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During their approximately 45-minute back-and-forth, McKay and Monaco attempted to make the case for future development of the energy sector to the Canadian Club Toronto audience, arguing that the demand for energy is expected to grow, among other things.

Monaco said Canada already enjoys several advantages, such as its proximity to major markets.

“We’ve got all these pieces,” he said. “We’ve got to put them together, so we can actually develop an energy strategy here that utilizes this great competitive advantage we have.”

The Enbridge CEO also argued that issues around policy for climate, energy and Indigenous reconciliation should be settled at a higher level, not when individual projects are being reviewed.

“Once those are set, and we know the rules as investors, then we can say, ‘All right, I got the game plan, now here’s how I can build a project within that context,'” he said.

McKay said energy makes up 10 per cent of the country’s gross domestic product, and that Canada could add another 1.1 per cent or so to its annual GDP if its oil and gas industry gains access to the right markets and investments.

“That’s the equivalent of creating a new auto sector in Canada right in front of us,” McKay said during the discussion in downtown Toronto.

The RBC CEO added that also at stake is just under $200 billion in government tax revenue over the next 10 years.

“We risk ceding that dividend to others instead of taking control of it and building the world around us that we envision, not letting others do that,” he said.