According to Calgary Mayor Naheed Nenshi, the Keystone XL pipeline is carrying a heavy psychic burden.

"For some reason that one-metre pipe has been asked to bear all the sins of the carbon economy," he said on CNBC during a trip to New York City as part of a Calgary Economic Development trade mission.

"Not having Keystone is not going to end the carbon necessity, or it's not going to change climate change, but somehow that one pipeline is bearing all of this," he said.

There has been a large protest movement against the project. Thousands of people in North America have gathered in the past to voice their concerns.

The 2,700-kilometre TransCanada pipeline would move bitumen from Alberta's oilsands to refineries on the Gulf Coast of Texas.

Access and diversity

Nenshi said market access is critical for Alberta's economy, as is the need to diversify beyond a single client in the U.S.

He says we need an all-of-the-above strategy, with access to multiple coasts. He's convinced more pipelines will be built to help get Alberta's energy resources to international markets, in addition to rail transport.

"Keystone is critical, but not vital, if that makes sense," he said.

In terms of Calgary's economy, the mayor said "some would say we were almost a little bit overheated before, and now it's a matter of a little bit of contraction, but also a lot of opportunity."

He says it's a good time for those interested in investing in Canadian energy, and for taking advantage of declining construction costs in Calgary.