Champagne says energy investments set the stage for Canada's future economic growth

Detailed summary

Canada’s finance minister says Ottawa is investing in energy infrastructure to create a foundational base for the new technologies that will power the 21st century economy.

HALIFAX — Canada’s finance minister says Ottawa is investing in energy infrastructure to create a foundational base for the new technologies that will power the 21st century economy.

François-Philippe Champagne told a group of business people in Halifax this morning that history has shown economies with plenty of energy resources do better in the long run.

He said the world is moving toward electrification in almost every area of the economy, including the transport, manufacturing and industrial sectors.

Canada has seen an explosion in interest from artificial intelligence companies in recent months as they look to spend billions building energy-hungry data centres that can take advantage of the country’s abundant resources.

However, AI stocks have been falling in recent weeks and the value of AI chip behemoth Nvidia plummeted today amid the resignation of its CEO over a deepening sex and spying scandal.

Champagne said stock markets are always going to fluctuate, but if Canada invests in a strong energy foundation, the demand and economic benefits will follow.

“When you invest in foundational pieces like energy, you cannot be wrong because energy will be key to power our economy for now and obviously the future,” Champagne told reporters following the event.

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