**Urgent: New B.C. Oil Pipeline Deal Signed; Who Will Build It?**

UPDATE: A major breakthrough for the proposed oil pipeline from Alberta to northern British Columbia has just occurred. Prime Minister Mark Carney and Alberta Premier Danielle Smith signed an energy memorandum of understanding (MOU) during a business event in Calgary, raising urgent questions about who will commit the necessary billions to construct this ambitious project.

Speaking to a packed audience of energy executives, Carney emphasized the need for a private sector partner willing to invest significantly. “If you know of one in the room, come see us afterwards,” he quipped, highlighting the pressing need for a commitment from a company to move forward.

This agreement not only aims to facilitate the construction of the oil pipeline but also includes plans for developing nuclear power, as well as supporting a multi-billion-dollar carbon-capture initiative. The deal marks a significant shift, as the federal government is now prepared to relax certain environmental regulations, including the British Columbia tanker ban and the emissions cap affecting the oil industry.

The spotlight is now squarely on Smith to see if her vision for the pipeline can materialize. She has campaigned for these changes, but the real test lies in attracting private investment, especially given the complicated regulatory landscape ahead.

At the Calgary Chamber of Commerce event, Carney received multiple standing ovations, a stark contrast to the political climate just one year ago when former Prime Minister Justin Trudeau faced criticism over environmental policies. Deborah Yedlin, president of the Calgary Chamber, remarked, “None of us would have taken that bet” on Alberta’s premier persuading the prime minister to ease major environmental laws.

While the Alberta government is moving forward with a formal application for the pipeline, the project currently lacks a defined route or name. The logistical and environmental challenges remain daunting, and experts warn that any potential investor will be wary of the financial burdens, especially after the staggering cost overruns seen with the Trans Mountain Pipeline Expansion, which escalated from an estimated $7.3 billion to over $34 billion.

“I don’t think any private sponsor is going to be prepared to just have a blank cheque associated with this project,” said Randy Ollenberger, managing director at BMO Capital Markets. He indicated that financial assurances from either Alberta or Ottawa may be necessary to mitigate risks before companies commit.

Mark Scholz, president of the Canadian Association of Energy Contractors, expressed optimism: “I think you’re going to find proponents interested in moving forward.” Yet, the project also faces the challenge of meeting Ottawa’s requirements, particularly regarding the Pathways Alliance—a consortium of oilsands companies aiming for net-zero emissions.

Chief Kelsey Jacko of the Cold Lake First Nations has raised safety concerns regarding the carbon capture project, emphasizing the need for Indigenous voices to be included in discussions. “It’s frustrating when people are having talks and we’re absent from the table,” he stated, underscoring the human impact of these energy developments.

As the situation develops, the coming days will be critical. The push for a new oil pipeline is not merely a local concern; it reverberates across the energy sector and the Canadian economy. With the federal government’s backing, the stage is set for a potential transformation in Canadian energy infrastructure, but the question remains: who will step up to help build it?

Stay tuned for more updates on this developing story.