With the Strait of Hormuz effectively closed and Brent crude above $100, you might expect Ottawa to be moving at a pace that matches the moment. Instead, this week the CEO of one of Canada's largest energy companies had to stand up and say the quiet part out loud.
François Poirier of TC Energy told Bloomberg this week that Carney's pledge to review major energy projects within two years was inadequate — and called for six months instead. His reasoning was direct: "We're competing for international customers to deliver them LNG. We want to diversify beyond the US. We don't get to pick the timelines."
He's right. And the fact that a CEO has to make this argument publicly, in the middle of a global energy crisis, says everything about where Canada's regulatory culture still sits.
Two Years Is Not a Reform
Carney opened the Major Projects Office last year to steer proposals to approval within two years. Two years is not a reform. Two years is the status quo with a press release attached. Poirier pointed to TC Energy's Southeast Gateway pipeline project in Mexico — full environmental review, all safety standards met — permitted in seven months. No corners cut. If Mexico can do it in seven months, Canada's two-year ceiling isn't a regulatory necessity. It's a choice.
Demand for LNG exports off Canada's West Coast — particularly to Asia — has surged since the US and Israel launched their campaign against Iran three weeks ago. Asian buyers who previously had reliable access to Middle Eastern supply are now actively looking for alternatives. Canada has the reserves, the coastline, and the technical expertise to be their answer. What it doesn't have is the regulatory speed to close the deal before competitors do.
Canada Has Done This Before
Poirier invoked TC Energy's own history deliberately. The company was formed by a special Act of Parliament in 1951 and completed what was then the world's longest pipeline — from Alberta to Ontario — in four years. The implication is clear: Canada has moved fast before when it decided the stakes were high enough.
The stakes are high enough now. Canada's LNG industry lagged badly behind the US and Australia for years — not because of geology or economics, but because of process. The window that's open right now — driven by geopolitical crisis, rising Asian demand, and a global search for stable supply — is exactly the kind of moment Canada has historically been too slow to capitalize on.
The world is searching for reliable, sanctions-free energy. Canada has it. Six months, not two years, is what closing that gap actually looks like. Ottawa should be listening.