If timing is everything, the annual CERAWeek energy conference organized by S&P Global Inc. late last month couldn’t have been better for Canada.

Against the backdrop of the unfolding conflict in the

Middle East,

energy producers, investors and government officials from around the world gathered in Houston to decode the state of global energy markets.

It was clear that Canada’s strategic importance as a producer and supplier of oil and

natural gas

to the world has taken a quantum leap forward.

“CERAWeek made clear that this crisis — the largest in the history of world energy — will mean that security and diversification will be valued more, and Canada delivers on both accounts,” Dan Yergin, vice chairman of S&P Global, told me following the conference.

For the second time in four years, the planet has been reminded that everything we do, every day, takes energy. From petrochemicals to fertilizer to computer chips, jet fuel and gasoline, hydrocarbons underpin the global economy and have a direct effect on affordability.

The

Russian invasion of Ukraine

four years ago offered a preview of what can go wrong when energy markets are disrupted, but it pales in comparison to the situation we are facing now.

Because energy systems have changed inextricably, it’s incumbent on Canada to recognize the role we must play in both global stability and the global economy, today and for the long term.

This is not the time for provincial squabbles or an adherence to ideals that ignore global realities. To paraphrase John F. Kennedy, this is about what we can do for the world, not what the world will do for us. That means ensuring we can get our resources to market and to the countries that need them. And fast.

“Will Canada remain internally preoccupied with its energy discussions, or will it see it as an opportunity in the global context?” Yergin asked.

The significant Canadian presence in Houston — comprised of federal and provincial government officials and corporate delegates — was clearly intended to showcase our energy potential.

From Canada’s Ambassador to the United States,

Mark Wiseman

, to federal Energy and

Natural Resources Minister Tim Hodgson

, to Alberta Premier

Danielle Smith

and provincial Energy Minister Brian Jean as well as the premiers of Newfoundland and Nova Scotia, the intent was clear and unified: to show Canada is open for business.

Through myriad meetings during the conference, the message delivered centred on growing Canada’s energy production — both for the benefit of the U.S. market as well as for other countries that are actively seeking to diversify their energy supply.

“Canada’s energy endowment — as the world’s fourth-largest producer — gives it an important card to play in the global economy,” Yergin said.

Conspicuously missing from the Canadian contingent in Houston and the conversations was

British Columbia Premier David Eby

, whose government wants to hike natural gas royalties at a time when there are several liquefied natural gas (LNG) projects in the process of review for final investment approval in his province. This royalty grab puts those projects at risk of stalling at a time when the world needs Canada’s LNG.

Unfortunately, it appears that the current energy crisis — and Canada’s potential to increase supply and contribute to both economic and geopolitical stability — are being ignored in B.C., in favour of a quick win to fill its ballooning budget deficit. That’s the short road to killing investment rather than encouraging it.

That is unfortunate because the ongoing conflict in the Middle East highlights Canada’s competitive and strategic advantage in two very important ways — and both involve the West Coast.

One is that Canada has the only LNG export facility on the West Coast of North America. With another six in various stages of approval, Canada has the potential to grow its market share as global demand for natural gas increases through 2050 — driven by fuel switching, a growing population and the explosion in demand for AI data centres.

Second, heavy sour crudes that flow through the Trans Mountain Pipeline and are exported to Asia via the Port of Vancouver have become a vital source for Asian refineries cut off from the tanker supplies they have traditionally relied on, which transit through

the Strait of Hormuz.

And Trans Mountain is almost full.

If anything, the case for building a new pipeline to the West Coast — on top of the US$31 billion benefit to Canada’s GDP between 2027 and 2035 detailed in a recent joint study by ATB Financial and Studio Energy — has been reinforced by the Middle East conflict.

In that context, Canada is better positioned today than four years ago, when neither TMX nor LNG Canada were operating. But we have been unable to step up further and meet demand from countries that are now cut off from their supplies because the regulatory environment has not been conducive to risking capital and instead has chased it away.

Some are now wondering if initiatives meant to future-proof Canada’s energy resources could have a similar effect. We can’t forget that we must also be competitive because capital goes to where it can get the best return.

From Yergin’s perspective, Europe is an important example of why certain policies may warrant adjustment, particularly under the current circumstances.

“Even before the crisis, Europe was going through a re-evaluation of climate policies in light of energy security and economic growth and the alarming deindustrialization of the continent. Germany had been at the forefront of focusing on climate, but at CERAWeek, its minister for economic affairs and energy, Katherina Reiche, reiterated her call for a reality check on energy and climate policies. It’s a timely thing to do in light of the greater risks and challenges,” Yergin said.

Whether we recalibrate our approach or not, there’s no mistaking Canada’s generational opportunity to capitalize on the seismic shift in global energy markets. What’s at stake is bigger than all of us — and our regional interests.

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Canada can — and must — make an important contribution to the global economy through the development of our oil and gas resources for export to the world. While it might be about economic growth — and realizing the goal of becoming an energy superpower — it’s also about contributing to global stability. As Hodgson said in Houston, “W

e can’t miss this moment. This is our moment to lead.”

And the world is closely watching to see if we can meet the moment.

Deborah Yedlin is the chief executive of the Calgary Chamber of Commerce.