Energy is Canada’s ‘family business,’ benefiting all Canadians: CIBC CEO

CIBC’s chief executive Victor Dodig says the Trans Mountain pipeline expansion project must be done

CIBC’s chief executive Victor Dodig rallied support for Canada’s energy sector, saying it’s the country’s “family business” and that the shortage of pipeline capacity represents a “critical threat” to our economy.

He added during his comments during a speech in Calgary that the Trans Mountain pipeline expansion project must be done without further debate in parliament or cabinet, as it is “unambiguously in the national interest.”

“We all know it, the importance of building the Trans Mountain pipeline and getting it back into private hands cannot be overstated, ideally with the Indigenous communities playing an important role in the ownership structure.”

Dodig added in his comments at the Economic Club of Canada on Friday that Canada not only needs to maintain its position as a leader in “responsible energy development,” but grow it for ”the benefit of Alberta and all Canadians.”

His comments come one day after Encana Corp. announced it was moving its corporate headquarters from Calgary to the U.S. and changing its name to Ovintiv Inc.

Dodig said Encana’s announcement “underscores the urgency” for action.

“We need to now start bringing head offices back to Canada,” said Dodig. “It’s a great place to work and live, and we need to convince people of this… We just need to get that message out.”

He added that Canada needs to build a modern, regulatory framework that allows projects to be built “in good time.”

Dodig also said the country must play a role in addressing climate change, suggesting a tailored tax credit that would encourage both carbon capture and sequestration, similar to a measure that already exists in the U.S.

Canada’s current commitment under the Paris climate change accord is to cut emissions to 513 million tonnes annually, but the most recent measurements show in 2017 emissions were 716 million tonnes, with the Alberta oilsands accounting for about 70 million tonnes.

To meet the United Nations targets, Canada would have to get to closer to 385 million tonnes.

The National Energy Board in 2016 said the production of another 590,000 barrels of oil, which would maximize the twinned pipeline’s capacity, could generate 14-17 million more tonnes of greenhouse gases each year. That production could happen with or without the expansion, the board noted.

Armina Ligaya, The Canadian Press

Just Posted

Fort Ostell Museum, Ponoka FCSS make their requests to council

Museum deals with drug dealers and operates tight budget

Waste collection made simplier in the new year

Ponoka residents will see change in garbage recycling pickup

REFLECTIONS: Ponoka was booming after the war years

By Mike Rainone for the News At the end of the long… Continue reading

PHOTOS: Ponoka Festival of Trees opening night gala and auction

Generous donors and bidders will help reach $100,000 goal

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

Canadian universities encourage exchange students in Hong Kong to head home

UBC said 11 of its 32 students completing programs in Hong Kong have already left

15 charged following protests at two Alberta kennels that provide sled dog tours

RCMP say they were called to the Mad Dogs and Englishmen kennels east of Canmore

Protesters say Alberta bill would make it harder to access some medical services

The bill would mean a health-care provider could not be sanctioned for refusing to provide a service due to morals

MacLean says “Coach’s Corner is no more” following Cherry’s dismissal from Hockey Night

Cherry had singled out new immigrants in for not honouring Canada’s veterans and fallen soldiers

Rebels ride 3-goal first period to 4-3 win over Brandon

Goaltender Byron Fancy with key saves in third period to save game

Supreme Court of Canada dismisses murder appeals in 2013 Calgary swarming death

Assmar Shlah and Franz Cabrera were convicted in 2016 of second-degree murder

Most Read