Ottawa needs to redirect stimulus from social programs to growth: AIMCo chair Mark Wiseman
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When Wiseman brings up taking action on natural resources, he means completing pipelines, particularly the $12.6 billion Trans Mountain expansion. Enbridge’s Line 3 replacement, which is supposed to be completed by the end of the year is also being built. Keystone XL, meanwhile, is expected to be complete by 2023.
Of course, AIMCo would stand to benefit greatly from the completion of pipelines due to the fact that it invests heavily into Alberta’s oil and gas sector and for years, analysts have pointed to pipelines being the key to unlock value there.
A renewed focus on pipelines would also certainly clash with the Liberals’ climate-friendly approach and perhaps even dissuade some of the party’s voters, but with Alberta struggling in the manner that it currently is, Wiseman said the country has no choice.
“For us to stand-up and say we’re no longer going to produce oil — that’s not an option,” said Wiseman, who said that transporting crude in pipelines is more efficient and environmentally friendly than doing so by rail. “That wasn’t an option before COVID and it’s not an option in a post-COVID world.”
As far as investing in the tech sector goes, Wiseman would like to see the government create the conditions for startups and SMEs to thrive over the next few years while directly investing in areas where Canada is already strong, primarily IT, agra-tech and clean energy.
“The government isn’t going to create the next Shopify, but it can help create the conditions where the next 10 flourish in this country,” he said.
