Canada economy/energy/environment July 2026-

Canada – U.S. July 2026 –

1 October
Carney Invokes New Powers to Fast-Track Pacific Oil Pipeline
Takeaways by Bloomberg AI
Prime Minister Mark Carney is expediting regulatory approval for a new oil pipeline to expand Canada’s access to Asian markets, with the aim of starting construction in September 2027.
The pipeline is designated a “project of national interest,” which grants ministers powers to move the project forward and allows the federal cabinet to exempt it from many laws and regulations.
The project will be operated by a new company jointly owned by the Canadian and Alberta governments, and is expected to create hundreds of thousands of jobs and attract new investment into the Canadian economy.
Still, the project will likely face political opposition and legal challenges from environmentalists and some Indigenous groups. It will traverse difficult, mountainous terrain that caused major cost increases for the last pipeline built along the route, the Trans Mountain expansion.
The pipeline will be operated by a new company jointly owned by the Canadian and Alberta governments, along with Calgary-based Pembina Pipeline Corp. holding an initial 10% stake with an option to increase that to 20%. A further 10% ownership, at minimum, will be offered for purchase to Indigenous groups.
Trans Mountain Corp. — a pipeline operator owned by the Canadian government, and which built the Trans Mountain expansion — will lead the project development.

14-15 September
The first Canada Investment Summit unleashes nearly $500 billion of new investment in Canada
(Prime Minister of Canada) The Canada Investment Summit laid the foundation for enormous new investment and strategic partnerships, while accelerating existing negotiations – resulting in nearly $500 billion in new investment commitments to Canada.
Canada’s leading pension funds, insurers, and institutional investors committed nearly $100 billion in new capital to Canadian assets:
CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund to invest in critical infrastructure and strategic industries across Canada.
PSP Investments will increase its Canadian investments by 30 to 40%, an additional $25 billion in Canada, totalling $100 billion.
The Ontario Teachers’ Pension Plan (OTPP) will invest an additional $10 billion in Canadian opportunities across public and private markets by the end of 2027.
Sun Life Financial will invest $5 billion over the next five years in critical infrastructure, including digital technology, energy, and transportation.
Canada’s top banks committed nearly $325 billion in new financing for Canadian businesses and infrastructure:
TD Bank will provide $150 billion in financing over five years across five key sectors, including energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure.
Scotiabank will provide over $100 billion in financing over five years to support Canadian companies and projects in key sectors that will drive forward Canada’s economic growth agenda.
BMO will invest and mobilise $70 billion in critical Canadian sectors over 10 years, including in energy and transportation infrastructure, mining and critical minerals, AI computing, and defence and security.
CIBC will provide $2 billion in financing to small and medium-sized defence-related and dual-use businesses in Canada. Funding will be targeted to support eligible businesses operating across a range of strategic sectors, including infrastructure, energy, cybersecurity, digital capabilities, and advanced technologies.
RBC will invest and mobilise nearly $1.5 billion to support Canadian technology companies with high growth potential. They will provide investee companies with access to commercialisation opportunities, strategic partnerships, and expansion support that are often unavailable through traditional investors.
Investment funds committed to mobilise more than $14 billion in capital to grow Canadian companies, infrastructure, and strategic sectors:
Power Sustainable will invest and mobilise more than $10 billion for Canadian infrastructure, including power and grid, fibre and data, environmental solutions, and food supply chains.
Radical Ventures will invest and mobilise $4 billion to launch the Radical Breakouts Fund, the largest venture capital fund of its kind in Canadian history, supporting Canadian AI scale-ups across the technology stack.
‘Mega’ tax writeoffs, private money for airports: How Carney’s investment summit unfolded
(CBC) To further unleash capital, the Prime Minister announced that Canada will seek private investment through long-term concessions to operate Canada’s four largest airports. Working with airport authorities and other stakeholders, including airlines and local governments, the federal government will retain ownership of the underlying land and assets, while also bringing in new private capital. The tens of billions of dollars of capital raised would then be reinvested into building the infrastructure that Canada needs for the next generation: regional airports, new local transportation infrastructure, and new nation-building infrastructure, including a sovereign broadband backbone that connects Canadians from coast to coast to coast.
Carney also introduced a “mega-deduction” tax measure at the summit, as he seeks to attract $1 trillion in new investment to Canada over the next five years. Ottawa will also help finance nationwide sovereign internet, the prime minister said.

Stephen Harper says Canada had ‘no choice’ but to walk away from U.S. trade talks
Former prime minister backs Ottawa’s decision leading to trade war with U.S.
Harper delivered the closing keynote to hundreds of the world’s wealthiest investors gathered in downtown Toronto for the first-of-its-kind Canada Investment Summit. Former PM Harper gives closing keynote at investment summit (YouTube)
“This had to be a very difficult decision, but I do believe that our government had no choice but to take this path,” Harper said.
Harper, who has described himself as “probably the most pro-American prime minister in Canadian history,” acknowledged his own long-held admiration for our southern neighbours. But Canada needs to remain committed to retaining its economic diversity, Harper argued, not allowing U.S. President Donald Trump’s administration to “hollow out” the country’s industrial capacity.

Carney, locked in US trade war, pitches Canada to global investment titans
Two-day summit aims to start talks on more than 160 projects
Deals could take 12 to 18 months to materialize, government source says
Carney to pitch mining, energy, transportation and technology investment opportunities
(Reuters) – Canadian Prime Minister Mark Carney welcomes dozens of global investors to Toronto this week, hoping to lure investments for more than 160 projects ​that he says are key to steering Canada’s economy through a trade war with the United States. …
The summit, to be held mainly on Tuesday, will host discussions for future investments, although major deals could take 12 to 18 months to materialize, a government source said. Carney has pledged to attract investments of C$1 trillion ($721 billion) in the next five years by cutting red tape and developing mining, energy, technology and infrastructure projects.
“The world’s largest investors, managing over C$120 trillion of assets, will come to ‘peer into our shop window’ ​because the world is looking at Canada differently,” Carney said at a welcome reception on Sunday.
Attracting investment is crucial for Canada’s economy to weather mounting tariffs imposed by the United States, Canada’s top ​trade partner. Carney has sought to do business with new partners in the Middle East and Asia and to strengthen Canada’s alliance with Europe.
The investment summit is Canada’s opportunity to seize the day
By John Graham, president and CEO of CPP Investments
(Globe & Mail) Canada has captured the world’s attention.
The country has not fundamentally changed overnight. But its strategic value has. The world now places a higher premium on qualities Canada has built over decades.
Today, investors are putting a much higher premium on resilience, secure supply chains, reliable energy, trusted partners, policy predictability and geopolitical alignment.
These are long-standing Canadian strengths. And, in today’s volatile world, the value of those attributes has risen steadily. Canada is also making the pragmatic choices needed to compete, such as balancing economic growth, energy security and responsible development, while working across governments to advance projects of national importance.
In a more polarized world, the ability to balance competing priorities and make durable decisions is itself an advantage.
Canada starting to draw attention from global investors, Carney says
That’s why 100 of the largest global investors have arrived for the Canada Investment Summit on Monday, hosted by the Government of Canada in partnership with CPP Investments and PSP Investments.
The summit unites global investors with Canadian business leaders and governments to turn that attention into action. It is also an example of something Canada does particularly well when we are at our best: bringing governments, institutions and businesses together around shared national opportunities.
During the two days of the summit, investors from around the world will learn that Canada is simplifying how decisions get made and that governments, Indigenous partners, operators and investors are working together and moving with greater urgency.
Canada has a window to turn its growing strategic value into investment, partnerships and economic growth at home. But windows of opportunity do not stay open indefinitely. Capital moves, and Canada must move with it.
The Canada Investment Summit has a rare chance to seize the day and build on the world’s interest. Our success will ultimately be measured by what follows: investments evaluated, projects advanced, partnerships formed and capital committed.
Canada has captured the world’s attention. Now we must make the most of it.

31 August
Carney names Dominic Barton as chair of Invest in Canada, replaces CEO
Previous CEO resigning Sept. 1, didn’t provide an explanation
(CBC) Prime Minister Mark Carney is overhauling the leadership of the federal agency responsible for attracting foreign investment just weeks before a high-profile summit aimed at doing just that.
Carney announced Monday that Dominic Barton, the former Canadian ambassador to China and a well-known name in corporate Canada, will chair the board of directors for Invest in Canada.
Barton steered Canada through a turbulent diplomatic period with China between 2019 and 2021. Upon Barton’s resignation in 2021, Trudeau credited him with helping to secure the release of Michael Kovrig and Michael Spavor, two Canadians detained in China during the deep diplomatic schism.
Barton will serve as chair for a three-year term on a part-time basis. Outgoing chair Karl Tabbakh will remain on the board of Invest in Canada to support the transition.
Gurinder Grewal, founder and managing partner of MEM Growth Partners, becomes chief executive of Invest in Canada. In a release, Carney touted Grewal’s experience with “putting capital to work” in the energy, industrial, infrastructure and technology sectors.
The shakeup at Invest in Canada comes two weeks before Carney’s inaugural investment summit in Toronto, where he’ll assemble foreign investors and the heads of major domestic funds to pitch them on Canadian projects.

28 August
Canada’s Economy Grows 3.3% as Exports, Investment Rebound
Takeaways by Bloomberg AI
Canadian economic growth accelerated to a 3.3% pace in the second quarter, driven by increases in exports, household spending, and business investment.
The expansion suggests businesses are adapting to US tariffs, but faces new headwinds amid renewed trade tensions with the US, including new 50% US tariffs on $20 billion worth of Canadian goods.
Revised data showed the economy expanded at an annualized rate of 0.3% in the first quarter, confirming Canada did not experience a technical recession and was on a better footing than previously thought in the first half of the year.
Economists surveyed by Bloomberg expected 3.4% annualized growth in the second quarter, in line with Statcan’s preliminary industrial estimate.
It’s the fastest pace of growth in years and suggests businesses are adapting to US tariffs, a process the Bank of Canada also said it was seeing. However, that momentum faces new headwinds amid renewed trade tensions with the US

27 August
Canada Can Weather Latest US Tariffs, Economists Tell Carney’s Finance Chief
Takeaways by Bloomberg AI
Canada’s top economists told Finance Minister Francois-Philippe Champagne that the damage from the trade war with the US should be manageable.
Economists agreed that Canada’s economy is strong enough to absorb President Donald Trump’s tariff salvos, with damage likely to be concentrated in sectors hit by the tariffs.
There is a caveat that the trade war may still escalate, with Trump threatening to put 50% tariffs on Canadian vehicles and to hit auto parts on Jan. 1.
Finance Minister Francois-Philippe Champagne called a private meeting with chief economists — including some representing the country’s largest banks — in Toronto to discuss the outlook after trade talks collapsed with the US, which is by far the largest buyer of Canadian exports.
Some economists have pared their growth forecasts and warned that small- and medium-sized businesses are likely to feel the brunt of the new import taxes the US has placed on hundreds of items from Canada. “A 50% tariff could well represent an insurmountable barrier for their ability to reach the US market,” economists at Canadian Imperial Bank of Commerce wrote.

17 August
N.L., Quebec announce new Churchill Falls agreement worth billions — with help from Ottawa
Federal government to provide $10B in financing for electricity projects
(CBC) Ottawa is calling it the largest clean energy investment in North American history.
Prime Minister Mark Carney was in St. John’s Monday to announce a new agreement on Churchill Falls and other electricity projects in Labrador, alongside N.L. Premier Tony Wakeham and Quebec Premier Christine Fréchette.
“We are finally turning the page on one of the darkest chapters in our past, and replacing both the notorious 1969 Churchill Falls agreement and the 2024 [memorandum of understanding] with a better deal for all of us,” said Wakeham.
The projects will create 23,000 jobs, according to both levels of government.
The deal will give Quebec a much-needed source of secure power, while N.L. looks to make additional revenue off of natural resources as it faces crippling debt.

24 July
Canada and UAE sign free trade deal, signal investment deals in energy sector ‘very soon’
(Globe & Mail) The United Arab Emirates expects to announce investments in Canada’s energy sector “very soon,” its foreign trade minister said Friday at a signing ceremony marking the conclusion of negotiations on a free trade deal between the two countries.
Canada’s Minister of International Trade, Maninder Sidhu, and UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi met at Toronto’s Four Seasons Hotel to announce that they have reached a comprehensive economic partnership agreement (CEPA) after several rounds of accelerated talks.
Leaders from the two countries agreed to negotiate a CEPA when Prime Minister Mark Carney visited Abu Dhabi in November last year.
The CEPA is intended to cut tariffs, remove trade barriers and expand market access to the UAE for Canadian exporters. The agreement still has to go through legal review, a final signing and ratification before it comes into force.

12 July
Carney talks about Canada’s ‘energy sovereignty.’ But what does that really mean?
Exporting oil, importing EVs among recent energy-related announcements
Shortly before Canada Day, Prime Minister Mark Carney posted a 17-minute video to YouTube explaining how this country would optimize oil production, and several days later, he stood next to Alberta Premier Danielle Smith as she announced a much-anticipated proposal to build a new pipeline to the West Coast to quench Asian demand.
But the Carney government’s interpretation of energy sovereignty seems out of step with other countries, says Amy Janzwood, an assistant professor in the department of political science and the Bieler School of the Environment at McGill University in Montreal.
“‘Energy sovereignty’ has been used by countries that are reliant on imports of fossil fuels. Canada as a fossil fuel exporter is trying to mimic this language. But it means something very, very different.”
… Carney’s rhetoric raises the question: Is Canada aiming to develop self-sustaining energy sources or trying to shield the economy by maximizing the sales of its most profitable resource?
In the June 30 video, Carney laid out the three pillars of the “global energy crisis” as he sees it. The first is the affordability of energy, mainly the price of gasoline, which has shot up in recent months. The second is energy supply, which is being threatened by global factors like the impasse in the Strait of Hormuz. The third is climate change, which is manifesting itself in increasing wildfires and extreme weather.
Carney’s mantra is “when we control our own energy, we control our own future.” But the address was more about plans to sell our oil and gas than about ensuring we have enough energy ourselves, says Peter Nicholson, who was a deputy chief of staff for policy in the Prime Minister’s Office under Paul Martin.

2 July
CUSMA renewal deadline passed, U.S. tariffs remain—what it means for Canada and its economy
(The Hub) … The economic cost of waiting
The Bank of Canada projects GDP will finish 2026 roughly 1.5 percent lower than its pre-tariff trajectory, with about half the shortfall from reduced potential output. Deloitte’s summer outlook found that Canada technically didn’t quite slip into recession this year, but that the country’s economy is experiencing anemic growth and stagnation, citing CUSMA uncertainty as a leading culprit. The report also projects a paltry 0.7 percent of growth for Canada’s economy in 2026.
Goods exports to the U.S. fell 5.8 percent in 2025, nearly offset by a 17.2 percent jump elsewhere—though much of that gain reflects record gold shipments rather than diversification, and the U.S. share of Canadian exports fell to 71.7 percent, its lowest since the early 1980s.
A new BBC analysis pointed to some of the main issues of Canada’s struggling economy previously covered by The Hub: a technical recession in late 2025 and early 2026, inflation climbing to 3.2 percent in May, youth unemployment at 13.4 percent, and the largest household debt burden in the G7. Ontario auto-parts manufacturer James White told the BBC his firm’s sales are down 20 percent since the Trump tariffs began, with steel-derivative levies eating into investment in staff and equipment.
A recent Hub analysis found that pattern already underway: the gap between Canadian capital invested abroad and foreign capital invested in Canada has widened from $100.5 billion in 2014 to $828.4 billion by 2025—more than half the country’s entire inward investment stock. Canada lost more than $1 trillion in net investment to other countries during the preceding Trudeau government, the largest capital exodus in the country’s modern history, leaving Carney’s team racing to reverse a decade-long drought just as the trade uncertainty threatens to deepen it further.
[Goldy Hyder, president of the Business Council of Canada} said the uncertainty is paralyzing investment regardless of underlying resilience. “Rational actors are saying: time is my friend here,” he said, describing CEOs unwilling to seek board approval for billion-dollar bets given ongoing geopolitical tension, tariff uncertainty, and the unresolved CUSMA review. Without resolution, he warned, Canada risks an extended stretch of sub-1 percent growth.