Oct 26, 2018
By Michael Kramer
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.
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.