Alberta and Ottawa have signed a sweeping new energy accord that both sides say will position Canada as a global energy superpower while still working toward net-zero emissions.

The deal includes a pledge for a new bitumen pipeline to the West Coast with Indigenous co-ownership and the suspension of clean energy regulations for Alberta with the proviso that the province increase its industrial carbon price.

The memorandum of understanding also says the federal government won’t implement its oil and gas emissions cap and, if the pipeline comes to fruition, the government would adjust the current oil tanker ban so bitumen could be exported to Asian markets.