Globe says Suncor boss worries Canada losing its edge
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Monday February 7 2022 - In the News
The Globe and Mail reports in its Saturday edition that while a lot has changed since Ottawa's Industry Strategy Council released its report in 2020 -- high vaccination rates, the oil sector booming -- Mark Little is confident that the core recommendations still hold true. The Globe's Emma Graney writes, however, that the chairman of the council's Resources of the Future table, and chief executive officer of Suncor Energy, is also concerned that Canada's economic muscle in many sectors is withering, particularly as the United States and other countries seem to be recovering faster. That, he says, needs to be addressed, quickly. Unlike many sectors, oil and gas has bounced back somewhat since 2020. Not because of investment levels, which continue to languish, but because global crude prices are up and demand is "through the roof," Mr. Little says. Restaurants, tourism and travel, the sectors the group flagged in the report as being hardest hit, "are still really getting hammered," he adds. One major shift he has seen is significant movement by the oil and gas sector to address the environmental, social and governance (ESG) concerns that have driven investors more than ever over the past 18 months.