The Financial Post reports in its Thursday edition that the chief executive officers of Royal Bank of Canada and Enbridge warned Wednesday that the country is at risk of squandering a huge advantage if it does not come together to tap the potential of the energy industry. The Post's Geoff Zochodne writes that RBC boss Dave McKay added that business leaders also need to be stronger advocates for the sector to give governments support for changes. "They need the support of the business community to take the political risk to move forward with this agenda," Mr. McKay said during a lunchtime interview with Enbridge CEO Al Monaco.
The remarks came amid the gridlock over pipelines, which has prompted political unrest and protest from those both for and against various energy projects. During their 45-minute back-and-forth, Mr. McKay and Mr. Monaco attempted to make the case for future development of the energy sector to the Canadian Club Toronto audience. Mr. Monaco said Canada already enjoys several advantages, such as its proximity to major markets. He added that issues around policy for climate, energy and indigenous reconciliation should be settled at a higher level, not when individual projects are being reviewed.
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