Ottawa’s rollout of Bill C-5 was billed as a breakthrough for Canada’s investment climate, with promises to fast-track major projects. Yet on closer inspection, many of these projects were already approved or under construction. For Alberta business leaders, this is not reform, it is a headline without substance.
Worse, Bill C-5 risks creating a two-tier system where a handful of government-selected projects move ahead, while everyone else remains stuck in the same slow, costly and unpredictable process. That’s why the recent open letter from Canada’s energy executives struck such a chord here at AEG. The energy industry is not asking for favours; they are asking for the same thing every Alberta entrepreneur, farmer and manufacturer wants: a system that is clear, efficient and fair for all. Their leadership in writing this letter deserves our support.
The consequences of inaction are already visible. TC Energy recently stated that its preference for future investment lies in the U.S., not Canada, because returns south of the border are “significantly more attractive.” This is a sobering signal. When one of Canada’s most iconic infrastructure companies says it will prioritize U.S. projects over Canadian ones, it underscores the competitive disadvantage we face. Unless Canada can restore investor confidence with predictable and fair regulation, more capital will flow across the border, and with it, jobs, families and innovation.
This is not just an energy issue. The frustration spans every sector of Alberta’s economy. Small businesses struggle with layers of taxation and permitting that drain resources better spent on growth. Farmers face inconsistent regulations that make it harder to compete interprovincially and more importantly, internationally. Manufacturers run into duplicative standards that increase costs and drive investment elsewhere. A two-tiered approval process doesn’t just slow progress today, it risks cementing an uneven playing field for the long term, where a select few get preferential treatment while the majority of businesses are left carrying the burden of uncertainty, delays and unfair competition.
When government adds layer upon layer of regulation, without streamlining or harmonizing existing rules, it erodes competitiveness. Alberta businesses are resilient and innovative, whether in oil and gas, agriculture or technology, but we cannot innovate our way out of a broken system.
Other jurisdictions are showing us what’s possible. In the U.S., energy and infrastructure projects move more quickly because permitting processes are better aligned and predictable. Alberta doesn’t need shortcuts for a select few, we need a level playing field that empowers all.
At AEG, we believe Alberta has what it takes to compete globally: abundant resources, entrepreneurial spirit and a workforce that can adapt and excel. But to realize that potential, Ottawa must shift from managing headlines to fixing the fundamentals.
Bill C-5, as it stands, does not restore investor confidence. Instead, it risks deepening the divide between those projects deemed worthy of Ottawa’s fast-track and the many others left behind. That two-tier approach will not work for Alberta and it will not work for Canada.
It’s time to move beyond headlines and commit to real reform. We support the Open Letter to Prime Minister Mark Carney that was authored and signed by Canada’s leading conventional energy producers.
