Mr. Chair and honourable members of the committee, thanks for the time today.
I would say as a general comment that Canada has made the right statements and has sent the right messages to the world, and the world is paying attention.
Without going into the details, it's really a matter of acting and timing. Sitting here today, we've spent $180 million in private sector money to make this decision easy for you. Most of the projects in the U.S., without exception, are literally sitting there waiting for the policies to come. We have taken on the risk where this makes sense. It's one of the only ways you can decarbonize and, when you want to ask for policies, show the plan. We're working aggressively today to make sure we can deliver a first-mover advantage.
The reason this is important—and you've seen it before—is that when you get a first-mover advantage, industry comes around. I'd say, sitting here today, that we've seen definitions of green hydrogen, green ammonia and mandates, both here in Canada and in Europe, that have come into effect in the last days. I can tell you for a fact that what we have seen in the last two months is enough inbound custom demand to develop 15 gigawatts, which is the entire portfolio of wind that sits here today. This is very real. We're being approached on a daily basis. The reason for it is that we have spent the $180 million and we have a full team of engineers going as hard as we possibly can.
We can absolutely deliver this. The economics make sense. When you're making green fuels, you really want to...but the whole point of tax credits is not for us: It's for the customers, so that we can bring it down. If you do that, you bring the cost down, and then all of a sudden the demand starts to go. That's the whole point about what we're doing here today.
There is a global race going on, and I think Atlantic Canada is uniquely positioned to take advantage of it. We have a report from McKinsey, which has looked at all of these various things. They are telling us very clearly that our project, other than one in Saudi Arabia, is the most advanced on the planet, and it's sitting here today, so you have an opportunity to take a lead over the U.S. Despite all the talk, they're waiting.
We've risked our money. We've received literally zero dollars from the federal government at this stage. That's fine. We'd like to show what we're made of first, before we ask and define a business plan. We've been completely transparent with NRCan. They've been fantastic. We don't have any secrets. We're a transparent organization.
Very simply, I would just say, “Act.” We've given the details. We can cover those later, but I really want to pass this over to Rose Paul. This is an important part of economic reconciliation as well.
Thank you.
Go ahead, Rose.