Ottawa, October 5, 2017—TransCanada’s decision to abandon its Energy East pipeline will deal a serious blow to Canada’s economy, says the Canadian Chamber of Commerce.
“Energy East would have created thousands of jobs and billions of dollars of revenue in the Canadian economy. This is a grave disappointment and one more setback in building the critical infrastructure we need to get Canada’s resources to market,” said the Hon. Perrin Beatty, CEO and President of the Chamber.
While the Chamber regrets TransCanada’s decision, it is not surprised that another multi-billion-dollar project that had become entangled in Canda’s convoluted regulatory process has been cancelled. This new setback, combined with the termination of the pacific NorthWest LNG project and the judicial review of the approved Trans Mountain Pipeline, leaves Canada sending the message to investors that we are closed for business.
“Canadians have lost out on the opportunity to get full value for a resource that we produce to some of the world's highest regulatory standards. It is a loss for communities across Canada, but particularly in Atlantic Canada, where the jobs and investment are sorely needed. This cancellation must serve as a call to the government to improve and streamline its approval process in a way that provides greater clarity for companies wishing to invest and operate in Canada,” said Mr. Beatty.
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. Follow us on Twitter @CdnChamberofCom.
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G. Will Dubreuil
Director, Public Affairs and Media Relations
Canadian Chamber of Commerce