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CALGARY – While lacklustre Canadian federal energy policy in recent years has contributed to declining levels of investment and job losses in Alberta, the coming recession from the coronavirus will force a reckoning and encourage a new approach, according to the founder of private equity giant ARC Financial Corp.

“It’s going to force more realism, more pragmatism,” said Mac Van Wielingen, the long-time CEO of ARC Financial and who now sits on a panel advising the Alberta government on how to prepare its economy for an eventual recovery.

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Prime Minister Justin Trudeau warned during his daily briefing Wednesday that new jobless numbers out Thursday would mark “a hard day for the country.”

The pandemic has led to record numbers of Employment Insurance claims in recent weeks and would likely force the federal government to take a more jobs-first approach to major energy projects in the country, Van Wielingen said Wednesday, speaking at the Canadian Association of Petroleum Producers annual investor conference, which was held virtually.