OTTAWA, ON --(Marketwired - April 09, 2015) - At Scotiabank's 183 rd Annual Meeting, Brian Porter, President and CEO, said that notwithstanding all of Canada's potential as an energy superpower, resource companies in Canada still do not have adequate market access for worldwide shipment of oil and natural gas. As a result, virtually all of Canada's exported oil and natural gas goes only to the United States.
The inability to move forward on projects that would help Canada export its energy products to global markets is constraining the price of its energy exports and economic growth across the country, increasingly causing investors to deploy capital in other markets. Tax and royalty revenue from energy and energy-related businesses will also be negatively impacted, which will further constrain government's ability to invest in important areas such as education and healthcare.
This issue is a matter of national economic importance. These infrastructure projects have the ability to create tens of thousands of good, high-paying jobs over the course of development, construction and operation at a time when the national economy needs this type of job creation.
Governments, corporate and community leaders need to think in the national interest and provide leadership to make global market access for Canadian energy a national priority, and then make it a reality.
Quotes
"It is clear that our inability to deliver energy to world markets is detrimental to Canada's economy. It is also detrimental to our country's brand and future economic prospects for all Canadians."
- Brian Porter, Scotiabank's President and CEO
"The time for inter-provincial bickering and political indecision has passed. Global market access for Canadian energy must be a common objective that we pursue vigorously."
- Brian Porter, Scotiabank's President and CEO
"To close these infrastructure gaps, we must develop projects responsibly, and with due consideration for our environment and our communities. These projects can be game-changers for many regions across the country -- and not just in the oil patch."
- Brian Porter, Scotiabank's President and CEO
"Through much of our history, we have seen true leadership when Canada has faced other challenges of national importance. So today, I am calling on corporate, government, and community leaders to do the same. We must make global market access for Canadian energy a national priority, and then make it a reality."
- Brian Porter, Scotiabank's President and CEO
Energy Quick Facts
- Canada is the fifth largest producer of crude oil and the fifth largest producer of natural gas in the world.
- Virtually all of Canada's exported oil and natural gas is bound for the United States, a country that is quickly becoming more energy self-sufficient.
- The TransCanada Energy East Pipeline Project would increase Canada's GDP by $35 billion.
- Almost 40% of the good, high-paying jobs created during the development, construction and operation of this project would be in Ontario.
Other Highlights from the Speech
- In 2014, Scotiabank reshaped parts of the organization to be more customer-focused and enhanced its leadership team.
- To bring the Bank closer to its customers, it reduced its organizational complexity by moving from four business lines to three -- integrating its wealth and insurance operations with its personal and commercial businesses. On the wholesale side, the Bank consolidated a number of businesses within its Global Banking & Markets division, including its commercial banking operations in Asia, trade finance, and cash management.
- The Bank will continue to focus on building scale in the Pacific Alliance countries of Mexico, Peru, Colombia and Chile.
- The Bank will expand the use of technology by embracing a 'digital' banking approach, using innovative technologies that will improve the interface with customers and make it easier for them to use our products and access our services.
Learn More
- See Brian Porter's Speech at http://www.scotiabank.com/ca/en/0,,920,00.html
- The Pacific Alliance has a population of more than 210 million people and forms the world's sixth largest economy. You can find more information at http://www.scotiabank.com/ca/en/0,,7883,00.html
- Read our annual report at http://www.scotiabank.com/ca/en/0,,917,00.html
- You can find more information on energy facts sourced through the speech at:
- Natural Resources Canada at www.nrcan.gc.ca
- A Price Waterhouse Cooper report on energy product exports at http://www.pwc.com/ca/en/doing-business-in-al...nges.jhtml
- A Deloitte study on the benefits of the TransCanada Energy Pipeline project at https://www.energyeastpipeline.com/wp-content...Report.pdf
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (
For Media Inquiries Only: Sean Hamilton Public and Corporate Affairs 416-902-5421 sean.hamilton@scotiabank.com Andrew Chornenky Public and Corporate Affairs 647-204-2184 andrew.chornenky@scotiabank.com
