The United States faces an “uncomfortably high” risk of recession, says Mark Carney, a former Bank of Canada governor, but Alberta could be isolated from the worst impacts if that happens.
Carney made remarks during the Alberta Relaunch event held at the BMO Center on Tuesday, a conference announced as focused on shaping Alberta’s economic future. About 300 were present.
Carney, who is now vice president of Brookfield Asset Management, described the risk of the United States falling into recession as “uncomfortably high”, but predicted that it would not reach the severity of the 2008 financial crisis.
“It’s not 2008 [because there’s not] a bunch of big imbalances in the system, “Carney said as part of his keynote address.
Carney also said Alberta and Canada could be part of the solution to the highly shaky global energy markets.
In the latest fiscal update of the Alberta government on Tuesday, soaring oil and gas prices led to a surplus of $ 3.9 billion, a figure that will lead to much debate about what to do with such a large inflow of money.
Challenges and opportunities in the energy industry were one of the dominant topics of the one-day conference, especially when it came to decarbonisation.
Lisa Wright, a former Conservative cabinet minister who is now vice president of global investment banking at CIBC, said affordability remains the “Achilles’ heel” when it comes to decarbonisation.
“There’s a lot of understanding of why we do it – we’re sold on why we have to do net-zero, we’re sold on why we have to decarbonise… but the question that remains is, how?” Said Wright, one of the keynote speakers.
“How it comes from the industry, but how it comes from both politicians and politics.”
Wright said conservatives should stop fighting for carbon pricing, calling it a “shiny object” – comments that drew applause in the hall. However, she said she would take a break on the fuel tax to help consumers.
Former Conservative Secretary Lisa Wright delivered a keynote address. She said carbon pricing was an important part of the market and refused to use it as a “wedge problem” in politics. (Joel Dryden / CBC)
In a separate keynote address, Lisa Beyton, who took over as president and CEO of the Canadian Petroleum Association (CAPP) in April, said she hoped to “resume” talks on the oil and gas industry.
Baiton, a former member of the global leadership team in the Canadian Investment Retirement Plan, took the helm of CAPP as Russia’s invasion of Ukraine sparked an ongoing debate over energy security.
“Our industry is transforming into a new era,” Beyton said as part of his first public statements in the new role, 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 appointed CEO and president of the Canadian Petroleum Association in April, taking over from Tim Macmillan. Baton delivered one of the keynote speeches on Tuesday. (Submitted by New West Public Affairs)
In an interview after his speech, Baton said that CAPP is focused on presenting ideas and solutions to today’s energy challenges.
“We will do a better job of telling the story of all the really great innovations that are happening in the sector, which have already made a visible difference in reducing greenhouse gas emissions,” she said.
Concerns about energy issues are a major concern for many Albert residents. A new study published Tuesday in the Alberta Relaunch by Janet Brown Opinion Research shows that 16 percent of respondents believe such problems are among the most important facing the province today.
The issues related to the energy sector were preceded by the respondents when it comes to the economy (19 percent), healthcare (25 percent) and inflation (41 percent).
“I was not surprised to see inflation rise in the first place, but this trend has intensified so rapidly in Alberta,” said Scott Crocat, vice president of the Alberta Business Council, during a panel discussion on the results of the study. “It’s a big concern for business, too.”
Ed Whittingham, former head of the Pembina Institute, hosted a panel 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 petroleum sands manufacturers. The panel was held as part of the Alberta Relaunch, organized by New West Public Affairs on Tuesday. (Submitted by New West Public Affairs)
Crocat said he was saying the same thing to his members and to any political party pursuing success: look for what unites Alberts.
“We would say a province of affiliation, a place of opportunity and a place of decisions – the kind of place that can solve the next challenge,” he said. “So I think the message to business leaders and political leaders is to say that anyone who can join this future of the province is likely to be successful.
The event was hosted by Calgary-based public relations firm New West Public Affairs, run by Monte Solberg, a former Conservative cabinet member under former Prime Minister Stephen Harper.
Other speakers included Gerald Butts, former Secretary General of the Prime Minister Justin Trudeau; and Ian Brody, Harper’s former chief of staff.
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