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

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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Sylvan Lake beachgoers spark safety concerns

‘You’re putting your life at risk,’ tweets Rachel Notley

Conservatives call for Trudeau to testify at committee on WE Charity deal

Ethics Commissioner Mario Dion is already investigating whether Trudeau violated the Conflict of Interest Act

Beat the heat this summer with pop-up spray parks

Starting next week, spray parks will be popping up in neighbourhoods across… Continue reading

Genetic detectives begin work to trace spread of COVID-19 in Canada

The kinds of genetic technology being used for this project did not exist when SARS hit Canada in 2003

Quebec police continue search for father, one day after missing girls found dead

Bodies were found in a wooded area of Quebec City suburb

QUIZ: Are you ready for a summer road trip?

How much do you really know about roads, motor vehicles and car culture? Take this quiz to find out.

Canmore RCMP respond to multiple hiking injury calls this weekend

EMS and RCMP responded to three separate and unrelated hiking accidents in Kananaskis Country.

You can’t put a price on memories

Some people would rather buy something than sell something. Some people are… Continue reading

Masks and gloves: Elections Saskatchewan preparing for pandemic election

REGINA — Elections Saskatchewan estimates it will need 400,000 face masks and… Continue reading

Quebec police say they found 2 bodies in St-Apollinaire during search for 2 girls

SAINT-APOLLINAIRE, Que. — Quebec provincial police continue to search for the father… Continue reading

NHL commissioner Gary Bettman, NHLPA chief Don Fehr reflect on RTP, CBA deals

Gary Bettman and Don Fehr finally have a chance to catch their… Continue reading

NHL’s road to Edmonton and Toronto featured plenty of obstacles

Since early March, the novel coronavirus has affected almost every decision facing… Continue reading

Florida sets record week for coronavirus deaths

FORT LAUDERDALE, Fla. — Florida’s coronavirus death rate rose again Saturday, setting… Continue reading

Trump’s defiant help for Stone adds to tumult in Washington

WASHINGTON — President Donald Trump’s intervention into a criminal case connected to… Continue reading

Most Read