ROYAL BANK CEO SAYS BIG MONEY COULD COME FROM GLOBAL ENERGY NEEDS

Oct 26, 2018

By Michael Kramer

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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.

 

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