Welcome!

News Feed Item

Canada faces narrow window of opportunity to improve its energy relationship with the United States

Hon. Jim Prentice, Vice Chairman of CIBC, says we need to get our house in order now to be ready to advance a continental agenda that both nations could support

OTTAWA, Feb. 12, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - Canada needs to put itself in a position of strength if we are to improve and advance our energy relationship with the United States, says the Honorable Jim Prentice, Senior Executive Vice-President and Vice Chairman of CIBC.

Speaking to the Economic Club of Canada in Ottawa, Mr. Prentice told his audience that Canada needs to get its house in order on a number of fronts if we want our largest trading partner to take our interests seriously.

"We need to respond to the fact that we are a country reliant on trade - but have become too dependent on a single market. Attention must now be turned across the Pacific and over the next few years to put the goal of negotiating accords with some of the leading nations of Asia, including Korea, Japan and China."

He noted that the nature of U.S. politics means that over the next two years in the lead up to the next Presidential election, the focus of American politicians will be increasingly inward. Mr. Prentice noted Canada has a narrow window of opportunity to deliver a meaningful continental agenda and laid out four key objectives achievements Canada needs to deliver on between now and 2017. He said the country must:

  • Move forward - with pace and with purpose - to build the Energy East and Northern Gateway pipelines, among others to give us the ability to export to the emerging markets of Asia and elsewhere;
  • Move forward - again, with pace and with purpose - to build facilities along the B.C. coast to facilitate the export of liquefied natural gas;
  • Initiate and pursue genuine engagement with our native peoples. West coast access for both oil and gas requires the active participation and involvement of First Nations' communities and leaders; and
  • Continue to improve our own environmental performance - developing the world's cleanest electricity system and further reducing the impact of oil and gas production.

"The four imperatives should be pursued in concert - by which I mean: greater output from the oil sands, produced with reduced environmental impact, and delivered across Canada, into the United States and across the ocean to Asia," said Mr. Prentice. "Along with greater natural gas production, shipped to modern facilities along the B.C. coast, and onward to emerging markets. And all this achieved with the active participation of Canada's Aboriginal people.

"As Canadians, we have the resources and the ingenuity required to take the lead in these areas. We have the opportunity to put ourselves in a position of strength from which to engage the Americans on improving and advancing our continental energy relationship."

Mr. Prentice stated that failing to deliver on these imperatives means that when Canada sits down with the new American administration in 2017, it will do so without any leverage. If the U.S. continues to be our only export market for oil, we will be talking to an administration that won't feel compelled or motivated to hear us out on the benefits of further economic and energy integration, he said.

"The key to transforming a relationship is declaring what you want, developing a specific plan to achieve it and demonstrating to your partner that you have the wherewithal to help get it done," he added. "When it comes to energy, these next few years are a Canadian opportunity. What we make of them will help to define the success of our industry - and indeed our economy as a whole - for decades to come.

"As we look to the future, let us be guided by what we've learned from the past - that our relationship with the Americans is crucial to our own economic prosperity, and that opportunities to advance and improve that relationship come along infrequently, and for only brief periods.

"The next window with the U.S. may not open until 2017. When it does, we need to be focused, and confident, and strong. We need to be ready. We cannot afford to waste a moment in preparing."

A copy of Mr. Prentice's speech is available at: http://files.newswire.ca/256/ottawaen.pdf.

About CIBC
CIBC is a leading North American financial institution with more than 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE Canadian Imperial Bank of Commerce

PDF available at: http://stream1.newswire.ca/media/2014/02/12/20140212_C9607_DOC_EN_36617.pdf

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
SYS-CON Events announced today that Datanami has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datanami is a communication channel dedicated to providing insight, analysis and up-to-the-minute information about emerging trends and solutions in Big Data. The publication sheds light on all cutting-edge technologies including networking, storage and applications, and thei...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Silicon India has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Published in Silicon Valley, Silicon India magazine is the premiere platform for CIOs to discuss their innovative enterprise solutions and allows IT vendors to learn about new solutions that can help grow their business.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...