The United States faces an “uncomfortably high” risk of falling into a recession, says Mark Carney, the former governor of the Bank of Canada, but Alberta could be isolated from the worst impacts if that happens.
Carney made the remarks during Alberta’s relaunch event held Tuesday at the BMO Center, a conference that focused on shaping Alberta’s economic future. About 300 attended.
Carney, who is now vice president of Brookfield Asset Management, described the risk of the U.S. going into recession as “uncomfortably high,” but predicted it would not reach the severity of the 2008 financial crisis.
“It ‘s not in 2008 [because there’s not] a lot of big imbalances in the system, ”Carney said as part of a masterful speech.
Carney also said Alberta and Canada could be part of a solution to the highly shaken global energy markets.
In the latest fiscal update from the Alberta government on Tuesday, rising oil and gas prices paved the way for a $ 3.9 billion surplus, a figure that will lead to much debate over what to do with a such a large influx of cash.
Challenges and opportunities in the energy industry were one of the dominant topics at the one-day conference, and specifically when it came to decarbonisation.
Lisa Raitt, a former Conservative cabinet minister who is now vice president of global investment banking at CIBC, said accessibility remains the “Achilles heel” when it comes to decarbonization.
“There’s a lot of understanding of the ‘why’ we do it: they sell us why we have to do zero net, they sell us why we have to do decarbonization … but the question that remains is: how?” said Raitt, one of the keynote speakers.
“The how it comes from industry, but the how it also comes from politicians and politics.”
Raitt said conservatives should stop fighting for the price of carbon, calling it a “shiny object,” comments that sparked some applause in the room. However, he said he would be in favor of a break in the fuel tax to help consumers.
Former Conservative cabinet minister Lisa Raitt delivered a keynote speech. He said the price of carbon is an important part of the market and made it used as a “wedge problem” in politics. (Joel Dryden / CBC)
In a separate keynote address, Lisa Baiton, who took office in April as president and CEO of the Canadian Oil Producers Association (CAPP), said she hoped to “relaunch” the conversation about the industry. of oil and gas.
Baiton, who was previously a member of the global leadership team of the Investment Board of the Canada Pension Plan, took the helm of the CAPP as Russia’s invasion of Ukraine sparked ongoing debates. on energy security.
“Our industry is transforming for a new era,” Baiton said as part of his first public comments on the new paper, adding that the lobby group’s goal is to position Canada as a global supplier of responsible energy while reducing greenhouse gas emissions.
Lisa Baiton was named CEO and president of the Canadian Association of Oil Producers in April, taking over from Tim McMillan. Baiton gave one of the keynote speeches on Tuesday. (Submitted by New West Public Affairs)
In an interview after his speech, Baiton said the CAPP focused on bringing ideas and solutions to current energy challenges.
“We will do a better job of telling the story of all the really fantastic innovation that is happening in the sector that has already made a demonstrable difference in reducing GHG emissions,” he said.
Concerns about issues related to the energy sector are one of the main concerns of many Albertans. A new poll published Tuesday in Janet Brown Opinion Research’s Alberta Relaunch indicated that 16% of respondents thought these issues were among the most important the province faces today.
Issues related to the energy sector were overcome by respondents in terms of the economy (19%), health (25%) and inflation (41%).
“I wasn’t surprised to see inflation go up in the first place, but that trend has gotten to Alberta so fast,” Scott Crockatt, vice president of the Alberta Business Council, said during a roundtable on the survey results. . “It’s also a big concern for companies.”
Ed Whittingham, former head of the Pembina Institute, hosted a panel on Tuesday with Maria Hushovd of RBC Capital Markets, Kevin Krausert, CEO of Avatar Innovations Inc., Sarah Marshall of NOVA Chemicals and Mark Cameron of Pathways Alliance. a coalition of oil sands. producers. The panel was held as part of Alberta Relaunch, hosted by New West Public Affairs on Tuesday. (Submitted by New West Public Affairs)
Crockatt said he says the same thing to its members and to any political party that pursues success: to seek what unites the Albertans.
“We would say a province of belonging, a place of opportunities and a place of solutions, the kind of place that can solve the next challenge,” he said. “So I think the message for business and political leaders is to say that anyone who can align with this future of the province is likely to succeed.”
The event was hosted by Calgary-based public relations firm New West Public Affairs, led by Mount Solberg, a former member of the Conservative cabinet of former Prime Minister Stephen Harper.
Other speakers were Gerald Butts, former chief secretary to Prime Minister Justin Trudeau; and Ian Brodie, Harper’s former chief of staff.