Thank you, Mr. Chair.
I want to thank the minister for being here today to answer questions on Bill C-59.
I want to pick up on the last line of questioning, and thanks, Minister, for sharing the good news about the level of foreign direct investment we're seeing in Canada right now, particularly in the battery supply value chain. I know that Bloomberg has rated Canada the number one country in the world for that, but unfortunately we're not seeing that level of investment in all areas of our economy.
Much of the discussion recently has revolved around the impact of the price on pollution on the cost of things like fuel and gasoline, but we know that it's the global price of energy that has disproportionately impacted people. No rebate is coming with that when the global price goes up. It's the illegal and unprovoked invasion of Ukraine that has disrupted the energy market and is really driving that. That money is going into profit. I saw a recent report that the five biggest oil and gas companies made almost $38 billion in profit in 2022.
It's great to hear that companies in that sector are asking us to move ahead with the carbon capture and storage investment tax credit in this measure.
I am hoping that you can share with this committee what you're hearing from those companies. How quickly are they ready to move on making the critical investments that will drive jobs, create economic growth and help reduce emissions from Canada's largest and fastest source of GHG emissions?