A referendum on whether Alberta should separate from Canada could affect investor confidence in the province, Prime Minister Mark Carney said Friday during a visit to Nova Scotia. Speaking to the Halifax Chamber of Commerce, he was asked whether he thought a referendum could influence investors. “It can, yeah. It can have an effect,” Carney said.

Carney said Ottawa would keep working with Alberta on energy co-operation. He described the pipeline as central to the federal strategy and pointed to other initiatives that could accompany it. “Our strategy with Alberta has been to go right to the heart of the issue, which is the pipeline. But what else comes with the pipeline pathways? An actual carbon market that works in Alberta,” he said. He added that Canada would also seek to build more nuclear power infrastructure in the province.

Carney said co-operation could demonstrate the federation’s value and bring economic returns. “Having everything on the table, rolling up your sleeves, working on it - that’s the way to address it. Showing that the federation works, and it has benefit. It has a huge immediate payoff if we get it right,” he said. He added: “We’re making good progress with Alberta. There’s more to be done, but we’re making very good progress.”

Later Friday, Energy and Natural Resources Minister Tim Hodgson spoke at an event and said international energy executives were interested in investing in Canada. “They want to invest in Canada,” Hodgson said. He said executives regard the country as stable, reliable and predictable, and as supportive of free trade and multilateralism. Hodgson also said they value Canada’s principles and the need to work in partnership with Indigenous peoples and First Nations.

In November 2025, the federal government and Alberta signed a memorandum of understanding committing them to work toward an oil pipeline to the West Coast. Under its terms, Ottawa agreed to adjust the West Coast tanker ban if a pipeline project is approved as a project of national interest under the Building Canada Act. The agreement also calls for opportunities for Indigenous co-ownership and shared economic benefits.

Last month, Alberta Premier Danielle Smith said immigration levels were overwhelming the province’s core social services. She announced a referendum would be held this year, asking residents to consider nine questions about immigration and possible changes to Canada’s Constitution.

Based on reporting by Global News.