RBC CEO says Canada’s energy sector could deliver billions in new revenue if it gets support


The CEO of the Royal Bank says the oil and gas sector is poised to deliver billions of dollars in new revenue to Canadian governments over the next decade by meeting growing global energy demand but it can’t do it without urgently needed support.

Dave McKay, who has previously taken Ottawa to task over Canada’s lagging tax competitiveness with the U.S., says a new RBC study suggests that Canadian governments could earn an extra $195 billion in revenues between now and 2030 with the right kind of energy development.

READ MORE: Oil discounts grow as CEOs lament Canada’s competitiveness gap 

Watch below: Some Global News videos related to oil prices over the last few years.


He adds that with support for advances in technology, the industry could reduce the growth of greenhouse gas emissions by a third in the same period.

In a speech before a sold-out audience in the heart of the oilpatch in downtown Calgary, McKay says he supports carbon taxes if they help industry find new technologies to cut emissions.

However, he wouldn’t comment later when reporters asked for his opinion of Ottawa’s announcement this week that it plans to return 90 per cent of its carbon tax to individuals with tax rebates while the rest will be parceled out to small businesses, colleges, schools and hospitals.

READ MORE: Liberals say 90% of carbon tax will be given to Canadians in rebate

The federal carbon tax on fossil fuels is to be imposed as of April 1 on four provinces — Saskatchewan, Manitoba, Ontario and New Brunswick — where governments have failed to adopt their own equivalent taxes.





Source link

[Prosperity]

Top Canadian News – RBC CEO says Canada’s energy sector could deliver billions in new revenue if it gets support #News in #Canada

Headline News

[su_feed url=”http://rss.cbc.ca/lineup/topstories.xml” limit=”15″]

Canadian Headline News

[su_feed url=”http://rss.cbc.ca/lineup/canada.xml” limit=”20″]

British Columbia News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-britishcolumbia.xml” limit=”10″]

Kamloops News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-kamloops.xml” limit=”10″]

Calgary News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-calgary.xml” limit=”10″]

Edmonton News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-edmonton.xml” limit=”10″]

Saskatchewan News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-saskatchewan.xml” limit=”10″]

Saskatoon News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-saskatchewan.xml” limit=”10″]

Manitoba News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-manitoba.xml” limit=”10″]

Thunder Bay News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-thunderbay.xml” limit=”10″]

Sudbury News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-sudbury.xml” limit=”10″]

Windsor News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-windsor.xml” limit=”10″]

Kitchener-Waterloo News headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-kitchenerwaterloo.xml” limit=”10″]

Toronto News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-toronto.xml” limit=”10″]

Hamilton News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-hamiltonnews.xml” limit=”10″]

Ottawa News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-ottawa.xml” limit=”10″]

Montreal News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-montreal.xml” limit=”10″]

New Brunswick News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-newbrunswick.xml” limit=”10″]

Prince Edward Island News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-pei.xml” limit=”10″]

Nova Scotia News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-novascotia.xml” limit=”10″]

Newfoundland & Labrador News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-newfoundland.xml” limit=”10″]

North Canada News Headlines

[su_feed url=”http://rss.cbc.ca/lineup/canada-north.xml” limit=”10″]

You May Also Like