The Financial Post reports in its Tuesday, Feb. 27, edition that on Monday, the Canadian Association of Petroleum Producers issued an urgent call for a course correction after sustaining such heavy damage energy investors are dumping Canada for Iran and Brazil.
The Post's Claudia Cattaneo writes that CAPP boss Tim McMillan says: "In Canada we need pipelines, not barricades, to supply the world with more energy. The time to build is now."
CAPP's vision has four key components: global connection for Canada's oil and natural gas resources; globally competitive policies; a climate plan that is comparable to other jurisdictions competing for the same global capital; and government policies that encourage and accelerate innovation and technology in the oil and natural gas sector.
Instead, Ottawa's energy vision prioritizes transitioning the country to renewable energy and off fossil fuels to meet aggressive greenhouse gas reduction targets, while supporting some new pipelines to diversify markets. It looks increasingly like a massive failure of policy to achieve the desired results.
The Post says Canada can still be back as an environmental leader, but it most also do what is best for its economy.
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