Canada 'open for business' but oilsands CEO questions carbon tax and pipeline deal

Federal Natural Resources Minister Tim Hodgson told the Global Energy Show that Canada is reliable, democratic, and open for business as a global energy supplier. He framed energy policy as economic, security, trade, and investment policy. The Alberta government is pushing for a new West Coast oilsands pipeline, contingent on the Pathways carbon capture and storage project moving forward. Cenovus CEO Jon McKenzie pushed back, calling the industrial carbon tax uncompetitive and the Pathways project a cost burden with no revenue. He estimated the carbon storage hub would cost $20 to $30 billion while reducing global emissions by a tiny fraction. He said the proposed pipeline is unfinanceable under current conditions and that oilsands producers are not investing beyond sustaining capital. The tension highlights a core divide: the federal government wants emissions reductions tied to new fossil fuel infrastructure, while industry says the carbon price and project costs make investment impossible. The Alberta government aims for shovels in the ground by September 2027, but private sector backing remains absent.