HOUSTON, April 22, 2015 /PRNewswire-USNewswire/ -- Natural Resources Canada -- The Honourable Greg Rickford, Canada's Minister of Natural Resources, today was joined by Dr. Ernest Moniz, United States Secretary of Energy, and Pedro Joaquin Coldwell, Mexico Secretary of Energy, for a panel discussion during CERAWeek 2015 in Houston, Texas.
This represents the second trilateral meeting of the three North American energy leaders. Last December, during their meeting in Washington, D.C., the ministers signed a Memorandum of Understanding formalizing trilateral cooperation for greater cooperation and integration with a long-term goal of attaining North American energy security.
The leaders highlighted the need to maximize North America's competitive advantage and to enhance sharing of best practices in developing unconventional oil and gas, and also the importance of building safe, modern infrastructure to meet the rising demand for energy in North America and around the world.
During his introductory remarks, Minister Rickford emphasized Canada's economic fundamentals and the Harper Government's actions in creating one of the world's most favourable investment climates by lowering taxes and opening new markets through free trade agreements.
Canada's overall tax rate on new business investment is the lowest in the G7. The Harper Government's low-tax plan has contributed to Canada's position as the second-fastest growing clean energy market in the G20.
Minister Rickford also discussed Canada's contribution to global energy security through innovation and efficiency in the oil sands. He noted that Canada has the ability to deploy its energy expertise, technology and products in partner countries to advance responsible resource development and use.
The Minister reinforced the benefits of the proposed Keystone XL pipeline, which the U.S. State Department has acknowledged is environmentally sound and will create jobs and replace insecure — and same or higher-emitting — sources of crude from countries such as Venezuela with a secure, reliable supply from Canada, North Dakota and Montana.
Quick Facts: Recent Milestones in North American Energy Cooperation
- Canada and the United States enjoy the largest energy relationship in the world — worth more than $140 billion annually in energy trade.
- The U.S. Department of Energy announced that it will help advance carbon capture and storage (CCS) technology at Shell Canada's Quest CCS project in Alberta;
- Minister Rickford helped inaugurate two new oil pipelines that are expected to double access for Canadian crude to the U.S. Gulf Coast.
- Minister Rickford and Secretary Moniz signed an agreement improving collaboration in civilian nuclear energy research and development.
- Canada, the United States and Mexico signed a Memorandum of Understanding enhancing our continental priority of North American energy cooperation in three specific areas.
- Presidential permit issued for the U.S. portion of a cross-border hydro line that could meet 10 percent of New York's electricity demand.
- Canada and the United States signed a Memorandum of Understanding to enhance energy collaboration in 11 areas.
- Canadian and U.S. geological services participate in a joint mission to Kyiv evaluating Ukraine's accessibility to, and quality of, oil and gas geological data.
- Canada and the U.S. have already harmonized environmental standards ranging from vehicle emissions to home energy efficiency.
"North America is a secure, responsible and reliable producer and supplier of energy. We have deeply integrated economies, abundant reserves, shared critical energy infrastructure and common values that underpin strong collaboration. We are enhancing our continental energy collaboration in a way that supports North American energy security, jobs and environmental performance. The North American energy sector is undergoing a profound transformation that for the first time puts our energy independence within reach."
The Honourable Greg Rickford
Canada's Minister of Natural Resources
Responsible Resource Development (http://eap.gc.ca/en/content/r2d-dr2)
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SOURCE Natural Resources Canada