US, Canada and Mexico sign clean energy pact

February 12, 2016
Canada, Mexico and the United States signed a draft agreement Friday to curb greenhouse gas emissions
Canada, Mexico and the United States signed a draft agreement Friday to curb greenhouse gas emissions

Canada, Mexico and the United States signed a draft agreement Friday to curb greenhouse gas emissions while increasing their energy interdependence.

The deal will see the three nations working together to better coordinate their energy resources as they move "towards a continental approach to energy," Canadian Resources Minister Jim Carr told a joint news conference with his US and Mexican counterparts in Winnipeg, Manitoba.

The memorandum of understanding commits the North American Free Trade Agreement partners to share data on energy supplies and distribution, as well as new clean energy initiatives, accelerate development of technologies such as carbon capture and storage, and improve energy efficiency across the continent.

The trio will also collaborate on environmental stewardship.

Working groups will be formed to hammer out the details of each segment of the plan, Carr said.

Energy products worth Can$167 billion (US$119 billion) were traded across the continent in 2015, government figures show.

According to the Canadian National Energy Board, benchmark West Texas Intermediate crude oil prices hit a six-year low in 2015, ending the year around $35 per barrel. Natural gas prices also remained low.

But Canadian exports of electricity to the United States reached a record high.

Meanwhile, both solar and wind generation increased but at a considerably slower pace than in previous years.

Explore further: Canada to consider CO2 emissions in approving new pipelines

Related Stories

Lifting crude oil ban means lower gasoline prices

December 21, 2015

Lifting the ban on crude oil exports will reduce gasoline prices in the United States, according to an analysis co-written by Charles Mason, the H.A. True Chair in Petroleum and Natural Gas Economics at the University of ...

UAE says to invest $35 bln in clean energy by 2021

October 4, 2015

The gas-rich United Arab Emirates will invest $35 billion in clean energy by 2021 as it seeks to reduce its dependence on fossil fuels following crude's global price slide, it said Sunday.

Recommended for you

Samsung to disable Note 7 phones in recall effort

December 9, 2016

Samsung announced Friday it would disable its Galaxy Note 7 smartphones in the US market to force remaining owners to stop using the devices, which were recalled for safety reasons.

Swiss unveil stratospheric solar plane

December 7, 2016

Just months after two Swiss pilots completed a historic round-the-world trip in a Sun-powered plane, another Swiss adventurer on Wednesday unveiled a solar plane aimed at reaching the stratosphere.

Solar panels repay their energy 'debt': study

December 6, 2016

The climate-friendly electricity generated by solar panels in the past 40 years has all but cancelled out the polluting energy used to produce them, a study said Tuesday.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.