The shifting landscape for Canada's energy, utilities, mining and industrial sectors­

Key findings and takeaways from the 26ᵗʰ Annual Global CEO Survey­

Our latest global CEO Survey explores an urgent issue facing chief executive officers: how to stay ahead of future threats while managing immediate ones. Our global report examined this dual imperative in detail, offering insights into what it means in three key areas: winning the race for the future, navigating current tensions and ensuring a balanced agenda between short- and long-term pressures.

This year, our Canadian survey respondents included a large number of CEOs of energy, utilities, mining and industrials (EUMI) companies, and their responses reflect many of the tensions facing their Canadian and global counterparts. So what are some key findings and takeaways for Canadian EUMI CEOs trying to balance the dual imperative in 2023?

1. The race for the future

What are EUMI CEOs thinking and doing about long-term trends and challenges, like climate change and digital disruption?


31% of Canadian EUMI CEOs (25% of Canadian CEOs overall) don’t think their organization will be viable after ten years if they continue on their current path.

25% of Canadian EUMI CEOs (20% of Canadian CEOs overall) have completed initiatives to reduce their company’s emissions.

55% of Canadian EUMI CEOs (40% of Canadian CEOs overall) believe supply chain disruption will impact profitability in their industry to a large or very large extent over the next ten years.

2. Today’s tensions

What’s the outlook for the economy, and how are EUMI CEOs managing a volatile near-term environment?


68% of Canadian EUMI CEOs (71% of Canadian CEOs overall) believe Canada’s economic growth will decline in the next 12 months.

Only 41% of Canadian EUMI CEOs (46% of Canadian CEOs overall) are very or extremely confident about their company’s prospects for revenue growth over the next 12 months.

65% of Canadian EUMI CEOs (63% of Canadian CEOs overall) aren’t planning to reduce their workforce to mitigate potential economic challenges and volatility in the next 12 months.

3. A balanced agenda

How much control do EUMI CEOs have over their calendars to balance short-term considerations with reinventing the business? To what extent are they taking advantage of opportunities, such as collaborating with governments and harnessing the power of organizational culture, to help accelerate change and manage competing pressures?


Canadian EUMI CEOs are only spending 20% of their time evolving their business and strategy to meet future demands (Canadian CEOs overall are spending 22% of their time doing that).

43% of Canadian EUMI CEOs (27% of Canadian CEOs overall) say they collaborate with governments, NGOs or academic institutions on infrastructure development.

16% of Canadian EUMI CEOs (13% of Canadian CEOs overall) are collaborating to a large or very large extent with governments to create new sources of value.

Takeaways for Canadian EUMI CEOs

In tacit recognition of the extent to which they rely on carbon-based energy, Canadian EUMI CEOs are more likely than Canadian CEOs overall to question their viability in the next ten years. Given that in many cases it’s a matter of survival, they’re also more likely to be doing something material about climate change and using these actions and commitments to differentiate their brand.

Yet CEOs of EUMI organizations express similar concerns to their Canadian counterparts overall about economic growth and their own company’s success rate in the next 12 months. With inflationary pressures and the risk of a recession looming, the only way forward will be to become a more efficient business with what they have today.

Our results show three key opportunities for Canadian EUMI CEOs to navigate the resource and time pressures at the heart of the dual imperative. By considering the questions and suggested approaches below, leaders can increase their readiness for a dual-imperative world:

What is your energy transition ecosystem? As you innovate, building new capital projects and driving different technologies to address carbon emissions, you’ll likely find your organization becoming increasingly exposed to supply chain disruption. To reduce this risk, enable the growth of your local supply base around the most relevant technologies and capabilities. Ask what you’re doing to encourage innovation and growth in diverse suppliers within your geographical area. What proportion of your growth portfolio is coming from local minority- and Indigenous-owned businesses?

Are you ready for a crisis, and how central are your front-line teams to reinventing your organization? In the context of short-term constraints, being crisis-ready is more important than ever—you simply can’t afford to have a crisis you’re not able to respond to effectively. As always, your most valuable asset is your people. Invest in developing the capabilities of your people, particularly problem-solving and analytics capabilities, to help transform your business and drive the efficiency and operational excellence you’ll need to cope with current and future pressures.

What role can you play in helping this sector effectively transition? Given how important collaboration is to EUMI CEOs and the crucial role it will play in getting us closer to energy transition, are you doing enough to help promote and streamline these types of collaborations? Identify the people within your teams who are working to improve collaboration and engagement—rather than just managing the process. Building your organization's collaborative mindset and muscle will continue to be of utmost importance as the sector looks to achieve both multi-party collaboration and alignment around the complex problems that need to be solved to achieve transition, including regulatory challenges.

Taking advantage of the unique position of Canadian EUMI companies

The EUMI sector is at the heart of energy transition and will have a crucial role to play in influencing the impacts of climate change. EUMI CEOs who tackle the questions and issues our survey has highlighted can lead the way forward on reinventing their business to survive and thrive both now and in the long term.

The ability to collaborate across industries will be key, as it represents a way of scaling without adding additional cost and effort. By doing so, CEOs can ensure resilience in what our survey suggests will be a defining year for Canadian businesses and position their organizations for a bright long-term future.

Contact us

Nicolas Marcoux

Nicolas Marcoux

Chief Executive Officer, PwC Canada

Tel: +1 514 205 5302

Matthew Wetmore

Matthew Wetmore

Global Industries & Sectors Leader, PwC Canada

Tel: +1 403 561 6376

James McLean

James McLean

Utilities Leader, PwC Canada

Tel: +1 403 614 1470

Michelle Grant

Michelle Grant

Deals Energy, Utilities, Mining and Industrials (EUMI) Leader, Partner, PwC Canada

Tel: +1 604 806 7184

Follow PwC Canada