Environment Committee on May 21st, 2024

[Laurel Collins, NDP, Victoria, BC]

One thing you mentioned in your comments was that you were looking for zero costs to reduce emissions and that this was the appeal of the carbon pricing system. One way to get net-zero costs would be to put a windfall profits tax on oil and gas and put that money into climate action—into things that would reduce our emissions.

I'm curious why your government isn't implementing a windfall tax on oil and gas and funding some of the really critical pieces that would reduce our emissions dramatically.

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

A windfall profit tax wouldn't necessarily lead to emissions reductions.

[Laurel Collins, NDP, Victoria, BC]

If you put the money into climate solutions....

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

We would have to model that and look at what we'd do with the money. In and of itself, the tax doesn't lead to emissions reductions. My answer was specifically related to “What if we remove carbon pricing?” My answer is that we have to—

[Laurel Collins, NDP, Victoria, BC]

Why wouldn't your government consider a windfall tax?

Actually, your government did consider a windfall tax. It was reported in The Globe and Mail. Then lobbyists from the oil and gas sector convinced the government out of it. Multiple sources from the finance minister reported that you changed your mind after hearing from CAPP and other oil-patch lobbyists.

Why not actually invest that money? The U.K. and 20 other EU countries have done this. They have taxed the excess profits of oil and gas.

We have an opportunity to fund climate solutions that would dramatically reduce our emissions. Your government is saying that you're in a fiscal bind and that you can't tackle this crisis at the scale and with the urgency that's needed, so why not implement a windfall tax and fund climate solutions?

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

There are a couple of things. We have invested on a per capita basis way more than the U.S. did through the Inflation—

[Laurel Collins, NDP, Victoria, BC]

Could we focus on the windfall profits tax?

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

You're talking about us saying we can't invest. I profoundly disagree with that.

[Laurel Collins, NDP, Victoria, BC]

Could you answer the question about the windfall profits tax?

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

I will in a minute—in 30 seconds. We've invested $200 billion—

[Laurel Collins, NDP, Victoria, BC]

Mr. Chair, how many seconds do I have left?

[The Chair, Liberal, Francis Scarpaleggia]

You have 45 seconds.

[Laurel Collins, NDP, Victoria, BC]

If you wait 30 seconds, I won't hear your answer.

I'm wondering if you can answer about the windfall profits tax.

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

If you'd let me answer....

We've invested $200 billion to fight climate change and transition to a low-carbon economy. The Americans...about $370 billion. They're 10 times our size. We're investing way more than the Americans do.

[Laurel Collins, NDP, Victoria, BC]

You have plenty of time to tout your government's policies, but why not consider a windfall profits tax on oil and gas?

Tackle corporate greed. Invest that money in climate solutions.

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

In your question, you talked about the reports from the ministry of finance. As you know, I'm the Minister of Environment and Climate Change. I'm not the Minister of Finance. I haven't been the Minister of Finance.

[Laurel Collins, NDP, Victoria, BC]

Are you advocating for this to the Minister of Finance?

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

I haven't been lobbied by CAPP or other fossil fuel companies on not moving forward on the windfall profits tax.

[The Chair, Liberal, Francis Scarpaleggia]

We have to stop there and vote.

Thank you.

[The Chair, Liberal, Francis Scarpaleggia]

We now go to Mr. Deltell.

[Sophie Chatel, Liberal, Pontiac, QC]

I have a point of order.

[The Chair, Liberal, Francis Scarpaleggia]

Yes, Mrs. Chatel, go ahead.

[Sophie Chatel, Liberal, Pontiac, QC]

I just want to point out that when—

[The Chair, Liberal, Francis Scarpaleggia]

Just a minute. I neglected to say that the meeting had resumed. Now, it's done.

You can go ahead with your point of order.

[Sophie Chatel, Liberal, Pontiac, QC]

Thank you, Mr. Chair.

I just want to point out that it's very hard to follow the discussion in French when there is so much back and forth. There's a long delay for interpretation, so we can't keep up with the conversation.

Please try not to interrupt one another so much.