Story perspectives

RBC CEO Urges Canada to Boost Resource Exports

10/10/2025

Summary

Story summary

RBC CEO Dave McKay stated that Canada should stop being overly cautious and utilize its natural resources to secure trade deals.
At a Calgary Chamber of Commerce event, he criticized lengthy project approval timelines due to government risk aversion, which deters investment.
McKay emphasized the importance of diversifying export markets, particularly in response to U.S. tariffs.
He expressed optimism about federal efforts to expedite major projects but stressed the need for speed to ensure Canada benefits from upcoming U.S. trade negotiations.

History

Historical Context

The National Energy Program (NEP), introduced by Prime Minister Pierre Trudeau on October 28, 1980, aimed to secure Canadian energy independence amid the oil crises of the 1970s. However, it faced fierce opposition from Alberta, leading to a 50% drop in oil production and significant economic losses. Today, Dave McKay's advocacy for resource utilization highlights ongoing federal-provincial tensions over energy management in Canada.

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Story summary

RBC CEO Dave McKay stated that Canada should stop being overly cautious and utilize its natural resources to secure trade deals.
At a Calgary Chamber of Commerce event, he criticized lengthy project approval timelines due to government risk aversion, which deters investment.
McKay emphasized the importance of diversifying export markets, particularly in response to U.S. tariffs.
He expressed optimism about federal efforts to expedite major projects but stressed the need for speed to ensure Canada benefits from upcoming U.S. trade negotiations.

1 / 2