Why Mark Carney thinks Canada can become an 'energy superpower'

Carney proposes growing both clean power and low‑carbon hydrocarbons, using private finance and carbon‑capture deals tied to pipeline approvals to pursue emissions goals.

Prime Minister Mark Carney frames his energy agenda as pragmatic: accelerate large clean‑power projects while permitting and decarbonizing hydrocarbon production. Since taking office he has eliminated the national consumer carbon tax, proposed fast‑tracking nation‑building projects that include fossil fuels, and struck a November memorandum with Alberta that loosens several prior federal rules in exchange for major carbon‑capture commitments. Policy mix Carney argues Canada must develop every energy source and pair lighter regulation with major investment. His blueprint combines big private spending on hydroelectricity, mini‑nuclear reactors, interprovincial clean‑power links, offshore wind and other clean projects, alongside expanded liquefied natural gas and oil exports — but with a requirement that hydrocarbons be 'low cost, low risk, low carbon.' He says most funding will come from private and foreign investors rather than the federal treasury. Projects and finance The package Carney sets out includes low‑carbon LNG plants, a new clean electricity grid in British Columbia, mini‑reactors in Ontario, a zero‑carbon copper mine in Saskatchewan and a large wind farm off Nova Scotia. He contrasts this approach with the $34‑billion federal outlay on the Trans Mountain expansion (TMX), noting TMX began operations in 2024 and that nearly half its first‑year volume went to non‑U.S. markets such as China. The Ottawa–Alberta memorandum The November memorandum serves as a model: Ottawa would consider a second crude pipeline to the B.C. coast, lift certain federal limits and relax an oil‑tanker ban in exchange for Alberta building carbon‑capture and storage that Ottawa says would remove about 16 megatonnes of CO2 from oil and gas production and cut roughly 75% of methane emissions from the patch. The deal also envisions demanding a substantially higher industrial carbon price as an incentive to decarbonize. Can this square with emissions targets? Carney insists Canada can be a ‘‘clean‑energy superpower’’ while still meeting emissions goals by combining scale‑up of clean power, deployment of low‑carbon hydrocarbons and targeted carbon‑capture measures. The approach is pitched as a competitive advantage relative to other hydrocarbon producers and as attractive to international investors drawn to Canada’s political stability. Final summary and suggestions Carney’s plan rests on three linked assumptions: private capital will flow at scale, decarbonization technologies (notably carbon capture and methane reduction) will deliver promised cuts, and oversight will ensure emission outcomes. To assess whether the plan works, policymakers and stakeholders could monitor independent emissions accounting for new projects, clarify timelines and funding commitments for carbon‑capture capacity, and tie any regulatory relaxations to verifiable, enforceable decarbonization milestones. These steps would help align the government’s growth ambitions with accountability for emissions reductions.