Thank you for joining us here today and thank you to the Ambassador for being such a gracious host here in Washington. If you’ll indulge me folks I’d like to say a few words. This is my fourth official visit to the United States and second one to Washington.
I am very happy to be here in Washington for my fourth official visit to the United States. I have just completed two successful days of meetings advancing our long and productive history of cooperation on a wide range of energy matters. Energy cooperation, quite simply the relationship in terms of energy between Canada and the United States is already larger than any other two countries in the world.
It is a relationship in economic terms valued at $140 billion a year. Our electrical grids are so interconnected that it’s probably more accurate to refer to them as one grid rather than US. US Energy Secretary Dr. Moniz and I continue to build on a great relationship setting the groundwork for some achievements most recently that we’re very pleased with.
We’ve met five times face to face in bilateral international G7 or trilateral circumstances. I can report to you just in the last four months that we have signed a memorandum of understanding on Canada US energy cooperation enhancing collaboration in eleven areas.
Canada has hosted a session of the United States quadrennial energy review, the only consultation of industry and subject matter experts of its kind importantly held outside of the United States. Our two nations have taken action on new measures aligned with G7 priorities to support Ukraine and we have delivered on those. They are uniquely North American solutions.
We have seen a presidential permit issued for the American portion of the 540 km Quebec New York hydro line, a project that could supply 10% of New York City’s electricity demand and of course Canada, the United States and Mexico have formalized their relationship and strategy for a more secure integrated North American approach to energy, an initiative that will enhance our collective global competitive advantage. We have milestone dates to continue our discussions in building this relationship.
In terms of the United States, another example of our strong relationship just yesterday I was pleased to sign a bilateral agreement with Secretary Moniz on nuclear energy. This will allow scientists in both of our countries to share information on nuclear expertise in safety, nuclear security, nuclear technology and best practices in this area. These efforts reflect our common interest in a robust collaborative and integrated approach to energy. I know we’ll be meeting again to discuss just that in the coming months.
I also met with some other individuals to discuss our priority of working together towards greater North American energy integration and security. Those include obviously key Senators and Representatives of the House. I promoted Canada’s record as a secure responsible and reliable producer and supplier of energy. For example we talked about Canada being one of the world’s cleanest electricity mixes with 65% generated from renewable sources, the highest in the G7.
Last year Canada was the second fastest growing clean energy market in the G20. Since 2005 the Canadian economy has grown while greenhouse gases have decreased. Canada is the world’s third largest producer of hydroelectricity, has the third largest proven oil reserves after Venezuela and Saudi Arabia, the second largest reserves of uranium and fifth largest natural gas production and ninth highest installed wind capacity.
Indeed we are also the United States largest oil supplier. The United States Energy and Information Administration estimates the United States will import 8 million barrels of oil per day by 2040, up from 7.5 million barrels today. Late last year Canadian oil exports to the US were estimated to have surpassed 3 million barrels per day for the first time ever. That’s more than Saudi Arabia and Venezuela combined.
I took the opportunity to update Congressional leaders on new action that Canada has taken to enhance what is already one of the most rigorous and effective pipeline safety regimes in the world. Our new Pipeline Safety Act introduced in December is an essential part of reinforcing Canada’s position as a global leader in safety and environmental performance.
Canada boasts a 99.999% safety record for more than 72,000 km of federally regulated pipeline. I talked about energy security. Among these issues we discussed the importance of expanding North American collaboration on energy and energy infrastructure in order to strengthen energy security for this continent. Certainly the events in Ukraine and elsewhere underscore the importance of energy diversification and its opportunities but as a cornerstone of economic and global security.
We also discussed the need to support our shared economic prosperity and further enhance environmental performance. We also spoke specifically about another topic, Keystone XL. Some 70 pipelines safely deliver oil and gas across our border every day. Of course we would like that to grow. We believe there should be at least one more. We welcome the recent decision of the Nebraska Supreme Court that clears the way for the State Department to complete the process.
While in Washington I was updated by senior officials from the US Department of State on the next steps in that process. While I’m not going to comment specifically on the American political process, I will say that our position on Keystone remains the same. We believe the project should be approved. We support the science and facts, the scientists in their reporting for the US State Department and by the US State Department.
Folks, I conveyed that message during my meetings over the past few days. The Keystone XL pipeline will create jobs for American and Canadian workers. It has the support of Canadian and American labour groups people. The State Department itself has indicated it can be developed in an environmentally sustainable manner. There are other benefits but right now this is not a debate between Canada and the United States.
It’s a debate between the President and the American people who are overwhelmingly supportive of this project. Since 2005 exports of Canadian crude to the United States have increased 59% and are at historic highs. We believe that pipelines offer a reasonable solution and a safe solution and an economically sensible solution for the transportation of energy products.
In conclusion, we have deeply integrated economies, abundant reserves and shared critical infrastructure as well as common values that underpin our strong and lasting collaboration. I look forward to continuing my important relationship and work with Secretary Moniz and others to achieve energy security and independence for the North American continent.
Tonight I will travel to Houston to continue those discussions and participate in an event related to a new milestone in Canada’s contribution to energy infrastructure and energy security. Let me end there folks. Thank you for this opportunity and welcome any questions that you might have today. Thank you.
