CALGARY — The chief executive of TC Energy believes Canada is losing out on billions in global energy investments because investors no longer see the country as competitive.Speaking at a recent event, François Poirier, CEO of TC Energy, said Canada has “fallen behind” global competitors because of climate policies and regulatory delays which have failed to attract foreign capital..“Capital goes where it’s welcome, and for too long it had not felt welcome here,” Poirier said.“Canada is no longer competing only within its borders, or even just across North America. We are competing with the world under a very different set of expectations.”Poirier pointed to rapid energy development in other countries as evidence that Canada is struggling to remain competitive.“In 2025, the United States sanctioned $56 billion of LNG-related projects,” he said.“Canada made no sanctions in the same period.”He contrasted Canada’s red tape with his company’s experience on the Southeast Gateway pipeline project in Mexico, saying he saw “firsthand” how hard that country was working to attract investment.“We began construction on our project eight months after filing for our permits,” Poirier said.“In under three years from the filing, we put a seven hundred-kilometre sub-sea pipeline into service with comprehensive environmental approval.”Poirier added that President Claudia Sheinbaum’s government was aggressively pushing foreign investment through a national “Plan 2030” strategy, which has reportedly set a goal of attracting $300 billion in investment.The comments come as the federal government has begun acknowledging concerns over Canada’s declining competitiveness in the international energy market.Last week, several federal ministers announced a new push to accelerate approvals for major nation-building projects, including proposed reforms aimed at ensuring federal reviews and decision-making timelines which take no longer than one year once all required project information has been submitted..Majority of Canadians back Westcoast LNG pipeline as support for B.C. projects grows.The proposed reforms would include a single comprehensive federal decision on permits and approvals, the creation of a Crown Consultation Hub for indigenous engagement, new measures aimed at streamlining transportation and trade corridor infrastructure, and creating federal economic zones through regional impact assessments, in consultation with indigenous peoples.In response to the announcement, Poirier issued a statement saying his company “looked forward to the opportunity to provide input as part of the consultation on simplifying and accelerating Canada’s regulatory process.” “This is a moment for Canada to move from debate to delivery. We welcome the government’s announcement and its openness to collaboration,” Poirier said. “Now, let’s unlock investment, create jobs, uphold indigenous participation and environmental protection, and build the infrastructure needed to reach new markets.”In recent weeks, numerous major energy executives have stated Canada’s current regulatory and climate policy framework is undermining the country’s ability to compete globally for investment..Jon McKenzie, chief executive of Cenovus Energy, has argued the national conversation surrounding oil and gas development has become overly focused on climate policy while ignoring the broader economic benefits generated by the sector.The debate comes as Alberta and Ottawa continue negotiations over the memorandum of understanding (MOU) related to energy. Last week, Premier Danielle Smith said she was feeling “far more confident” about reaching a deal on a new one-million-barrel-per-day BC coast pipeline with Prime Minister Mark Carney. Smith said discussions between Alberta and the federal government are continuing, though key disagreements remain unresolved. One contentious point is the timeline for implementing a proposed $130- per-tonne industrial carbon tax. The original deadline for meeting the conditions laid out in the MOU between the two governments was set for April 1, but that deadline has since been extended to July 1.
