Realist: news and analytics

Русский/English/العربية

  • News
  • Russia
  • Caucasus
  • Opinion
  • Interviews
  • Experts
No Result
View All Result
Realist: news and analytics
  • News
  • Russia
  • Caucasus
  • Opinion
  • Interviews
  • Experts
No Result
View All Result
Realist: news and analytics

Carney pledges support for oil sector and emissions cuts as Canada repositions for Trump-era trade

New Canadian prime minister signals pragmatic energy pivot, backing carbon capture and pipeline growth to confront U.S. tariffs.

   
June 3, 2025, 09:07
Business & Energy
Carney pledges support for oil sector and emissions cuts as Canada repositions for Trump-era trade

SASKATOON (Realist English). Prime Minister Mark Carney has promised to work closely with Canada’s oil industry to increase production and reduce emissions, signalling a strategic shift in energy policy as Ottawa prepares to confront trade pressures from the United States under Donald Trump.

In recent meetings with senior oil executives, Carney offered conditional support for new pipeline infrastructure and a multibillion-dollar carbon capture initiative tied to Alberta’s oil sands, calling it a potential “grand bargain” — boosting exports while lowering emissions.

“There’s real potential here,” Carney said Monday during a visit to Saskatoon, Saskatchewan. “We can build big, build bold, build one Canadian economy — and build now.”

The move marks a significant change in tone from Carney, who once warned of the risks of fossil fuel investment as Governor of the Bank of England, and later championed global decarbonisation through the Glasgow Financial Alliance for Net Zero, which mobilised $130tn in private capital.

Now leading a government focused on weathering a looming trade war with Washington, Carney is seeking to reposition Canada as an energy superpower, while keeping environmental concerns at the forefront. Canada remains the largest oil exporter to the U.S., but Trump-era rhetoric — including remarks suggesting Canada should become the “51st state” — has fuelled uncertainty over market access.

To counter this, Carney has vowed to fast-track project approvals and open new markets in Europe and Asia. Over C$26bn ($18.9bn) in oil projects are currently under construction, with more than C$100bn in development or awaiting investment decisions, according to the Canadian Association of Petroleum Producers (CAPP).

As part of that strategy, Carney met with western energy leaders over the weekend to revive ties with regions long at odds with Ottawa’s regulatory approach. His message appears to be resonating:

Lisa Baiton, head of CAPP, welcomed the new tone, and said the sector was “very encouraged” by the appointment of Energy Minister Tim Hodgson, a former executive at Goldman Sachs and MEG Energy.

One of the key initiatives under discussion is the Pathways Alliance — a proposed C$20bn carbon capture system in Alberta that would mitigate the high emissions associated with oil sands production. Alberta Premier Danielle Smith has linked federal backing for the project with approval for a new pipeline to the British Columbia coast, which she says could generate up to C$20bn in annual revenues.

“Decarbonised Canadian oil and gas must reach global markets,” Carney said, reaffirming his support for emissions-neutral exports.

Not all voices in the industry are fully convinced. Adam Waterous, chairman of Strathcona Resources, said Carney’s government “has got it half right,” praising subsidies for carbon capture but criticising legal restrictions on cross-country pipelines.

François Poirier, CEO of pipeline giant TC Energy, struck a cautious note: “The prime minister has shown early pragmatism — but the economics of new pipelines remain difficult.”

Carney’s evolving stance highlights a broader trend in North American energy politics: climate policy is no longer seen as incompatible with industrial strategy. Whether Canada can thread this needle — expanding production while curbing emissions — will shape not only its economic future, but its geopolitical leverage in a world of fragmented energy trade.

CanadaMark CarneyOil Market
Previous Post

India and EU reach partial trade deal consensus, exclude dairy and rice amid political sensitivities

Next Post

Healthcare flashpoint: Obama sounds alarm on Republican plan

Related Posts

U.K. economy shrinks again in May amid U.S. tariffs and business uncertainty
Business & Energy

U.K. economy shrinks again in May amid U.S. tariffs and business uncertainty

11 July, 2025
Nvidia briefly hits $4tn market cap, leading AI-driven tech rally
Business & Energy

Nvidia briefly hits $4tn market cap, leading AI-driven tech rally

10 July, 2025
FBI launches criminal investigation into former CIA and FBI chiefs over 2016 Russia probe
Business & Energy

EU closes in on Trump trade deal as UK secures better terms

9 July, 2025
Samsung profits plunge 56% amid Nvidia delays and US chip restrictions
Business & Energy

Samsung profits plunge 56% amid Nvidia delays and US chip restrictions

8 July, 2025
Software, speed, and code: FY2026 budget reveals how the Pentagon plans to fight tomorrow’s wars
Business & Energy

Trump threatens 10% tariffs on nations aligning with BRICS

7 July, 2025
Speer Group launches Germany’s first defence-focused venture fund to bridge critical investment gap
Business & Energy

Canada bets on LNG to fuel its energy future and counter US trade risks

4 July, 2025
Most Popular
Most Popular
FBI launches criminal investigation into former CIA and FBI chiefs over 2016 Russia probe

FBI launches criminal investigation into former CIA and FBI chiefs over 2016 Russia probe

9 July, 2025

WASHINGTON (Realist English). The Federal Bureau of Investigation has opened criminal investigations into former CIA Director John Brennan and former...

Roman Starovoit

Roman Starovoit and the collapse of a technocratic glossy dream

8 July, 2025

MOSCOW (Realist English). I can’t stop thinking about the story of Roman Starovoit. If you think about it, the former...

Software, speed, and code: FY2026 budget reveals how the Pentagon plans to fight tomorrow’s wars

Putin calls for deeper BRICS cooperation and new financial infrastructure at Rio summit

7 July, 2025

RIO DE JANEIRO (Realist English). Russian President Vladimir Putin called for stronger integration among BRICS nations and greater independence from...

Elon Musk announces launch of third party after fallout with Trump

Elon Musk announces launch of third party after fallout with Trump

6 July, 2025

WASHINGTON (Realist English). Billionaire entrepreneur Elon Musk announced on Saturday the formation of a new political force — the America...

Opinion

Roman Starovoit

Roman Starovoit and the collapse of a technocratic glossy dream

8 July, 2025

MOSCOW (Realist English). I can’t stop thinking about the story of Roman Starovoit. If you think about it, the former...

Bezos’s Venetian wedding: a manifesto of new feudalism

Bezos’s Venetian wedding: a manifesto of new feudalism

30 June, 2025

VENICE (Realist English). When Jeff Bezos rents half of Venice for a $50 million wedding, it is more than the...

Not Mossad’s strength — but Iran’s weakness

Not Mossad’s strength — but Iran’s weakness

16 June, 2025

TBILISI (Realist English). The recent targeted assassinations of senior IRGC commanders and high-ranking Iranian officers are not simply the triumph...

The Church belongs to Christ, not to politicians: The Armenian Apostolic Church becomes a casualty of Yerevan’s political agony

The Church belongs to Christ, not to politicians: The Armenian Apostolic Church becomes a casualty of Yerevan’s political agony

12 June, 2025

YEREVAN (Realist English). First, they handed over part of the Holy Land to the Baku fascists, betraying the Armenians of...

All rights reserved.

© 2017-2025

  • About Us
  • Mission and Values
  • Contact Us
  • Privacy Policy

Follow Realist English

No Result
View All Result
  • News
  • Russia
  • Caucasus
  • Opinion
  • Interviews
  • Experts

Русский/English/العربية