05:01These important achievements have crossed the provincial border and have demonstrated, again and again,
05:09that Canada is more grand, more strong, and more prosperous when we are united.
05:17Now, the fact is, over time, the way we've built became weighed down by well-intentioned but arduous and often
05:28duplicative regulatory processes.
05:30And to build at scale and speed again, we have to do things differently.
05:36Our government was elected to change things, to build Canada strong, and we're doing just that.
05:43Let's be clear. Canada will remain a country of high standards.
05:48But high standards do not require slow decisions.
05:52They require a focused government, a government that gets all the information that it needs from all stakeholders
06:00and shares it immediately with all those who need it, including all stakeholders.
06:07An end sets the right conditions to build effectively, sustainably, and inclusively.
06:13Investors should know that when Canadians want something built, Canada will get it built.
06:20In a more volatile, dangerous, and divided world, speed, certainty, and predictability are competitive advantages.
06:30That's why, right after we were elected, our government proposed and Parliament passed the Building Canada Act.
06:37This legislation enables the federal government to streamline approval processes for major projects
06:43that are determined to be in the nation's interest.
06:46And to make that determination, we consider five factors.
06:51Whether the project strengthens Canada's autonomy, our resilience, and our security.
06:56Whether it has clear economic benefits for Canadians.
07:01Whether the project has a high likelihood of being completed.
07:05Whether it contributes to Canada's clean growth and climate goals.
07:10And whether the project advances the interests of Indigenous peoples.
07:16Last November, Premier Smith and I signed an MOU to unlock the full potential of Alberta's energy,
07:24both clean and conventional.
07:27And at the centre of this agreement is a new Bitterman pipeline to the West Coast.
07:33In July, the Premier and I announced that Canada and Alberta would share equal ownership
07:38ownership of this project, with a meaningful stake reserved for Indigenous peoples.
07:44Pembina, thank you Scott, came on board as a private sector investor and a contributor of its immense expertise.
07:53Project development will be led by Trans Mountain, the company that just built the largest oil pipeline to Canada's West
08:00Coast.
08:01With this historic partnership between governments, the private sector, Indigenous peoples,
08:06our government began immediately to undertake consultations to determine whether this project merited being listed under the billed Canada Act
08:16by today.
08:18Over the past three months, the Major Projects Office has received more than 100 submissions from Indigenous rights holders
08:26and conducted rigorous consultations with more than 130 Indigenous communities near or along the potential routes in Alberta and B
08:35.C.,
08:36as well as with federal departments and with the government of British Columbia.
08:42Today, we're ready to move forward for Albertans, for Canadians.
08:47And I'm proud to announce that the Government of Canada is officially listing the West Coast Pipeline,
08:54now known as Pacific Link, as a project of national interest.
09:00Oh, yeah.
09:00There we go.
09:01All time.
09:07So what does that mean?
09:09Over the next year, the Major Projects Office, supported by Canada's energy regulator,
09:15will lead consultations with all stakeholders.
09:17To set the conditions for the projects, specifics about the ownership, the benefits, the environmental protections,
09:25and the local hiring, contracting, and oversight.
09:28The Projects Office, the MPO, will then work to finalize those conditions by the 1st of September next year,
09:35clearing the way to get shovels in the ground.
09:39This means that as the project proponents work over the next year to develop their final concept,
09:46everything from community consultations to route mapping, ecological surveys, cost estimates, procurement, workforce planning,
09:54they can do so with confidence that the federal government supports this project.
09:58It's an entirely new way of building in a Canada that works.
10:05Because before the Building Canada Act, proponents would have to spend years,
10:10and potentially for projects like this, let's look at the trucks and the equipment that's required,
10:16projects like this spend potentially billions of dollars doing this work
10:21before even knowing whether the federal government stood on a project.
10:26So for many builders, the risk wasn't worth it.
10:29And so Canada stopped building big.
10:32Now we're making our position clear at the beginning of the process rather than at the end.
10:39So let me just take a moment to explain why the federal government is behind Pacific Link.
10:46A pipeline to the West Coast is part of our mission to transform our economy,
10:51to double our non-U.S. exports over the next decade,
10:54to create tens, in fact hundreds of thousands of good jobs,
10:57to unlock the full potential of Canada as a global energy superpower,
11:02and to catalyze tens and tens of billions of dollars of new investment into the Canadian economy.
11:08To make Alberta and Canada more prosperous, more independent,
11:15and to do all of this in the right way.
11:19Today, 90% of Alberta's oil goes to the U.S.
11:23Pacific Link will materially reduce that dependence
11:26by allowing us to export an additional 1 million barrels a day to growing markets in Asia.
11:31That means more customers, more choice, higher prices for all Canadian energy producers.
11:37And it means greater long-term security of demand.
11:42We estimate the Pacific Link will create 140,000 jobs across the country.
11:48From the engineers who design it, the pipe fitters who lay it, the welders who connect it.
11:53It will generate over $20 billion in GDP per year,
11:57and over $100 billion in government revenue by 2060.
12:02Revenue that will help build the infrastructure in the homes that Albertans and Canadians need,
12:06protect the social programs that they rely on every day, from health care to dental care and child care.
12:12This is true nation-building, and it will take a nation to build it.
12:18Because today's announcement is part of a series of initiatives.
12:23Pacific Link needs a route to the West Coast.
12:26It needs a new port when it gets there.
12:28It needs new conservation measures consistent with the higher maritime traffic it will create.
12:34And it needs new partnerships with First Nations to build shared prosperity,
12:39as well as new investments in low-emissions technologies to keep Athabasca crude competitive over the long term.
12:49As in this regard, we'll build sustainably.
12:53Canada, the government of Alberta, the Oil Sands Alliance, will advance construction of the Pathways Project,
12:59one of the largest carbon capture and storage projects in the world.
13:04Pathways will use special absorption towers to capture CO2 emissions before they enter the atmosphere.
13:10That CO2 will then be transported and permanently stored underground,
13:14making Alberta oil among the world's lowest carbon intensity crude.
13:19Said another way, Pathways will help reduce 16 million tons of emissions every year.
13:26That's the equivalent of taking 90 percent of Alberta's cars off the road.
13:32Pathways alone will create an additional 40,000 jobs and more than 16 billion in GDP.
13:39And it will give Canada a new competitive advantage in the medium term,
13:43leveraging Canadian expertise and create an entirely new industry of carbon capture right here at home.
13:50And you know, it does remind me of when I was a kid and the oil sands industry was being
13:55created by Alberta ingenuity and grit.
13:59Same long-term vision, similar transformative potential.
14:05Now, to unlock this potential of Pacific Link and Pathways,
14:10the government of Canada is working with the government of B.C. to expand the port there, the Pacific Gateway.
14:17The federal government is investing $10 billion to expand Roberts Bank Terminal,
14:22which will serve as the landing point for crude moving through Pacific Link.
14:27And as we build Pacific Gateway, we're taking additional measures to protect the environment that surrounds it.
14:34Because in a strong Canada that works, growth and conservation are fully integrated.
14:40The conservation starts with the route of the pipeline itself.
14:44It will be a southern route, which protects B.C.'s northern coast
14:48and avoids highly sensitive ecosystems, including the Great Bear Sea.
14:52And as we expand infrastructure at Roberts Bank, we will strengthen protections for the marine life that call these waters
14:59homes,
15:00including a series of measures to protect the habitats of killer whales during construction.
15:05I set out more elements of that plan on Tuesday, including to protect 30 percent of Canada's oceans by 2030.
15:15Today, we're announcing a major step and a pipeline to the Pacific.
15:22On Tuesday, I announced those conservation measures.
15:24These are not two plans.
15:26They're part of one plan from one government, working with all governments and all stakeholders.
15:33We're developing this pipeline with Indigenous peoples involved from the start.
15:38This is the start of that development.
15:40With the opportunities to share in the prosperity that Pacific Link will create.
15:45And to that end, Canada and Alberta have agreed that the project proponent will offer Indigenous communities
15:52a minimum of 10 percent ownership interest in the pipeline, financed by our respective Indigenous loan guarantee programs.
16:00We will also ensure the creation of Indigenous contracting and employment opportunities.
16:09We will be built in solidarity with the workers.
16:14And thanks to the initiative UNIQIPE Canada Forte, we will create up to 100,000 facilities in the special jobs
16:24that we will be able to create to create the construction of the Pacific Link to create the construction of
16:28the oil industry.
16:30Many of you, among you, will participate in the construction of the oil ducts and also on the ports, the
16:38roads and the infrastructure necessary for the project.
16:51We will build Canadian, we use Canadian steel with Canadian workers trained by Canadian
17:05unions. And we will build together, with Alberta, BC and every province and territory in the
17:12true spirit of cooperative federalism, harnessing the full force of a united Canada.
17:19This is a Canada that works. A Canada that recognizes opportunity and it seizes it. A Canada where
17:26our workers, our industry, our governments pull in the same direction in the pursuit
17:30of a common goal. A Canada where we build together what we could not build alone.
17:39And even in Fort McMurray, even here at SMS, it can be sometimes hard to conceive of projects
17:45of this magnitude. So let me leave you with this thought. I was born just north of here
17:51in Fort Smith and at that time the oil sands were a concept, a curiosity to most. But by
17:58the time I got to high school in Edmonton, they'd been transformed into one of Canada's
18:03largest industries. That's the scale of what Alberta and Canada can achieve and the speed
18:09with which we can achieve it when we work together. Fort Mack, Fort Mackay, this region, Alberta
18:17stepping up and so is Canada. Because the biggest things we've built in this country were never
18:23done in isolation. Canada's working. Building Alberta strong, building Canada strong, building
18:31together.
18:32Hello, Amanda Stephenson with Reuters. I'm wondering if you've received any assurances
18:36from oil sands companies that this pipeline would prompt them to go ahead with the kind
18:41of greenfield expansions that they would need to complete in order to fill the pipeline.
18:46And if you have confidence that the investors in the oil sands companies actually have the
18:52risk appetite for them to do so.
18:53Well, these are commercial decisions that the companies will make. I would observe the
18:59following that there is a memorandum of understanding related to the pathways project that is from
19:07the oil sands alliance, which is connected to this pipeline, as you may know or make clear.
19:14And so the very companies that would be making those upstream investments, the greenfield investments
19:20for the additional million barrels plus of capacity, see that, number one. Number two, this is a
19:29tremendous commercial opportunity for them. Given diversification of markets, given the prospect
19:35of narrowing the differential that exists, that's worth, I mean, you can do various calculations,
19:41but somewhere between six to ten billion dollars a year. I'll center it at six to the industry
19:48itself just by getting the price differential down. As well, I would add that one of the things,
19:57and I'll finish on this, two things actually, that the federal government is doing so that
20:03investors can make decisions, so the private sector can make judgments about taking risks. Number one is
20:10getting to the right answer, doing the work, doing the work once, and getting to the right answer
20:17on time. So, and then the second is we have changed the fiscal arrangement for virtually any form of
20:25investment in this country, and I'll put a fine point on that. It is less, the tax rate on new
20:32investment
20:32in Canada, based on the announcement we made two weeks ago on the productivity mega deduction, is less
20:38than half in the United States, it's less than a third of the G7 average. So, this is the best
20:43country in the
20:44world, major economy in the world, to invest, and I'm sure those companies and companies across the country
20:50will take that into account as they build Canada strong. Follow-up? As a follow, do you believe that if
20:57this pipeline is built, that it will spark the kind of boom that the Fort McMurray region has seen in
21:02the past, or are we
21:04looking at something potentially more measured?
21:10Subscribe to One India and never miss an update. Download the One India app now.