Full coverage of the Canada Growth Summit 2026

Good morning and welcome to our coverage of PPF’s Canada Growth Summit 2026.

Canada has faced unprecedented challenges over the past year, forcing a rethink of the country’s economic relations and place in the world. 

This year’s summit is focused on how Canada can harness its strengths to drive the next era of growth.

We will be covering an all-start lineup of speakers and panelist today, including a fireside chat with Fatih Birol, Executive Director of the International Energy Agency; conversations with senior cabinet ministers; and panels related to our health sciences sector, the potential of our small and medium-size businesses, and attracting capital to resource and infrastructure projects.

You can also watch the Growth Summit live on CPAC. 

And follow along on X using #GrowthSummit2026.

Watch for other coverage from our media partner POLITICO. Subscribe to its  must-read Canada Playbook newsletter.

INDIGENOUS OWNERSHIP & INCLUSIVE GROWTH

We’re kicking things off with the annual Indigenous Ownership and Inclusive Growth event.

This year’s breakfast session is looking at investment in the Arctic and building a mutli-use Arctic strategy for growth. 

Speakers include:
– Sean Boyd, Chair of the Board, Agnico Eagle
– JP Gladu, Principal of Mokwateh
– Anne-Raphaëlle Audouin, Chief Executive Officer of Nukik Corporation
– The Honourable Erin O’Toole, Former Leader of the Conservative Party of Canada and Member of Parliament
– Premier R.J. Simpson, Government of Northwest Territories

AJ Nichols, VP Corporate Affairs at BHP, begins with opening remarks. He says it’s fantastic to see the diversity and renewed interest in policy and timely and important conversations.

We’re living in a moment of change, he says.  Since COVID we are facing a series of shocks, and the dynamic “continues to shift.”

“Natural resources, energy and infrastructure are finding themselves increasingly at the centre of these conversations.”

The north remains something of a mystery. “How many of us have actually travelled to the north?” he says. 

The importance of our sovereignty is becoming a kitchen table conversation, he adds.  We only benefit from those “who have stewarded the land for millenia.”

Many of you know the challenges we face in the north: infrastructure, housing, and the climate. We need to see what a long-term approach looks like, he says.  

Moderator JP Gladu begins the panel discussion: “We are at an incredible time of history in our country… It’s so cool to be from the north now.”

The southern vote dictates what happens in the north, he says. He described the current environment as “a gold rush mentality,” adding that, “We’re on the front lines in the north when it comes to the stability of our country.”

Premier R.J. Simpson says, “natural resources, critical minerals, energy and infrastructure are increasingly at the centre of conversations.” 

The federal government is now interested in developing the north but it wants to go fast.

“We want to get this done but there has to be mechanisms where Indigenous people want to get in on these projects,” he says. 

“Our limitation has been the capacity of the north,” says Simpson. But there are opportunities where we can make sure the Indigenous people are involved.

“It’s not complex to bring people in. It just takes time to create processes that are responsive to that,” says Simpson.

Gladu says Canada is finally catching on “that Indigenous communities are the competitive edge.”

O’Toole is asked about the North under the Harper administration and renewed interest today. How do we get capital to the North? 

There was a 10 year deficit in the Arctic. (I won’t say under which PM, he jokes.) One thing I admire about Carney, he says, is that before the last election, he took three trips. Paris and London. “His only domestic tour was to Iqaluit.” Most politicians would have gone to the 905 before an election. 

You have to show up, he says. There need to be commitments that show a long-term infrastructure renaissance. The PM has sent a signal. “If you don’t have a long-term vision for the North, you are never going to succeed,” says O’Toole. 

Anne-Raphaëlle Audouin, CEO of the Nukik Corporation, says Inuit ownership in major projects should be seen as the gold standard. 

“Let’s remember Nunavut is 20 percent of Canada,” yet there’s no road, no bridge… no transmission line.

She notes that there is a great reliance on diesel, for everything from schools to hospitals. “Everyone relies on diesel,” she says.

Audoin notes that there wouldn’t have been a project without the DNA of Inuit pushing for the project. It is not always rosy to push a big project forward, Audoin notes.

“Looking at the north with a short term lens doesn’t work,” she says.

She says the reason they continue to fight for a project is because it’s seen as an economic opportunity.

“It’s not an energy project at the end of the day, it’s a critical strategic infrastructure project that creates an unprecedented economic pathway,” Audoin says.

Gladu asks Boyd about operating in the far North in tough environments. What lessons has Agnico learned that would benefit the rest of Canada? 

We’ve been active for almost 20 years. Our view was always to remind ourselves that we’re visitors. We have to remember resource development is cyclical, he says. We need infrastructure built and built quickly to protect against downturns in the down cycles. 

“We all understand that things need to get done given the context we’re in.” It’s unfortunate this wasn’t done 10 years ago, he says. “We have to cooperate and know what each other are thinking and doing.”

There’s a level of communication now that we haven’t seen in decades, he says. We need to create a forum to share knowledge. We’re hopeful, but skills will be a constraint. Immigration will be needed. 

Mines will get built. We can do that. But infrastructure and military development will need more skill to develop. 

“All public companies in Canada that have experience with big infrastructure and experience in the north, need to be at the table, transferring their knowledge and experience, because the government needs our help.”

Ultimately it will rely on strong communities, says Boyd. 

O’Toole discusses how to get more private sector investment in the Arctic. 

“Very impressive projects have been talked about, but until the government commits a fund, a set of funds, for major projects, you’re not going to get the private sector coming in.”

Gladu asks Boyd about the challenges and opportunities of the North. 

Boyd says there’s lot of interest. The question isn’t, can it be done, it’s how will it be done in a way that benefits everyone. It’s not perfect, and this will not be perfect, he says. There are going to be mistakes made going forward, but we can’t wait until everything is perfect before we get started.

Gladu asks Simpson if he feels like a referee between the government, federal sectors and the Indigenous communities. 

“One of my primary jobs is bringing people together,” says Simpson.

“I probably have less authority than any premier because (the sources) are so dispersed,” he says. 

“We’re well aware we need economic opportunities. We want to see development that will still allow people in the Territory to still go out on the land, to harvest the way they always have.”

“Companies like Agnico – there’s a lot to learn from them,” says Simpson, adding we need to make sure the industry knows we’re open. 

Gladu says the challenge is to get people from the south to the north. A lot of what shaped former Prime Minister Paul Martin was his time in the Territories. Gladu says he encourages young people to go to the North.

In the last few minutes Gladu asks panelists what’s about the best long-term approach to prosperity in the north.

O’Toole says ‘We the North’ needs to be more than just a Raptors’ playoff slogan. 

Simpson says, “The north has a lot of opportunity. All it takes is conversation. It’s just a matter of making that investment. Now is the time for us as Canadians to invest in the north. The majority of the country, we’re not utilizing it.”

Boyd recalls being in a community sitting with children thinking they don’t have the same opportunity as kids in the South and they should. What can we do to make sure they have the same benefits as kids across Canada?

IMPORTANT POLICY FOR ‘TUBULENT TIME’

It is an understatement to say that we are living in turbulent times, says PPF President and CEO Inez Jabalpurwala in her opening remarks. “Good public policy has taken on even greater importance for our institutions, our society and our democracy. It is crucial that we get it right.”

“Last year I shared my credo for PPF: bigger tables, better narratives and broader impact… Public policy that is resonant and actionable. Our work through the year has upheld this credo, and this summit is a forum to explore some of the policy areas that we have chosen to push forward.”

“I hope that what you hear today will excite you, spark some new thinking and give you a clearer sense of how we can turn the challenges of our time into opportunities for a more resilient and economically strong Canada where everyone can flourish.”

CANADA IN THE NEW WORLD DYNAMIC 

The opening panel of Growth Summit 2026 is looking at Canada’s place in the world in increasingly uncertain times.
Speakers include:
– Steve Verheul, Former Chief Trade Negotiator for Canada
– Robert Greenhill, Chair, Global Canada
– Avery Shenfeld, CIBC Economist
– Louise Blais, Former Ambassador to the UN & Quebec’s representative for the renewal of USMCA and continental trade
-Michael McAdoo, Partner and Director, Global Trade & Investment, Boston Consulting Group 

Moderator Vivian Abdelmessih, EDC Board Chair, begins by asking about the challenge of dealing with the U.S. and looking beyond the Trump era. Is this a blip or a longer-term shift?

Steve Verheul, former Chief Trade Negotiator for Canada, says the extremes will moderate but we need to maintain the sense of urgency we now have. 

Louise Blais, Quebec’s representative for the renewal of USMCA and continental trade,  says the changes will continue to happen but the fundamentals are still there. We have to remember that trade is anchored in North America. 

Avery Shenfeld, Chief Economist for CIBC World Markets Inc., says while some industries rely heavily on the U.S., for others, “there is still a big world out there.” 

”I sum it up as different strokes for different folks.”

Shenfeld notes that some products like copper and aluminum can be sold anywhere in the world. “For some industries the focus is still that geography is destiny,” he says.

Shenfeld says 75 percent of what Canada sells is going to the United States. He notes we should still be focused on getting the best deal we can with the U.S. 

“We really need to get at the table and get that done,” he says.

Shenfeld notes that if you lose 10 percent of your exports to the U.S. you need a massive gain in exports to other countries. 

“One of the resources we do have is people,” Shenfeld says, noting that the U.S. is hostile to immigration. In the technology world, for example, Canada is very attractive when it comes to attracting the best and the brightest of immigrants, Shenfeld says.

Abdelmessih asks Verheul what he expects to come out of CUSMA discussions. 

I’m not convinced anything will come in the short term, he says positions are still too far apart. I think the discussion will continue to be not a good match at the negotiating table. 

We could get in a better space when it comes to trilateral issues and the North American market as a region. 

The CUSMA exemptions are still in place. Which takes a lot of heat off of all three countries. So it takes the pressure off a fast result.  “Canada can’t force the US to an end game,” Verheul says. Domestic pressure in the U.S. will make a difference. 

Blais notes rising commodity prices around the world, including for Canadian manufacturers. The impact on Canada’s economy is widespread. “It’s a minefield to operate any business in Canada today,” she says.

Strategically, going slow in negotiations might make sense. But Canadian businesses are dying, says Blais. “We’ve got to get to some form of resolution sooner than later before we lose a whole generation of entrepreneurs.” 

Speaking to how multinational companies see Canada, Michael McAdoo says, “No one I know is putting new capital on the U.S.,” because of the level and uncertainty around tariffs. “The first question the (corporate) board asks is, what’s your position on tariffs,” he says. 

The U.S. boasts about record investment but core manufacturing hasn’t been getting the investment. 

“Every company has this tipping point. If you don’t know what the tariff is how do you know what the tipping point is?” says McAdoo.

Greenhill is asked what it takes to compete more assertively in global markets.

“Now is the best opportunity in the last three decades for a Canadian company to pursue markets outside North America. People are looking for new relationships and, in that Canada is extraordinarily well-positioned.”

“We do have what the world needs,” he says, not just resources but political stability and competency.

He says Canadians have to set up a commitment to pursue international markets and he advises companies to ignore the Eeyores.

“It’s almost like the geographic tall poppy syndrome. We have to ignore the Eeyores, seize the opportunity and build the pipeline,” says Greenhill.

Blais is asked what tensions Canada will have to contend with in expanding trade.

Distance is one. Infrastructure to get to international markets is another.  If you’re not on the coast, it’s a problem, she says. Rail infrastructure is saturated. 

Sophisticated Canadian companies tell me it’s hard work to penetrate the European market, she says. It will take time for the business community to really open up. 

Greenhill says the challenge is that it will take three to five years to build global pipelines and it’s going to take big companies to lead the way.

“We have to look at where the future is going to be,” he says. 

There’s a lot of discussion of multi-polarity. The world is only multi-polar today if we treat Europe as a cohesive unit.

There are 193 countries in the UN, Greenhill says. “About 183 would happily imagine their population with what we have here in this country. We’re definitely not a middle power from that perspective.”

What’s the single most important action Canada could do right now, Abdelmessih asks the panel.

“Jolt our companies, get out there and work in other places in the world,” says McAdoo.

We have to meet the demands of electrification, says Blais. If we don’t meet the demand, we can’t do everything we need to do. 

“We need to leverage the capabilities we have,” says Greenhill, adding that Canada needs to attract and retain the best and the brightest.

THE CLERK’S PANEL: DRIVING GROWTH ACROSS THE FEDERATION

One of the most popular and anticipated panels of PPF’s annual Growth Summit is our gathering of provincial clerks from across the country. Taking the stage this year:

– Dale McFee, Deputy Minister Executive Council, Alberta
– Michelle DiEmanuele, Secretary of the Cabinet of Ontario
– Joel Dickinson, Clerk of the Executive Council of New Brunswick 
Moderating the panel is Brett House, a PPF Fellow and professor of professional practice at Columbia Business School.

House asks what the highest priorities are in their office. 

Dickinson, Clerk of the Executive Council of New Brunswick, says economic growth is key. Productivity needs to improve — that includes focusing on energy and growing trade.

Michelle DiEmanuele stressed that a momentary intervention won’t work to ensure prosperity. 

“Where I want to go to as individuals developing or implementing public policy is thinking about the sustainability piece,” she says. “How do we create the conditions for long term success?”

Ontario has completely retooled its public service to make sure that projects that took 11 years will take two years going forward. “This concept of permissions or permitting, we’re creating a whole new channel,” she says. Public sector silos are becoming a thing of the past. “You can’t do anything with one ministry. You need multiple ministries.”

DiEmanuele says we need leaders with the courage and tenacity to risk their jobs to get things done. “You have to play to win,” she says. 

Dale McFee, Deputy Minister of Alberta’s Executive Council, noted areas we’re strong in include energy, agriculture and tech. McFee says we have a lot of bright people. “We need to focus on getting the right talent in the door,” he adds.

“The biggest shift I’ve seen is how the premiers are coming together. These premiers are talking to each other all the time. They are constantly thinking about how to make one plus one equal three,” says DiEmanuele. We’ve always had a history of good sharing and best practices and in this day and age when things are moving so fast, our survival depends on that, she says. 

Dickinson says in the last 18 months first ministers have met 17 times. It’s a major change, he says. There is a great deal of collaboration happening now and looking for opportunities to share and work together. 

Oil pipelines used to be a Western thing. “Now it’s a Canadian thing,” says DiEmanuele. It’s a situation where other provinces can say, that is a priority for Canada.

What is the federal government’s role, asks House.

 DiEmanuele says there’s been a real shift to co-creating solutions with the federal government. 

“We just need it faster. I do think provincial governments are built to be more nimble,” she says.

House concludes by asking what the clerks think business could be doing.

We need investment and knowledge, says Dickinson. 

“We just need to know what the hurdles are to be able to get there,” says DiEmanuele.

She says that too often the dialogue starts with the private sector saying that everything the government is doing is wrong.

“It may not be the path you have chosen but there are other considerations that governments have,” she says. 

Where we differ, let’s go together to the government and show them what the options are, says DiEmanuele.

Our procurement process is 20 years behind, McFee says. Government or private money alone will not solve our problems.

“We need to leverage trillions of dollars if we’re going to compete internationally. We have to really be able to pool funds in a way to invest funds strategically. We will make mistakes. If we do not have a substantive enough pool we will continue to play on the margins. We need to make big interventions,” says DiEmanuele.

A HOME-GROWN ADVANTAGE IN THE AGE OF AI

The rise of AI has put front and centre the value of human skills — like critical thinking, empathy, resilience and problem-solving.

Our next panel focuses on the made-in-Canada concept of brain capital, and why it matters in the workforce of the future.

Inez Jabalpurwala, President and CEO of the Public Policy Forum is joined by Andrew Nevin, Research Professor/Inaugural Director, Brainomics Venture, Center for BrainHealth, Dallas, Tex.

Moderator Nick Taylor-Vaisey, Ottawa Bureau Chief at POLITICO asks when we talk about brain capital, what are we talking about?

Jabalpurwala, says in the new era of AI brains skills are becoming key.

Nevin adds that 30 years ago nobody would have known the term, “brain health.” “Your brain is not something that’s a fixed organ that declines over time. Your brain is the most modifiable part of your body. Every second, every day for the rest of your life your brain is changing,” he says.

“The stronger our brains are, the stronger the brain capital of the nation. That’s the start of this conversation.”

Taylor-Vaisey asks about the connection between brain health and productivity.

Jabalpurwala says AI has brought huge changes, making many tasks easier. She says according to a recent study, 60 percent of employees in Canada may be highly exposed to AI-related job transformations, although in half of these cases, AI is complementing rather than replacing the work.

“There’s a lot of really good things AI has done for us,” she says. However, she says
“we have to think about what we value as humans, like empathy and human skills.”

Based at the University of Texas, Nevin says, the number one thing we do to improve the brain is teach people about neuroscience. The only person who can do that is yourself. The only strategy is for individuals to learn some neuroplasticity. It’s what’s done with the military, educational institutions.

“In the workplace, we had a small owner of a professional services firm, made sure he did the training himself and he did it with all his staff. At the end of the day he got a 25 per cent increase in productivity.”

Brain health is not an abstract concept, says Nevin. “If I had to put out one policy it would be if you focus on brain health you will get a huge payback in economic performance,” he says.

Taylor-Vaisey asks about the risks of chatbots. Nevin says he’s not thinking about that. He says researchers are thinking about AI and the brain. “The brain is designed to solve complex problems,” he says. “What we’re concerned about AI is that when a significant part of the population outsources their thinking to AI, we’re talking about cognitive catastrophe.”

Taylor-Vaisey asks who decides the future of AI and what is the government’s role.

Jabalpurwala says what is challenging about technologies overall is that technologies are evolving by the month. “The technology is leaping forward by the month, whereas the real legislation, treaties, regulation, these can take years. And so there’s this real mismatch.”

Canada’s already taken a big role to make sure that there is accountability and responsibility so that we can start to think about the values that we want at the centre of AI, she says.

There’s no doubt that the way we think about AI should be determined by society, not a small number of individuals, says Nevin.

Taylor-Vaisey asks Nevin how we might conceive a successful society. Nevin answers by asking about the purpose of the economy. “Presumably the purpose of the economy has to be something about people,” he says. He cited one approach that suggests the purpose of the economy should be to promote human flourishing – connectedness to people, purpose, community and your health. There’s lots of evidence that the relationship between people flourishing and GDP is very strong, he says.

Jabalpurwala says that “what makes AI so powerful is that we can just continue to improve productivity and efficiency, and that’s going to lead to GDP that’s growing and growing, and we need to sort of stop and say, is that really the purpose of what we want to build as a society, or is there something else? And I argue that that something else is the values that we hold as Canadians that are important for us to preserve.”

Nevin says once you start thinking about your brain health you’re on a brain health journey. It’s a journey you should be on for the rest of your life, he says.

RETHINKING A MADE-IN-CANADA APPROACH FOR THE LIFE SCIENCES SECTOR

Every health care visit leads to thousands of data points being developed. Health data needs to be an essential natural resource that can be developed, says Fahad Razak, Canada Research Chair in Data-Informed Health Care Improvement, in opening remarks.

How can Canada better use this data as an engine for economic growth?  It’s a 9-billion-dollar opportunity if used effectively, he says. But Canada is especially vulnerable. Health data needs to be handled by Canadian companies following Canadian rules.

Few countries have the kinds of assets and potential that Canada does to have a thriving life sciences sector, he says.  

How do we make it happen? Speakers in this next panel on Canada’s life science sector include:
– Dr. Anderson Chuck, CEO, CIHI
– Gord McCauley, Vice Chair, adMare
– Dr. Rob Annan, CEO, Genome Canada
– Dr. Stéphanie Michaud, President and CEO, BioCanRx 

Moderator Dr. Paul Hébert, CEO, Canadian Institutes of Health Research, asks how we make life sciences a policy priority. 

The economic potential of life sciences is underestimated, says Gord McCauley, Vice Chair of adMare. There’s an extraordinary opportunity for Canada to play a role globally as some other countries are retreating, he says. 

Dr. Rob Annan, CEO of Genome Canada says it’s understandable that Canada’s health policy is focused on delivery, but the economic potential is enormous.  “The future is even more bright,” he says, with the life sciences and pharma spaces expected to grow.

Some advances are due to the AI tools that are enhancing the data advances in that space. “Fifteen years ago it cost $3 billion to sequence a single genome. Today we do it overnight for $500.”

“We’re able to manage data with AI tools,” he says.  “There is a perfect storm right now creating this bio-revolution. We’re seeing new opportunity in new spaces,” says Annan, adding that the U.S. is ceding ground in the life science space.

That creates an economic opportunity and a virtuous circle. “While it’s a cost up front, it decreases costs over lifetimes because we have a healthier population,” says Annan.

Dr. Stéphanie Michaud, President and CEO of BioCanRx, says what is important in being able to manufacture products here is that it makes a huge difference in the lives of patients.

“There’s a lot of excellence here in Canada,” she says. “Technologically, the time is now to see development.”

She notes the exceptional success of China. “In 2025 more than 30 percent of the pharmaceutical licensing deals came from China.  Just 10 years ago that number was 0 percent so it’s an astounding development,” she says. 

Canada needs to look to that and be globally competitive, adds McCauley.

Dr. Anderson Chuck, CEO of CIHI, says that what’s at stake here is Canadians’ way of life. Where can Canada lead and become more resilient? It’s data and data that can fuel innovation.  But Canada is spending billions on health systems that are not innovating, he adds. 

Hébert says Canada be a place of perpetual pilot projects. We have to learn how to mine data exceptionally well. A question for all the panelists: how do we do made in Canada life sciences well?

It requires collaboration, says Chuck — an ecosystem that will facilitate this ambition. The ultimate success, though, will be that what’s made in Canada stays in Canada. It has to be a bedrock of Canada’s success. 

Michaud says being able to hold clinical trials across Canada, touching the lives of pediatric and adult patients, makes a huge difference in their lives.

Whose job is it and what do we get done now fast, asks Hébert.

Annan says, “There are libraries of reports of what we could be doing now. But at the end of the day we have a fragmented system. But some of that can be overcome by finding ways we can work together.”

“Leadership is important. But just as important as leadership is followership. It’s important that we recognize that someone else is doing something we can get behind,” he says.

McCauley says it can be done here. What Canada needs is more anchor companies.

FIRESIDE CHAT WITH FINANCE MINISTER FRANÇOIS-PHILIPPE CHAMPAGNE

François-Philippe Champagne, Minister of Finance & National Revenue joins us now for a conversation with André Beaulieu, Chair of the Board, Public Policy Forum.

“If there is a moment for Canada to build together, this is the moment,” says Champagne.

He starts with the macro focus. The speed of change gives people the feeling of loss of control. There’s a lot of wind on the windshield. 

“If we were to go outside the room most people are feeling the wind of change is tremendous.” 

The world is more uncertain than, probably since the World War II period. It’s a challenge and an opportunity, he says. 

The aim is to ensure that “uncertainty does not become the certainty,” he says. 

He says he was in Washington recently. What keeps him awake is the unknown. It’s the fog of uncertainty that’s been wrapping around the world. But there’s a premium on stability that Canada embodies, he says. 

“In the spring economic statement (what we’ve seen) is that we’re restoring fiscal discipline in this country. What we are seeing is that Canada and the economy is far more resilient that people expected, initially,” 

Tariffs have shown we’re more resilient than expected. We’re the second fastest growing economy in the G7, after the U.S. That doesn’t mean everything is ok. If you’re in Oshawa, for example, you’re concerned. 

Sectors and regions feel things differently. But we have strong fundamentals. 

Beaulieu brings up the PM’s Davos speech. Take us behind the scenes to conversations with other global leaders. How is Canada playing a role in corridors of power?

This is Canada’s moment and Canada needs to brag a bit more, says Champagne. People want to invest more in Canada. Why? We have the most educated workforce in the world. Immigration is still thought of positively. 

We’re one of the few countries where you can build a plane from beginning to end. You can build a car and basically you can build a ship from beginning to end. There’s very few countries that can do that, he explains. 

Critical minerals will also be essential going forward and Canada has been blessed with them, he says. And then there’s energy. We’re a super power, he says. Lastly, we’re the only G7 with free trade agreements with all the G7 countries. 

Behind the scenes there was a moment of pride. I was with the PM and we were meeting with the PM of India. Prime Minister Modi started quoting Carney’s Davos speech. 

“It was kind of a Canadian moment. When is the last time a Canadian Prime minister’s speech is quoted?”

“More and more Canada’s asked to play a leadership role,” says. Champagne. 

He says he was the first finance minister of Canada to be invited to the meeting of Europe’s 

finance ministers. “They see Canada as the trans-Atlantic voice in these current times,” he says.

We’re leading the way with our values, he says. 

The nexus is closer than ever when you look at food security, energy security, national security. 

In the face of so much uncertainty, Canada is a bright light, he says. If you’re Japan, for example, which imports so much food and energy, you want to be closer to Canada. 

 “Canada offers what the world needs and what the world wants.”

What is most concerning for many people is the sense of lack of control, he adds. 

Beaulieu asks about interprovincial trade barriers. Are you satisfied with the progress? 

It’s a work in progress, says Champagne. He returns again to the sense of volatility in the world. 

But there are things we can control. Interprovincial trade barriers are in control. Diversification of our exports is another. 

What else can we do? Look at projects of national interest. Interties. This moment requires us to fix things that are within our control. 

Canada has a serious underinvestment problem, says Beaulieu. We can’t seem to get to a better place. What’s one thing we could do to fix this? 

Raise our level of collective ambition, says Champagne to some applause. 

“I’ve never been more confident about Canadians,” he says. The challenges are so public — they’re in your face. Canadians are willing to do their part and seize the moment, he concludes. 

FIRESIDE CHAT WITH IEA EXECUTIVE DIRECTOR FATIH BIROL

As executive director of the International Energy Agency, Fatih Birol is the world’s leading energy economist. Amidst the ongoing energy crisis, his views are both influential and closely parsed. 

He’s joined on stage by Gitane De Silva, Founder and Principal, GDStrategic, to discuss global energy and critical mineral markets as sources of economic growth. 

Birol opens by saying he labeled the current crisis as the largest energy crisis in history.

In the last 1973, 1979 and 2022 with the Russian invasion of Ukraine there was a gas crisis

Those crisis has cost 10 million barrels of oil. The current crisis is worse. Closer to 14 million he says.  

The current crisis is bigger than all three put together, plus, in addition to oil and gas, petrochemicals, fertilizers and sulfur travel through the Strait of Hormuz. The fertilizer crisis will have implications for food prices later.

All in all, a major blow to the energy system and the global economy, he says. “No country is immune to this crisis.”

When you look at the 1973 and 1979 oil crises there were three major policy implications: the nuclear industry’s growth; the manufacturing of cars to more gas efficient vehicles and, in Europe moved toward Russia to lessen its dependency on the Middle East.

It was the right decision, but perhaps not the right direction, he says. 

We’ll see similar policy shifts and rethinking now. “In the next few years the energy map will be redrawn,” he says.

Canada has huge energy potential, he says. In the power sector, global consumption is growing at twice the rate of supply. We have to meet the demand. 

Canada has a huge role to play in the supply and technology of the nuclear energy sector.

When Europe has phased out Russian gas it will be looking to fill that gap and Canada eventually will play a role.

Many critical minerals will also be key to Canada.

“The most important thing Canada can offer today is trust and reliability. In the new global energy map when country A wants to buy fuel from Country B. In the past they looked at how much it costs. Now there will be an energy security risk premium,” he says. 

“Canada’s export strategy should be based on its reliability,” says Birol.

De Silva notes that boring is good these days. But Canada also has a reputation for being slow. Slow on LNG, for instance. How is Canada perceived by investors, she asks? 

“This time Canada doesn’t have the luxury of being slow. Countries now after the dust is settled from this crisis, will take major decisions. Countries will need new partners for nuclear power. This will all happen in the next three or four years and this is a very important window of opportunity for Canada,” he says. 

“The cost of missing this train will be incredible but I know the government here is very aware.” The PM is not slow, says Birol. He will move quickly. Same with the energy minister. 

“We have a good government that knows the critical importance of time. At this time Canada’s well-deserved reputation for slowness will change,” he says. 

Canada’s multiple levels of government shouldn’t be a reason for being slow.

What is your advice to policy-makers, industry, to take advantage of this moment, asks De Silva. 

Different players need to be given different advisers. Overall, everybody in the sector needs to understand this opportunity for Canada will not come back.

This is a “once-in-a-lifetime opportunity,” he says. “If this opportunity is missed it will be a major mistake.”

It will be important not just for Canada, but Canada’s place in the world. He cites, like Champagne did, the fact that Canada is the only country with trade agreements will all G7 nations. 

Canada’s increasing economic muscles will mean its prime minister and ministers will sit on their chairs more comfortably than before, says Birol.

What can the critical minerals sector learn from the energy sector, asks De Silva?

One lesson is the speed and also there is an opportunity for Canada to become involved more in the processing and extraction of critical minerals.

Hydro power also has huge potential, says Birol. Developing countries trying to develop this will be a big issue. 

De Silva asks who Birol is cheering for in the FIFA world cup. A native of Turkey who lives in France, he says he always supports the underdog so wouldn’t mind seeing the cup go to an African team.

CRACKING THE TALENT CODE – UNLEASHING THE POTENTIAL OF CANADA’S SMEs

How to grow Canada’s economy is a big focus. But it often overlooks SME, which make up 98 percent of businesses and contribute of over 50 percent of GDP. 

Speakers on this panel include:
– Stephen Lucas, CEO, Mitacs
– Puja Subrun, Vice-President Canada and LATAM, Intuit
– Candace Laing, President & CEO, Canadian Chamber of Commerce

Moderator Zabeen Hirji, Board Director PPF and former Chief Human Resources Officer RBC, says SME’s should shape how we think about Canada’s growth agenda. 

The talent challenges and productivity are intertwined but less understood in SMEs, says Hirji. Only 30 per cent of Canadian SMEs are using AI tools today. “Unlocking that may be one of the pathways to inclusive prosperity,” she says.

 Hirji asks Candace Laing, President & CEO, Canadian Chamber of Commerce, what are the top-of-mind issues for SMEs? 

Laing notes the Chamber of Commerce represents all sizes of businesses. She says the data is showing that Canada is losing more businesses than it is gaining at the moment.

“When you get to SMEs … when you look at large businesses and how they’re able to pivot, it’s a different story for small businesses. 

From the talent perspective, small businesses don’t have the same capacities, Laing notes. Many SMEs are in rural areas.

“There’s a different set of challenges,” she says, adding it can be  difficult to get talent into some of these businesses and areas.

Lucas outlines some talent challenges seen across the economy: The cost of acquiring talent and finding work-ready talent; the capacity of SMEs to absorb that talent and deploy it effectively; and retaining talent. 

What are you seeing with AI adoption, Hirji asks Puja Subrun, Vice-President Canada and LATAM, Intuit.

Subrun says SMEs drive half of Canada’s GDP and AI can help address the talent challenges. Some SMEs are using AI for search and content summarization but others have really embraced it to drive massive innovation. But those companies are the minority.

Seven out of 10 SMEs are using AI broadly but one in 10 are using it in their core businesses. Trust is holding them back. 

“They don’t trust they can use the tools to drive what they need to do,” she says. There’s a lot of fear around security and privacy. The second issue is around knowledge and skills and where they’re able to use those tools. Bias and access are also limiting adoption of AI.

“We need to work on how we help businesses address those fears and build that trust,” says Subrun. It’s a big mindset shift, she says. 

Leveraging AI tools that SMEs are already using is another way of increasing adoption, says Subrun.

What policy levers do you see in AI adoption, asks Hirji.

Trust is the first thing, says Stephen Lucas, CEO of Mitacs. That means literacy needs to start early. AI literacy starting in K-12, but also in board rooms and broader public dialogue. 

Next is building up capacity in SMEs. Then scaling from board room literacy to change management and technical deployment. “There’s a potential to bend the curve on productivity,” he says.  

Laing says it’s a different world for SMEs when it comes to the workforce. “When we talk about our workforce and we talk about talent, we can’t just talk about demographics,” she says. 

“Other countries are years and years ahead of us” in this area. 

“How do we meet SMEs where they’re at? It can’t be complicated, it has to be easy to access.”

We’re in a crisis. How do we shift our mindset to shift gears?

We know there’s a productivity challenge in Canada, says Subrun. Surveys show that customers using AI can see a 40 per cent increase in their productivity. “SMEs are time starved so using AI as a productivity multiplier is really key,” she says. 

If we can move the fear of AI and use it as an accelerator that is a big opportunity, she says.

Hirji asks the panel for final thoughts on policy levers.

We have a leaky talent pipeline, says Lucas. The ability to get talent into SMEs doesn’t happen at the level we need. Help support the work readiness of students — Integrated learning is important, he says. Partnerships with academia is key.

MAKING CANADA INVESTABLE AGAIN

What will it take to attract global capital to energy, mining and infrastructure projects? Boosting investment is an issue that has been raised by several speakers today.

For a deeper dive on the subject, we’ll hear now from panelists:

– Ehren Cory, CEO, CIB
– Mark Podlasly, CEO, FNMPC
– Susannah Pierce, Former President and Country Chair, Shell Canada

Lisa Baiton, President and CEO of the Canadian Association of Petroleum Producers,
begins with introductory remarks. She highlights the trust factor that was raised earlier by Fatih Birol.

Canada still holds privileged access to the United States. A continental alliance is important, but we also need a bigger market, she says — access that doesn’t rely on the U.S.

LNG is a generational opportunity, she says, putting Canada en route to being a top 5 global producer. Other projects, like the Bay du Nord offshore oil project, offer the promise of significant energy growth, which in turn promotes economic growth.

What we need today is action so that Canada can compete, says Baiton.

Moderator Jay Khosla, PPF’s Executive Director of Economic and Energy Policy, begins by noting the need to get resource projects built. Why aren’t we moving with the sense of urgency that everyone is talking about? What could Canada do to make its case more compelling for investors?

Pierce says the federal government’s upcoming investment summit is showing that Canada actually does care about investors and has a portfolio of opportunities for investors.
“Our challenge has not been lack of capital. Our challenge has been on finding the right projects and investments for that capital,” she says.

“It will come down to how we put together investment proposals,” she says. “What is the return on that capital over time compared to alternatives.”

Cory says we talk a lot about fundamental strengths. We understand and are focused on the big barriers to investments: The certainty of process; how to build consensus and alignment among governments and stakeholders; and the risk of large projects. Capital will flow here if we get those three things right.

Mark Podlasly, CEO of First Nations Major Projects Coalition, says Indigenous people are increasingly willing to participate in projects if there’s value in it.
“The discussion of getting Indigenous people involved is no longer just a government question,” he says.

There were international partners for the LNG Canada venture, says Pierce. “When we’re looking at bringing foreign investors into the country they may want to take higher risk bets if they have more control over the supply chain,” she says.
She added, that when it comes to critical minerals we do need to look at how we’re refining and processing.

Khosla asks Cory about CIB’s portfolio. What projects are investable and friendly? What are you seeing?

Cory says there’s been a large evolution over the last seven years. The national electricity grid is essential. You can’t do critical minerals without power and grid reliability and capacity.

Trade infrastructure is also important. Expanding capacity needs to continue — not just ports but upstream (rails and roads).

We’re seeing much more of that than three years ago, he says.

Khosla asks Podlasly what financing tools need to develop, in addition to the Indigenous loan guarantee program.

“Where are we going next?” Podlasly replies. “The bond market and stock exchanges.”
He notes there are now two First Nations companies on the Toronto stock exchange.

“It’s a great opportunity to lock in a longer term contract. There’s a question here about government helping to derisk capital investment,’ Pierce says, adding it’s the smart allocation of taxpayers’ dollars that government has to be mindful of.

Name one project you think we need to invest in, ask Khosla.

Cory says port expansion. Do those well, they enable a bunch of other things.

Podlasly agrees on ports, citing Churchill. We need to get things out, he says.

KEYNOTE ADDRESS: AI AND DIGITAL INNOVATION MINISTER EVAN SOLOMON

Evan Solomon, Minister of Artificial Intelligence and Digital Innovation takes the stage. “We have to talk about AI in a pragmatic way. It’s not a tech file any more,” says Solomon.

“People talk about what AI is but we need to understand what it does,” he says. 

Solomon cites the use of AI in hospitals and a Canadian-built tech that takes notes. Human judgement stays where it belongs at the centre, but the record is more complete with AI. 

In the clinic and ER it is “transformative.”

Doctors spent 42 million hours a year on administration tasks, 20 million of which doctors say are unnecessary – the equivalent of 9,000 doctors, he says. 

Thirty percent more patients can move through the ER with the efficiency of AI scribes. The question for us as a government, can we accelerate the tools? 

Our AI strategy is pro-worker, sovereign, he says. 

There are two teams when it comes to AI, Team pom-pom and team pitchfork. We’re not on either. We’re pragmatics, somewhere in the middle, open to opportunities, he says.

Where is the government’s much-anticipated AI strategy? 

Solomon won’t say but notes it wasn’t long ago that people were complaining the process was moving too fast. “You will see it very soon,” he says. 

“This matters. We are going to get this right,” he says, promising the governments AI strategy will come “very soon.”

“This file is growing and changing faster than any other file in the government.”

But the government isn’t waiting for the policy. There is an $890 million to build a national public supercomputer – “That is happening,” he says.

And calls for sovereign AI data centres. “We are not waiting,” he says, citing several other initiatives.

“The goal of the strategy is to bring these pieces together,” says Solomon.

Protecting Canadians and protecting our  democracy is a priority, he says. “Digital sovereignty is the most important challenge we have,” he says. 

“Trust is not a communications challenge. It’s an infrastructure challenge,” says Solomon. “If workers don’t trust the AI tools they will resist them.”

The same can be says of businesses and Canadians, he says. 

Legislation will be tabled to deal with privacy, including deepfakes, algorithm transparency and social harms, he says.  ‘We are looking at protection around citizens’ data, especially children,” he says.

“AI will only transform our economy when the tech is adopted to increase productivity,” he says. “RI 

We have the lowest adoption rates in the OECD, he says. SME’s are not moving fast enough, he says. Public sector adoption also needs to improve. “Too many workers believe AI will take their job, not enhance their job,” he says. Pro-worker, industrial AI will be key.

Procurement will play a big role. Government is the single largest buyer in the economy and will help drive adoption, he says. 

Sovereignty doesn’t equal isolation.

“The world wants what we have, but Canada needs to make sure we keep our advantages here,” he says. 

“Compute is one of our advantages. It’s not just a technical input. It is a core of public infrastructure for the new economy, for the AI economy,” he says. “Without a compute, our researchers, our startups, and our public institutions cannot develop, deploy and compete.

So we are making this single largest investment in public, AI infrastructure in Canadian history — a billion dollars will build the national AI supercomputer.”

“We are going to put a stop to the horrible pattern where we plant the seed, we grow it and someone else harvests it,” he says. 

“This is a room of policy people. Policy fails and people don’t understand it. I can hear it’s cool to be a wonk, and it is, but people have to understand it. There’s a lot of fear around AI. One of the challenges is not just getting the policy right – there’s technical ingenuity and social ingenuity. 

We have lots of technical ingenuity, but we have a massive trust problem with AI and we have to deal with it,” Solomon says.

“We need to prove that policy works and that is storytelling,” he says. Citizens move at the speed of trust. We need to move at the speed of trust, he concludes.

KEYNOTE AND FIRESIDE CHAT WITH INDUSTRY MINISTER MELANIE JOLY

Canada enters this moment with real strengths. We are already a leader in natural resources and increasingly innovation, says Jonathan Price, President & CEO of Teck Resources, in opening remarks. Critical minerals intersect Canada’s natural assets and its new economy. 

Electric vehicles require four times as much copper as traditional vehicles, says Price. Global copper availability will exceed supply by 30 per cent by the middle of the next decade, he added. Meeting this need will require deliberate co-ordinated action. 

“What matters at moments like this is not what we say but whether investors respond,” he says.

“This truly is Canada’s moment and I am optimistic that collectively we are ready to seize it.”

Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, takes the stage, joined by Graham Flack, former Secretary of the Treasury Board.

“We’ve had three decades of decline in investment. What’s the plan in turning that around,” Flack asks Joly.

“Indeed for a long time we had an issue with productivity. We were next to the biggest market in the world. That created a dependency. It was all about trading a bigger market for businesses rather than investing in productivity,” says Joly.

The government is helping businesses in this riskier environment with tax policies, levers such as the new Sovereign Wealth Fund under development.

“I come from a place in the country where the government has played a role for a long time. It’s part of our DNA,” Joly says.

Joly says that, because of the trade war, “inaction is not an option.”

“We need on the industrial front to take risks,” she says. “We can’t act and work like we were two years ago even.”

“In the 1980s, auto plants were shutting down, mainly in Ontario and Quebec. The government did a policy to bring in Japanese automakers,” Joly says. “What happened eventually is now, Honda and Toyota are building 75 per cent of all the cars made in Canada, which is huge.” 

Canada needs to attract investment from Germany and Asia, she says.

Flack cites the uncertainty around the auto industry and how it creates tensions around what has traditionally been our biggest manufacturing sector.

Joly says that you can’t take the auto sector for granted because it’s 125,000 direct jobs and 500,000 jobs altogether. “If you look at industrial powers in the world they make autos so we will continue to build cars in this country.”

“Because it’s the backbone of the Ontario economy, it is going to continue to be the backbone of the Canadian economy,” she says.

EV adoption in the G7 has been supported by the government. Electrification is where the rest of the world is going, says Joly. 

“I’ve been having really frank conversations with all our automakers here in Canada,” she says. 

We’re not happy with GM and Stellantis. “If the production is not back we’ll get our money back,” she says. “It’s fighting for people’s livelihoods and communities.”

Joly says she’s working on a new life sciences strategy with the minister of health to address the commercialization of research. We need to be able to build back that sector even more. “It’s being able to do spinoffs from our universities and grow some real pharma companies,” she says. 

Flack says there is a nascent defense industry in many areas because Canadian investment has been in the U.S.

“As big as 2 percent …  is still a relatively small investment. Do you imagine these Canadian companies being able to export?” he asks.

We will create 125,000 jobs through our defense strategy. We want to increase exports by 50 percent and grow revenue by 240 percent, says Joly.

“At the core of all this is development that we can control, that we continue to invest in, that we can link our universities and colleges to our companies,” she says.

The defense strategy is to build and if we can’t build we’ll partner and if we can’t partner we’ll buy, says Joly.

The role of government is more important in business than ever, she says.

My job right now is to reach out to make sure Canada isn’t collateral damage from European and other global protectionist policies. 

“It is putting in place Prime Minister Carney’s vision in Davos. It’s creating that middle power and that can only happen if we have alignment of industrial policy…. And we need to make sure there’s more business integration,” says Joly.