Implementing new energy solutions was a key topic at the UNITE 2024 Energy Disruptors Summit, where panelists tackled some of the most pressing challenges Canada is facing in the energy transition. John Redfern, Eavor founder and CEO, joined this panel to emphasize the difficulties of scaling up technologies, establishing nationwide regulations, and the crucial role of innovation in maintaining Canada’s global leadership.
Redfern stressed that amidst the rise of extreme weather events, resilience in energy infrastructure is more critical than ever. He argued that these factors are undervalued in today’s market, and consistency will support future stability.
“Consistency is the number one thing. Regulatory regimes, and our incentives, need to be consistent. That way, we can set the framework, and be technologically agnostic, and the market can decide from there,” Redfern stated.
Building on this, Imperial Oil’s senior vice president Sherri Evers highlighted the importance of policy clarity in keeping Canada globally competitive. Clear and consistent regulations are vital for providing investors with certainty, according to Evers, particularly given the high costs associated with the energy transition.
Inconsistencies and a lack of government clarity hinder a swift energy transition, and the panelist argued that it’s also limiting efficiency in the carbon credit markets. Suzanna Pierce, president and country chair at Shell Canada, noted that this is mostly due to inconsistent policies between provinces. Pierce emphasized the need for a unified national approach to carbon pricing and emissions trading. Kent Brown, co-founder and partner at Idea Well Capital Partners, added that governments should create these clear regulatory frameworks and then step back to let businesses innovate.
This ability to innovate is what will keep Canada competitive on the world stage, according to Redfern. He also emphasized the need for Canada to not only export raw materials but also lead in next-generation energy technology development.
“We have to create technology and be on the cutting edge of something in the world if we want to have a good standard of living in Canada, which we do. When it comes to geothermal, we can be world leaders.”
