Yes, fundamentally the steps that have been taken have certainly been helpful in addressing the investment climate, and that's what we've been on about at some length. But there's always room for improvement. That's why the CCA rate discussion is important in terms of incenting specific investment.
The largest impact will come from having a clear policy sense with respect to what Canada desires to have happen in terms of energy investment, if the policy world is clear. Most of our sectors invest in big blocks of capital for a long period of time, so it isn't today that they're worried about as much as what the consistency is over the next twenty or forty years. If I put $1 billion in the ground today, is it suddenly placed at risk through policy gyrations that might be anticipated? If so, then they won't make that initial investment.
That's why we talk about a policy framework that's explicit, so that people can look at what governments are committed to. As future governments consider the policy framework, they too can see what we said about it and where we thought we were going. Nothing is forever. There will always be changes, but at least there's a greater sense of stability in terms of a policy framework.
And then one step down, the regulatory compact also has to be one whereby investors can say that if they want to put $1 billion, $2 billion, or $3 billion into the ground for some infrastructure, they will know how long it takes before they get their permits. Can they say they can put $100 million into proving out this investment and have some certainty that in two years they will get a yes or a no? If it's a no, that's okay too, because they're big boys. If we know we can't do that, then we'll look at this. There are always options.
So it's trying to have a degree of predictability and consistency and coherence over time that is probably the most important set of elements, as opposed to specific fiscal adjustments—not that they're not helpful or necessary, but they're the next order down. On getting that fiscal framework right, you've made steps in the right direction and we commend you for that, but the big picture has to be right as well.