Thank you, Mr. Kelly.
Through the Canadian system, we seek to advance effective outcomes that focus on regulatory systems. Essentially a good regulatory system needs to provide the confidence and assurance to the Canadian public that the social and environmental outcomes are met satisfactorily, also that there's confidence for investors. That's currently one of the biggest weaknesses in the Canadian system, whether it's the review of CEAA, the Canadian Environmental Assessment Act, or the NEB, or the species at risk requirements for boreal caribou under the SARA. Those three major pieces of federal legislation currently being contemplated are threatening the investor confidence of the sector.
We need to see something that reduces the regulatory risk long term. The financial terms are also challenging, as I have indicated today, but for examples of where the regulatory risk causes concern, look no further than the LNG sector or the announcement yesterday. How can we find a way to bring that balance back into the Canadian regulatory system to give investors the confidence to put up the capital that is going to be required for multiple years and multiple billions? This is one small part of what I've brought to the table today.
Some commitment from the federal government to affirm and recognize the role of oil and natural gas in Canada's future energy mix would be a very helpful signal. Some concerted effort to work with industry, perhaps develop a whole-of-government approach to advance and improve competitiveness while achieving government objectives would be a very important measure as well.