|By Marketwired .||
|June 11, 2014 10:37 AM EDT||
NEW YORK, NEW YORK -- (Marketwired) -- 06/11/14 -- Natural Resources Canada
The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, today attended the Goldman Sachs North American Energy Summit in New York City.
Minister Rickford participated in his second official bilateral meeting with Ernest Moniz, United States Secretary of Energy. The Minister discussed our plan for Responsible Resource Development and reinforced Canada's commitment to energy security, jobs and environmental stewardship.
Minister Rickford participated in a panel discussion on "The Outlook for the North American Energy 'Revolution': An All of the Above Strategy" moderated by John F. Rogers, Executive Vice President, Chief of Staff, and Secretary to the Board of Goldman Sachs with Emilio Lozoya Austin, Chief Executive Officer of PEMEX; and Lyndon Rive, Chief Executive Officer of Solar City.
The Minister noted that North American energy independence is within reach and highlighted Canada's willingness to collaborate with North American and global partners to support regional and global energy security and stability. The Minister also recognized Canada as an open and attractive investment destination for energy and natural resources where there are currently hundreds of major resource projects worth approximately $650 billion - creating truly unparalleled opportunities for investors.
In particular, Minister Rickford emphasized the need for the Keystone XL project that would help replace heavy oil from Venezuela, which has the same or higher greenhouse gas emissions, with a stable and secure source of Canadian oil. Canada and the U.S. have integrated economies and oil and gas sectors, which underscores the importance of creating jobs, long-term economic prosperity, energy security and environmental stewardship on both sides of our shared border.
Also attending the North American Energy Summit were the Honourable John Baird, Canada's Minister of Foreign Affairs; and the Honourable Joe Oliver, Canada's Minister of Finance; as well as other American and Mexican government officials and investors from around the world.
-- Canada and the United States enjoy the largest two-way trade relationship in the world - more than $700 billion annually. -- Canada has the 3rd-largest oil reserves in the world, is the 5th-largest natural gas producer and the 3rd-largest hydro producer and has open and transparent markets. -- 63% of Canada's electricity generation is from renewable sources, first in the G7. -- We are the first Canadian government to oversee a net reduction in greenhouse gas emissions. In 2012 emissions were 5.1% lower than 2005 levels, while the economy grew by 10.6% during the same period. Indeed, our actions have seen per-capita carbon emissions fall to their lowest level since tracking began. -- Canada became the first major coal user to ban the construction of traditional coal-fired electricity generation units in 2012. Coal-fired electricity energy generation in the United States produces twice the GHGs of the entire Canadian economy, and 25 times the GHGs produced by our oil sands. -- Canada is the largest source of imported oil for the U.S. The oil sands already support more than 54,000 jobs in the United States, including about 2,500 in the state of New York. -- The US Energy Information Agency projects that the United States will need to import 7.4 million barrels of oil in 2035. Keystone XL would create jobs, long-term economic prosperity, energy security and environmental stewardship on both sides of our shared border. -- Canada already has a safe and reliable energy transportation system, and we are taking steps to improve and expand that system. These include new measures to strengthen safety regimes for pipelines, tankers, offshore, rail and nuclear energy. The Government is taking action in three areas - prevention, preparedness and liability. -- Canada is positioned to contribute to global energy security through energy innovation and efficiency across all energy sources. It has a capacity to deploy its energy know-how, technology and supply chain in partner countries to advance responsible resource development and use.
"The North American energy sector is undergoing a profound transformation that for the first time puts North American energy independence within reach. Canada's commitment to open markets and abundant resources makes it a responsible, reliable, partner in meeting America's and the world's energy needs."
Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario
Oil Sands Fact Sheet
Pipeline Safety Fact Sheet
Responsible Resource Development
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Alexandra Lemieux, Press Secretary
Office of the Minister of Natural Resources and
Minister for the Federal Economic Development Initiative
for Northern Ontario
Natural Resources Canada, Ottawa
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