Canada is Saying Yes to Resource Development. Now Let’s Deliver.

Canada is Saying Yes to Resource Development. Now Let’s Deliver.

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Key Takeaways

  • Resource Momentum: Canada is finally approving major energy, mining, and infrastructure projects nationwide.
  • Infrastructure Needed: Building transportation networks to get our products to market is crucial to our long-term economic success.
  • Economic Opportunity: It's time to deliver for Canadians by building the pipelines, power plants, ports, railways, and roads we need to secure our national prosperity.

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The world wants the natural resources Canada has in abundance. Encouragingly, we're beginning to act like we're getting the message.

Early in March, the Newfoundland and Labrador government reached a landmark agreement to advance Bay du Nord, Canada's first-ever deepwater offshore oil development. It is expected to generate up to $6.4 billion in direct provincial revenue in Phase 1, create thousands of jobs, and bring the project proponent closer to a positive final investment decision by 2027.

In Ontario, the construction of four small modular nuclear reactor units is underway at the Darlington site – the first project of its kind in the G7 – a historic step forward to meeting Canada’s rapidly growing electricity needs. Also, the Bruce C and Wesleyville reactors, if they proceed, could create thousands of long-term jobs, generate hundreds of billions of dollars in economic impact, and power millions of homes and businesses for decades to come.

In Saskatchewan, two uranium mines have finally received regulatory approvals after years of slow progress, the first to be built in a generation. Canada is already home to some of the world’s largest high-grade uranium reserves, and these projects could help us reclaim our position as the number one producer and exporter while creating vital economic opportunities here at home.

Alberta is positioning itself as a global hub for artificial intelligence (AI) and data centres, with an ambitious goal of attracting $100 billion in private investment before the end of the decade. Canada’s energy-rich province is well-positioned to supply these data centres with the electricity they require. Meanwhile, Alberta continues to look for new ways to get more of its abundant oil and natural gas resources to market.

In British Columbia, both the provincial and federal governments have shown strong support for the liquefied natural gas (LNG) sector, whether through agreements with Asian trade partners or by approving permits for projects like Ksi Lisims LNG. Also in BC, the Vancouver Fraser Port Authority has applied to dredge the Burrard Inlet to allow tankers to load more oil. Getting more of our reliable oil supply to energy-hungry markets abroad just makes sense – supporting jobs and revenues here at home.

Nova Scotia is looking to kickstart the widespread development of its natural resources as a lever for prosperity. Whether onshore or offshore, the province is steadfast in its support for the natural gas, mining, and wind power sectors. The Wind West project, for example, an offshore wind farm, if built, could generate $60 billion in economic activity and generate enough electricity to power 11 million homes.

In Nunavut, the Mary River Mine received all key regulatory authorizations to proceed with expansion earlier this year, including a significant increase in production from the current 4.2 million tonnes of iron ore to 22 million tonnes annually. It is expected to support 2,250 jobs at the peak of construction and up to an additional 1,200 jobs once complete. The project also includes a new ~150-kilometre railway to connect the mine to Steensby Port for shipment worldwide.

Together, these announcements are all cause for real optimism. They tell a bigger, more powerful story: Canada is finally saying yes to resource development. And it’s long overdue.

But here is the truth. Announcements and approvals are just the start.

To fully capture the economic potential of resource development – and the many others that should follow – Canada needs the infrastructure required to move more of our Canadian-made goods to global markets. That means building more pipelines, power plants, transmission lines, ports, railways and roads. These are the arteries of a thriving resource economy, and right now, we don't have enough of them.

Furthermore, as we navigate recent trade challenges and shifting U.S. protectionist policies, diversifying our trade to reach growing global markets has never been more critical. By building the infrastructure required to export our resources overseas, we can reach resource-hungry nations, command premium prices for our goods, and insulate our economy from cross-border trade disputes.

That is the mission behind TimeForAction.ca, a Canada Action initiative that calls on our governments to clear the path for nation-building development and to get our country’s economy moving in the right direction. Lately, strong support has been shown for some of our most promising projects. Now we need to ensure they are built without delay.

The world wants what Canada has: reliable energy, critical minerals and metals, abundant oil and natural gas, vast forests and lumber, and fertile farmland and food. We have it all. But potential without execution is just a missed opportunity.

Let's not squander this moment. The green lights are on. It's time to build.