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Perspective

The future of Canadian energy: A review of 2024's top energy issues and what to expect in 2025

In 2024, energy transition policy, government incentive programs, consolidation, and diversifying market access continued to provoke change in the Canadian energy industry. BLG's Energy lawyers continuously review the policies, issues, cases and developments affecting the Canadian energy industry. The following is our list of the most compelling energy issues of 2024 that will influence trends, business decisions and the future growth of Canada's energy industry in 2025 and beyond.

Key takeways

While the Canadian energy industry continued to encounter structural change in 2024, heavily influenced by provincial and federal government policies and regulations (which are expected to continue) we anticipate that the Canadian energy industry will be increasingly impacted by external factors (trade policies; geopolitical events; market access; and foreign exchange) into 2025. The major themes and energy issues in 2024 that BLG noted include the significant and ongoing influence of government programs (tax incentives, carbon tax, and funding stimulus); continuing consolidation, the advent of greater global market diversification; and a continuing focus on carbon reduction projects. As 2025 begins, however, we anticipate a return to fundamentals of the traditional oil and gas industry and greater impact on the Canadian energy industry from external variables rather than domestic policies.

Key Contacts