With the escalating Israel-Iran conflict leading to a spike in oil prices, G7 leaders – minus U.S. President Donald Trump, who left early – sat down in Alberta Tuesday to talk global energy security.
Canada was hosting leaders from the United States, France, the United Kingdom, Germany, Japan, Italy and the European Union. Leaders from several non-member countries were also invited.
“It’s a sign of the maturity of the G7 that we come together for common problems in energy security, common opportunities in new technologies from information technologies, artificial intelligence, quantum computing,” said Canadian Prime Minister Mark Carney.
“Canada is your partner in all these aspects and we are stronger together.”
Carney was elected on a promise to build big infrastructure, including pipelines, faster. His Bill C-5 aims to do that.
The legislation would give the federal cabinet the ability to set aside various statutes to push forward approvals for a small number of major industrial products, such as mines, pipelines and ports, if the government deems them to be in the national interest.
The Carney government expects to pass the bill through the Commons by end of Friday, which is also the last day the House is supposed to sit before the summer.
Smith: ‘We need to have new markets’
In a rare agreement with Liberal legislation, the conservative premiers of Alberta and Saskatchewan say the bill is a good step to not only strengthening energy security but also attracting investment to Canada.
“The longer we go without having a true nation-building approach in Canada, the more people will revert to the habits that it’s just easier to sell north-south, it’s just easier to look to our friends in the United States,” said Premier Danielle Smith. “And it may be easier, but if we really want to build a nation and be strong, we need to have new markets.”
“I would hope that we get a commitment to fixing the regulatory environment in the long term,” added Saskatchewan Premier Scott Moe. “It’s good for Canadians, it’s good for Canadian families, it’s good for the world.”
But several critics – including multiple MPs, a Canadian Senator, and Green Party Leader Elizabeth May – say Bill C-5 is being rushed through Parliament. Some First Nations are calling it a threat to their Treaty rights.
“This document was only given to us days ago,” lamented Grand Chief Greg Desjarlais of the Confederacy of Treaty Six First Nations. “And we need to consult with our Elders and the people of this land. Because this affects us, the environment, the land, the waters.”
University of Aberta political scientist Greg Anderson says the energy discussion certainly comes at an interesting time.
“It takes on a heightened sense of concern given what’s happening in the Middle East,” Anderson told CityNews. “There’s been some talk of the Iranians, in a desperate effort, to shut down the Strait of Hormuz by scuttling cargo ships. You’d see an immediate spike in oil prices and a lot of uncertainty.”
Still, there are lingering questions about whether the uncertainty of today will lead to a rush of new pipelines that take years or even decades to build out.
All eyes will be on Carney in the coming weeks as he announces what projects he wants to fast track.
–With files from The Canadian Press
