Thank you, Mr. Chair.
[Technical difficulty—Editor] I don't share any of the Liberal member's optimism or agree with his assessment of Canada's energy policy, and I probably wouldn't agree the position of my Conservative friends on the subject either.
According to an article in Le Devoir, Canada's fossil fuel subsidies totalled $38 billion U.S. last year. That was in 2022. According to an International Monetary Fund study, the bulk of that amount is “due to undercharging for global warming and local air pollution.”
Even though demand for fossil fuels is expected to peak in the next decade, Canada keeps making gargantuan investments in yesterday's energy.
How do you explain those investments, which, I repeat, are huge?
In 2022, the top five oil companies raked in $200 billion in profits.
How do you account for the fact that Canada continues to invest this many billions of dollars in an industry of the past?