Brian Zinchuk is editor and owner of Pipeline Online
Prime Minister Mark Carney participates in a signing ceremony with Alberta Premier Danielle Smith in Calgary on Friday, May 15, 2026. THE CANADIAN PRESS/Jeff McIntosh
Editor’s note: In Pipeline Online’s continuing efforts to let people know exactly what our federal government is saying about energy policy, here’s the May 15 speech by Prime Minister Mark Carney on the new pipeline agreement between the federal government and Alberta, verbatim:
Last week, the head of the International Energy Agency, Fatih Birol, came to Canada and spoke about the most important commodity in the world.
Something Canada has in abundance.
Something we are building today.
Trust.
Trust to double the reliable and affordable energy available to Albertans – drawing on natural gas, renewables, potentially nuclear and geothermal.
The trust of investors that Alberta and Canada are reliable and attractive destinations – where the opportunities are plentiful, the rules are clear, and one project means one review.
The trust of Asian partners who want our energy because they know we are a stable, reliable partner in a world that is anything but.
Today’s Implementation Agreement is comprehensive and interconnected. It covers regulation, markets, methane, renewables, and carbon capture.
It includes Alberta’s commitment to submit a comprehensive proposal for a bitumen pipeline to Asian markets to the Major Projects Office by July 1, 2026 – and Canada’s commitment to pursue the designation of that proposal as a project of national interest under the Building Canada Act by October 1, 2026.
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Earning trust requires more than ambition. It requires partnership and cooperation.
Cooperation that respects our duty to consult and ensures Indigenous economic benefits and opportunities for co-ownership in every project.
Cooperation that recognises British Columbians should share substantial economic and financial benefits from projects that impact them.
And cooperation that creates thousands of high paying, rewarding careers across the skilled trades, engineering, and beyond.
Today’s agreement is also about creating a better world for our kids and grandkids.
Through major investments that will help put Canada on the path to net zero.
Through a methane equivalency agreement that will lower methane emissions from oil and gas by 75% below 2014 levels by 2035.
And through carbon markets that work.
When we signed the MOU in November, an oversupply of credits had driven prices as low as $20 per tonne – $75 below the headline price.
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Today, Canada and Alberta have agreed to create markets that deliver an effective carbon price of $130 per tonne by 2040, with binding annual benchmarks along the way.
We will also issue 75 million tonnes of Carbon Contracts for Difference to support major carbon capture, clean energy, and other emissions-reduction projects – with costs shared equally. In other words, we will have skin in the game.
We are establishing a carbon market that works.
An effective market that will give investors the long-term certainty needed to move major projects forward, develop Canada’s energy industry, and help reach net-zero emissions by 2050.
Renewable energy will become more competitive thanks to faster approval processes, new federal incentives for interties, and contracts for difference.
The most competitive energy is the one with low costs, low risks, and low emissions.
That is the principle of the Pathways Project, the largest carbon-capture and carbon-storage initiative in the world.
The proposed pipeline depends on Pathways, which will achieve emissions reductions equivalent to taking 90% of vehicles off Alberta roads – while generating over $16 billion in GDP and over 40,000 jobs.
Above all, today is about building trust in a Canada that works.
A Canada rooted in cooperative federalism, where we build together – pragmatically and ambitiously – to achieve shared ambitions.
A Canada where our differences are strengths to be nurtured and respected, not risks to be managed.
A Canada that’s not just strong, but good. Not just prosperous, but fair. Not just for some, most of the time – but for all, all the time.
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Let me finish on a personal note. When I was born just north of the Alberta border, in Fort Smith, the oil sands were just a concept – a curiosity to most, and a dream to but a few builders.
By the time I was in junior high in Edmonton, the oil sands had been transformed into one of Canada’s largest industries – through the brilliance of our scientists, the drive of our entrepreneurs, the support of our governments, and the dedication of our skilled workers.
That’s the legacy we are building on.
With carbon capture that creates a new industry, an affordable, low-carbon grid that draws on all of Alberta’s strengths, and a low-carbon oil pipeline that bolsters our independence.
We are building big, fast, and bold again.
We are building with trust an Alberta strong and a Canada strong – for all.
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