Source: Government of Canada News
Good morning,
It’s great to be speaking to all you right here, in the heart of Toronto. This is where I worked for the last 15 years, and I’m thrilled to see so many familiar faces in the crowd.
I want to express my sincere thanks to Giles, Roselle, Leslie, Dominic and the Toronto Region Board of Trade for putting on this great event.
The GTA is one of the key engines of the Canadian economy. It will play an important part of this government’s Build Canada agenda. From finance to advanced manufacturing to clean tech to AI to innovation and more, Toronto and Ontario are not just regional powerhouses — they are key drivers of national progress.
I have seen first-hand how the many businesses that call the GTA home are driving the growth and prosperity of this country. For example, most recently, I served as Chair of Hydro One’s board, witnessing with my own eyes the role that great, Ontario-based companies, like Hydro One, are playing in keeping Canada powered, productive and prosperous.
That is one experience that I bring to this new government — but I have been equally shaped by my background, my roots and the path that brought me here. And I wanted to start there.
My family’s relationship with this province begins with my father immigrating to Canada after World War II.
His family were tenant farmers who worked the farms owned by the “lord” in the old country. But they wanted a better life and dreamed of owning their own farm, so they scraped together enough money to get on a steamer to Canada and start over on a small farm, just outside of Peterborough. A few years later, driven to experience all this country had to offer, my father joined the Royal Canadian Air Force. I came shortly thereafter and grew up as an Air Force brat, moving every year or two to bases across Canada.
This brought me everywhere, from a small fishing village of 200 people at the southern tip of Nova Scotia, to a tiny logging camp at the northern tip of Vancouver Island and many points in between, including in Ontario. Living in those small towns shaped my understanding of the value of hard work, the importance of good jobs in the trades and the rich cultural diversity that defines our country’s regions.
Following in my father’s footsteps, when I was 17 I joined the Canadian Armed Forces. The Armed Forces are where I learned what service means — and what it feels like to fight for something bigger than oneself.
It was a similar instinct to serve — years later — that brought me to the Bank of Canada under then-Governor Mark Carney, as we were rebuilding the Canadian economy at the end of the great financial crisis. And it was that instinct that led me to pick up the phone again earlier this year, when Mr. Carney suggested there was another opportunity to serve this great country, in this pivotal moment.
In between my time in the Armed Forces and this spring, however, I spent most of my professional life working in the private sector, including right here in Toronto. In those roles, I learned a lot about the energy and resource industries that are — by many metrics — the most significant economic engines of this country.
I helped finance potash mines and OSB mills. I did initial public offerings for utilities and uranium companies. I also worked on pipelines like the Alliance Pipeline that brings Canadian gas to the Chicago market.
Those experiences have shaped me. And they’ve taught me this: Leadership is not about talk. It’s about action when it matters most. It’s about getting things done and doing them right. It’s about building for the next generation — or as Indigenous Peoples teach us, the next seven generations — and being proud of what we are handing them.
The Prime Minister likes to say that we are standing at a hinge moment in Canada’s history. I think that is undeniably true. The post WWII-Bretton Woods world order is now over. Global supply chains are being torn apart and need to be rebuilt. Our climate is changing, and we need to retool our economy to reflect that reality.
On top of all that, we find ourselves in the middle of the most devastating trade war of our lifetimes. A trade war we did not ask for, but a trade war we must win.
Ultimately, we are facing a new world order defined by one thing, above all else: instability.
But here’s the thing Canadians need to know: this moment is creating opportunities that we can seize.
As you saw this week, we are seizing the chance to work with our European allies on a new EU-Canada Strategic Partnership of the Future, which will focus on trade and economic security, the digital transition and the fight against climate change and environmental degradation and includes a Security and Defence Partnership, which is an intentional first step toward Canada’s participation in Security Action for Europe (SAFE), an instrument of the ReArm Europe Plan/Readiness 2030.
Importantly, participation in this initiative will create significant defence procurement and industrial opportunities for Canada — including right here in Ontario.
There’s a saying that applies to this moment: a crisis is a terrible thing to waste. And waste it, we will not. And I know we can do it, because we have done it before. But it will take more than just resolve. It will take speed, ambition and, most importantly, unity.
During and after the Second World War — perhaps the last time we faced such a transformational upheaval of the world order — Canadians did not hesitate. We united and did great things. We mobilized our workforce and industrial base with staggering speed. We built more than 16,000 aircraft, nearly 9,000 ships and over 800,000 military trucks.
Canada — a country just shy of 12 million people at the time — raised an Armed Forces of 1.1 million men and women, who fought bravely for our way of life.
When the war was over, the Canadian government built homes for the veterans who needed them. We retooled our economy and learned to thrive in a new world order. Through hard work, grit and smarts, we transformed our country.
That transformation built a middle class. It built an identity. It built a sense of collective confidence that would define our postwar decades — and continues to make us proud to stand under the maple leaf.
As one wartime poster proclaimed: “Every Canadian must fight.” It showed a soldier and a factory worker standing side by side.
Now, we must stand side by side once again, from coast to coast to coast, Indigenous and non-Indigenous, industries, small businesses and entrepreneurs. We need that same spirit today. And we can find it — in our communities, in our businesses, in our labour movement, in our innovators and in every region of this country that is hungry to contribute.
Your government is working hard to lay the foundation for just that.
Last week, The House of Commons passed the One Canadian Economy Act — what I would say is a nation-defining piece of legislation.
The Act is about building faster, moving people and goods more freely and unlocking the potential of Canadian workers, communities and resources in every part of this country. It creates the conditions to get more projects off the ground — projects that benefit our national interest and bubble up from Indigenous Peoples, provinces, territories and the private sector.
We know that if we want to build faster, we can’t be duplicating regulatory efforts, delaying decisions or creating bottlenecks between jurisdictions. We must act like a single country — not a patchwork.
That’s why this legislation creates a Major Projects Office that will coordinate and expedite reviews — reviews focused on how the project will be built as opposed to whether it will be built. For proponents, they will now have just one point of contact to make sure things stay on track.
Crucially, an Indigenous Advisory Council will be an integral component of this Office. The Council, along with consultation with Indigenous Peoples and rigorous environmental review, will inform a single set of binding federal conditions for the project. These conditions will include mitigation measures to protect the environment and to respect the rights of Indigenous Peoples.
To ensure consultation is done right, the federal government is also investing $40 million for capacity building to strengthen Indigenous participation in the assessment and consultation process.
Moreover, to continue to put Indigenous Peoples at the centre of this nation-building initiative, the first thing we will do to launch the implementation of this legislation is full-day summits with First Nations, Inuit and Métis rights holders, leadership and experts. The first summit will be on July 17, where the Prime Minister will meet with First Nations rights holders. The goal here is to create certainty that catalyzes investment.
As someone who has spent most of my career allocating capital, I believe it is important that Canadians understand that to achieve the certainty that leads to investment and prosperity we must reduce inefficiency, harmonize standards and improve transparency.
When businesses see inconsistent rules, unclear timelines or duplicative review processes, they hesitate to invest. And when they hesitate, projects stall, costs climb and opportunities vanish. But when our federal, provincial and territorial governments send clear signals — that we are serious, coordinated and committed to delivery — investment follows.
Certainty invites boldness. It turns ambition into action. It gives industry, investors and trading partners confidence that Canadian projects will get built and Canadian goods will get to market. It creates the prosperity we need to pay for our way of life.
Let me say that again: it creates the prosperity we need to pay for our way of life.
This Act puts us back on that path. And crucially, we are going to do this responsibly — with transparency, partnership, the environment, labour standards and economic reconciliation at the heart of our efforts.
The Act also tackles a long-standing issue: internal trade barriers. For decades, it has been easier to export a product abroad than to ship it between provinces. Frankly, that is just illogical and inefficient. These barriers have cost Canadians as much as $200 billion in lost opportunities every year — equivalent to around $50,000 for every Canadian.
As the Prime Minister likes to say, we can give ourselves more than anyone can take away.
This Act lays the groundwork for that ideal, through greater labour mobility, credential recognition and open trade across provinces and by reframing the conversation so we can build things in this country again.
This Act allows us to reset that narrative about building in Canada — so we can go from delay to delivery.
So, what does delivery look like? It begins with a vision: to build Canada into a conventional and clean energy and natural resources superpower.
I want to dive into that a bit deeper with you all today. Because, in my mind, that encompasses two things: energy security and energy economics.
Energy security means sovereignty — over our destiny, our industries, our wallets and our climate. It means being able to heat our homes in January, power our farms in July and run our factories all year long, without worry about what is happening outside of our borders.
It means using the best, cleanest products: the ones produced right here in Canada.
It means developing our unparallelled critical minerals wealth and helping the world transition to a cleaner climate without relying on countries that we cannot trust.
We will get that security and sovereignty by ensuring we have the ports, roads, railways and energy infrastructure in place to sell our products to allies who share our values, not just our borders.
Energy economics means competitiveness — using our natural advantages to drive investment, grow exports and raise wages.
Together, our products — our resources — can make us both safer and wealthier.
And here’s the thing: this is not just about GDP. It’s about building the kind of Canada where a rising tide lifts all boats.
I’d like to quote something Premier Wab Kinew said at the First Minister’s Meeting earlier this month. He said: “This is a generational opportunity for Canadians — but also for some of the poorest communities in our country. If we can put the road, transmission and pipe infrastructure in place to build out those opportunities, this country won’t just be better off in terms of GDP growth — we’ll be better off in making sure every Canadian kid can reach their full potential.”
A kid in the north or rural Canada needs the same opportunities as a kid in our biggest cities. That’s what becoming an energy superpower is really about.
This is important to me because I have watched it happen. I went to a vocational high school in Winnipeg, and many of my classmates didn’t go to university. One of my best friends spent 25 years on the rigs. His job bought him a home. It financed a good life. That’s how it should be. And we should respect the hardworking Canadians who do these important jobs.
During the election, I went door to door in my riding, about 45 minutes north of here. I heard the same thing from new Canadians, over and over: we came here to build a better life. Just like my family did, 80 years ago.
They know, like we do in this room, that because of the opportunity Canada offers — through jobs in sectors like energy, mining and forestry — it’s the best country in the world.
And that’s what we need to protect. A Canada where hard work still pays off. Where good jobs — with or without a degree — are available for future generations.
Now, when it comes to delivering on significant, ambitious energy projects, Ontario certainly knows a thing or two. That’s why this province has been a word-class nuclear leader for over half a century.
The story of nuclear energy in Ontario is emblematic of just how Canada can do great things.
In the late 1950s and 60s, Canadians developed the first CANDU reactor. Two decades later, the first commercial CANDUs came online in Pickering. Since then, Ontario has become home to 16 of Canada’s 17 commercial reactors.
Today, 58 percent of Ontario’s electricity comes from nuclear. The sector employs over 89,000 Canadians, contributes 15 percent of our national electricity supply and adds $22 billion to the economy every year. We have exported our nuclear technology around the world, helping countries achieve energy security and avoiding over 30 million tonnes of pollution annually.
And our reactors do more than keep the lights on. They have made our air cleaner. They have provided a good life and livelihoods for thousands and thousands of Ontarians. And they produce a significant amount of the world’s supply of cobalt-60, a vital medical isotope used to sterilize equipment and treat cancer.
Nuclear power is one of our greatest strategic assets. It’s clean. It’s reliable. And it’s built here, by Canadian workers and engineers, using Canadian uranium and technology.
Now Ontario is poised to lead the next chapter, with small modular reactors. Ontario is already building Canada’s first grid-scale SMR at Darlington. But we’re not stopping there. Ontario is working closely with Alberta, Saskatchewan and New Brunswick — helping provinces at different stages of decarbonization build nuclear solutions that work for them.
This is Team Canada in action. Provinces learning from each other. Utilities coordinating on design. Engineers collaborating across provincial borders. It’s a model of what a confident, connected Canada can do.
Of course, it’s going to take more than one type of power — more than one solution — to power a strong, productive, retooled Canadian economy.
Canada will need to at least double our electricity generation over the next two decades to power our industries, homes and technologies. This will require efficient, integrated electricity grids. Our new government is committed to working quickly with provinces and territories on east–west and north–south transmission interties. This is part of what the Prime Minister means when he says one economy, not thirteen.
A pan-Canadian grid means more reliable, affordable sustainable power for Canadians. It means powering industries from AI to manufacturing. And it means exporting energy between provinces who want Canadian solutions.
I know many of you in this room will be involved not just with clean and conventional energy, but with mining — another area in which this province is blessed with abundance. At the G7 two weeks ago, the world saw what we already knew: Canada is positioned to lead on critical minerals — not just in mining but across the entire value chain.
We can and will extract our minerals sustainably, refine them responsibly and move them to market efficiently.
During the G7, we announced a Critical Minerals Action Plan, backed by over $70 million in Canadian investments to support innovation, research and international partnerships. This effort will drive global demand for responsibly sourced materials — a move that could directly support new mining projects right here in Ontario.
Moreover, we will launch the First and Last Mile Fund, to connect remote projects to roads, rails and grids.
Simultaneously, we are backing Indigenous and community-led mineral development with financial tools.
We do not want to just be a resource exporter. We want to be a value creator — from mine to EV battery to global supply chain. That is how we will build a stronger, sovereign economy and be masters in our own home.
Beyond critical minerals, another pillar of the resource economy in this province and across our country is forestry. So I want to take a minute to speak to that today as well.
Forestry sustains hundreds of thousands of good, Canadian jobs, supports rural and northern communities and provides one of the most sustainable building materials on earth.
We need to treat our forestry sector not as old industry but as a vital part of our clean future. That means investing in value-added wood products. It means using engineered timber to accelerate modular housing. It means ensuring Canadian wood is the first material we reach for when we are building homes, schools and public infrastructure.
We are already seeing innovation in prefab housing and modular design — made with Canadian wood, built by Canadian labour and creating Canadian solutions.
If we want to build homes faster and more sustainably, we do not have to look far: the answer is growing in our forests.
This all likely sounds ambitious — well, it is. But a key part of how we will make this successful is transforming how we think about Indigenous partnership in major projects.
Indigenous Peoples are not just participants in our economy — they are rights holders. They are the original stewards of this land. They are governments. They are builders.
If we are serious about retooling our economy, then economic reconciliation must be front and centre.
I have seen what true partnership looks like — and how successful it can be for a project and a First Nation. When I served as Chair of the Board for Hydro One, we worked closely with Indigenous communities to build electricity transmission infrastructure that delivered power, created jobs and built long-term prosperity.
Let me highlight one example. Last year, Hydro One built the Chatham to Lakeshore line under its new Indigenous Equity Partnership model. The project came in over a year ahead of schedule and 15 percent below budget.
And I want to be clear: those amazing results occurred because of the strong consultation process and the significant equity ownership achieved by First Nations. Done the right way, First Nations involvement accelerated the project — it did not slow it down.
To me, this approach stands as a model for how this country can and should build major infrastructure projects going forward.
And it’s not an isolated case — it’s an emerging norm. And it’s a norm this government is committed to accelerating.
By recognizing First Nations as key enablers — and by listening, engaging and building meaningful relationships rooted in trust and shared benefits — projects in this province and beyond can move forward on schedule, on budget and in a way that delivers real benefits to communities.
That’s why we have expanded and doubled the Indigenous Loan Guarantee Program to $10 billion.
Indigenous equity means revenue that stays in the community and can be passed down to the next generation. It means a generational transformation in how major projects get done. Because becoming an energy and resource superpower should benefit everyone.
That also means labour. Simply put, none of this gets done without workers. Without the people who pour the concrete, wire the grids, mine the metals and weld the steel. The trades built this country. And they will build the next chapter, too.
As Sean Strickland, the Executive Director of Canada’s Building Trades Unions, put it last week: “If we’re serious about building housing, energy, transportation and critical infrastructure, we need to empower workers and enable them to move across the country to get the job done.”
That’s why we’re investing in apprenticeships, training and labour mobility. That’s why we’re aligning credentials across provinces — so a red seal in Nova Scotia means the same thing in Alberta or Ontario. And that’s why we’re building strong partnerships with Canada’s unions to get the job done right.
At the end of the day, we did not ask for a trade war to be declared on us. But we are responding with purpose and finding solutions that will leave us better off in four years, and four decades.
We did not ask for climate change. But we are meeting the challenge with innovation and a mission to do what is right.
We did not ask for disrupted supply chains. But we are rebuilding them with resilience and creating jobs at home in the process.
What we have done so far by passing the One Canadian Economy Act is not the end — it is the beginning.
So let me close with a call to action.
To business leaders: it is time to bring forward your best ideas.
To Indigenous Peoples: it is time to lead with your vision and partnership.
To provinces and territories: it is time to leverage thirteen parts to build the strongest whole.
To workers and unions: it is time to double down on your skill, strength and determination.
And to everyone in this room: it is time for ambition. It is time to be a real clean and conventional energy superpower.
It is time to build. And together, we will.
Thank you.
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