CIBC CEO Harry Culham, speaking at Intersect event in Calgary on Wednesday, said the debate over Canadian energy infrastructure has produced 'more headlines than pipelines' over the past 13 years.Todd Korol/The Globe and Mail
Canadian Imperial Bank of Commerce CM-T chief executive officer Harry Culham says Canada needs to move faster on major energy and infrastructure projects, warning that years of delays have weakened the country’s export capacity, reduced pricing power and damaged its reputation for getting big things built.
Speaking at The Globe and Mail’s Intersect event in Calgary on Wednesday, Mr. Culham said Canada has a major opportunity to attract investment and expand its role as a supplier of energy, food, uranium, potash and other critical resources – but only if governments, business and Indigenous communities can align on faster project approvals and execution.
“We need to act now so the next 13 years will be the most productive in our history,” Mr. Culham said, after citing a 2013 speech by former Alberta premier and former CIBC vice-chair Jim Prentice calling for Canada to expand pipeline capacity and reach new export markets.
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Mr. Culham said the debate over Canadian energy infrastructure has produced “more headlines than pipelines” over the past 13 years, leaving the country with constrained export options and less leverage in global markets. He said Canada must improve domestic and continental pipeline capacity, expand LNG exports to Asia and other markets, and “stake our rightful claim as a natural resource superpower.”
His remarks come as the federal government is trying to accelerate approvals through the newly created Major Project Office while also launching a sovereign wealth fund. Mr. Culham said those efforts will need support from the private sector, which he said has capital ready to deploy if Canada can provide more certainty on approvals.
“There is a wall of foreign investment that I believe is starting to move into Canada, that is ready to move into Canada, that will be moving into Canada in more meaningful ways over time,” Mr. Culham said.
He said governments need to streamline processes, reduce regulatory burden and address interprovincial trade barriers. The private sector, he said, must help drive the business case, while banks can provide capital and expertise.
Mr. Culham also warned that Canada risks losing both financial capital and young workers if it fails to create stronger growth opportunities at home. He said capital for businesses with North American operations has been flowing south, while young Canadians may look to other countries if they see better prospects elsewhere.
“For too long, capital has flowed outside of our country. This is true of financial capital, but it’s also true of human capital,” he said. “We can’t afford to lose either.”
Asked about Alberta separatism, Mr. Culham said the issue has attracted attention across Canada and should be taken seriously. But he framed stronger economic growth and better execution on national priorities as the path forward, saying he expects the Canadian economy to strengthen in 2027 and 2028 if governments and companies can deliver on their strategies.