Start your day off right with five things you need to know this morning.
Five things you need to know
The head of the International Energy Agency has made yet another appeal to the Liberal government, urging it to develop Canada's abundant fossil fuel resources as the world continues to suffer from the energy crisis caused by the Iran war. Fatih Birol said "Canada doesn’t have the luxury to be slow,” adding that the country has only a limited time to seize the "golden opportunity." Speaking to an audience in Toronto on Thursday, he went on: "The cost of missing this train will be incredible." Separately, on Wednesday, Bank of Canada Governor Tiff Macklem told a Senate committee that businesses are choosing to invest outside of Canada because other countries have more favourable regulatory regimes. He explained: "What is holding them back has been very long regulatory approvals."
The head of the International Energy Agency is urging Canada to move more quickly to develop and export its energy resources, warning that market conditions will only favor the country for so long. https://t.co/Qjom6jeerA
— Bloomberg (@business) May 7, 2026
In related news, the head of the Major Projects Office – which was created by the Liberals to help speed up permitting for projects they selected – has said the "threat" of the controversial Building Canada Act (Bill C-5) is enough to hasten the regulatory process. Dawn Farrell said the bill, which allows the Liberals to suspend certain environmental laws for projects they support, said: “I can say that the threat of C-5 has everybody working together in, I think, the way C-5 was intended for sure." The law has not yet been used in a formal capacity.
‘Threat’ of Bill C-5 is making bill work as intended, Dawn Farrell sayshttps://t.co/hDkFNWW7ls
— CityNews Halifax (@CityNewsHFX) May 8, 2026
Former US President Barack Obama is set to give the keynote speech at a left-wing political conference in Toronto today. The two-time Democratic Party president was invited to speak at the Fairmont Royal York by the progressive think tank Canada 2020. Mark Carney is also set to attend the conference.
Former U.S. president Barack Obama in Toronto for keynote speech https://t.co/XtD6AhIrUv
— CP24 (@CP24) May 8, 2026
Speaking of Mark Carney: the prime minister, who said in June 2025 that he would negotiate a deal with the US "within the coming 30 days," has received the backing of respondents in a new poll from Abacus Data. According to the pollster, 58 per cent of those involved in the survey said Carney was "handling trade negotiations well," while only 34 per cent expressed the opposite view.
Canadians are sending a clear message on Canada-U.S. trade: don’t rush it.
— Abacus Data (@abacusdataca) May 7, 2026
Our new Abacus Data poll finds 70% want Canada to take the time needed to get a good deal, even if uncertainty continues in the short term.
Only 24% say get a deal done quickly, even on less-than-ideal…
The BC government has announced it's spending up to $1 million of taxpayers' money in an attempt to thwart Zeus himself. Skyward Wildfire Technologies said the cash will help the company in its attempt to both predict and prevent lightning strikes that could lead to wildfires. The firm said it uses "lightning reduction material" during storms that causes the electrical charge to "redistribute quietly inside the cloud" instead of crashing down to Earth.
B.C. invests $1 million in 'lightning reduction' technology in bid to reduce fires https://t.co/4ttUQzCzYv
— CTV News Vancouver (@CTVVancouver) May 8, 2026
