NEW YORK CITY, NEW YORK -- (Marketwired) -- 04/22/13 -- The Honourable Joe Oliver, Canada's Minister of Natural Resources, today delivered remarks at The Future of Energy Summit 2013 hosted by Bloomberg in New York City. The Minister discussed Canada's strong record on the environment, our diversified energy mix and work to leverage our position as a responsible energy supplier to the world.
"Canada represents a safe, reliable, responsible and cost-effective supply of energy to the world. 77 percent of Canada's electricity is generated from non-emitting sources," said Minister Oliver. "We are aggressively working to help fulfil energy needs in the United States and the world's fastest-growing energy markets."
Minister Oliver highlighted Canada's new milestones, including:
-- Taking action on coal-fired electricity with the toughest regulations in the world. Canada is the only country in the world with regulations banning the construction of new coal-fired power plants that use traditional technology. And we now require all existing coal plants to shut down on a schedule that reflects their economic life, the first country in the world to do so;-- Aligning its over-arching goal with the U.S. to reduce greenhouse gas emissions by 17 percent below 2005 levels by 2020. Projections show we are halfway there;-- Providing funding to one-in-twenty Canadian households to renovate their homes to increase energy efficiency and save on home heating; and-- Committing to introducing new regulations for the oil and gas sector to reduce GHG emissions. Emissions intensity has already been reduced by 26 percent between 1990 and 2011.
Canada has an abundance of energy resources. Our proven oil reserves are the third-largest in the world at 173 billion barrels. We are also the world's second-largest producer of uranium and the third-largest producer of hydroelectricity. Canada is among few oil producing countries demonstrating tangible actions to fight climate change.
While in New York City, Minister Oliver also met with American energy leaders to discuss the Keystone XL project. Canada currently exports three million barrels a day of crude and petroleum products to the United States, of which one million barrels come from the oil sands. Projections indicate that that the U.S. will continue to import 3.4 million barrels by 2035. Canada is the United States' environmentally responsible option to fulfil this need.
"Canada supports the Keystone XL project because it will enhance national security, create jobs and foster long-term economic prosperity for both of our countries," said Minister Oliver. "Strengthening our bilateral energy collaboration would displace oil from Venezuela and the Middle East with a stable continental supply and thereby enhance the energy security of North America."
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