Thank you, Mr. Chairman. There are just two more points and I'll be finished with my presentation.
I just wanted to make the point that the federal government acquires billions of dollars from the oil sands through taxes and royalties. By 2020 the federal revenue is expected to be $51 billion per year. The federal and provincial governments also provide royalty holidays and other fiscal incentives to industry, and Canada needs to use its fiscal levers with the oil sands industry to ensure that failure to meet publicly monitored, performance-based standards for environmental protection, including tailings pond reclamation, have meaningful fiscal consequences. For example, royalty holidays or favourable tax treatment would end when industries fail to meet performance-based environmental mitigation or reclamation standards.
Thank you, Mr. Chairman.