Mr. Chair and honourable Members, thank you for the opportunity to attend today's discussion on critical minerals in Canada. As noted during the introduction, my name is David Billedeau. I serve as the senior director of natural resources, environment and sustainability at the Canadian Chamber of Commerce.
The Canadian Chamber of Commerce recently launched its Critical Minerals Council, which is co-chaired by Teck Resources and Toyota Canada and brings together 20 members from upstream and downstream corporations, academic institutions, industry, and indigenous associations. Together council members are focused on enhancing touchpoints between domestic mining and manufacturing companies, economic and environmental ambitions, and indigenous and industry stakeholders. In so doing, we hope to encourage the sustainable development of critical mineral supply chains in Canada and provide markets with the resources required to transition to a low-carbon future.
According to the International Energy Agency, the average electric vehicle can require six times the amount of minerals a conventional car does, as well as materials like nickel, cobalt, and lithium, which a conventional vehicle typically doesn't require. As another example, a wind plant needs up to nine times more mineral resources than does a gas-fired plant. In other words, the transition to a net-zero future hinges on the availability of critical minerals. Similarly, critical minerals are essential for food security, as the continued production and supply of minerals like potash are vital for crop production and quality. With this increasing demand in mind, the Canadian Chamber believes that an effective critical minerals strategy will unlock significant opportunities for Canada, which I would like to briefly highlight for you today.
First, growing domestic supply chains will reduce Canadian dependence on imports. According to the Centre for Strategic and International Studies, China provides more than 85% of the world's rare earths and is a primary global supplier of minerals that are essential for digital and green energy infrastructure. Our economic and environmental ambitions should not hinge on importing critical minerals from any one country, particularly when we have abundant reserves here at home. We must develop our supply chains, work with allies to advance shared interests and resiliency, and create domestic strategic mineral stockpiles.
Second, Canada has growing international market opportunities. To match domestic critical minerals production with increasing global demand, it's important to focus attention on facilitating resource development here in Canada, where it takes an average of over 15 years to move mining projects from discovery to first production. This lead time will impact Canada's decarbonization efforts while limiting international market opportunities. Accordingly, we must work with a spectrum of stakeholders to determine how to responsibly expedite development, including by securing venture capital for early-stage projects.
Third, our critical minerals strategy can create transformative economic opportunities that facilitate indigenous partnerships, reconciliation and self-government. Moreover, through collaboration with indigenous communities, universities and industry, the Government of Canada has an opportunity to de-risk investments that will address the social and physical infrastructure deficits in remote communities. With these opportunities in mind, we encourage the Government of Canada to deploy a critical minerals strategy that creates a cost-competitive business environment with regulatory certainty; develops domestic processing capabilities by facilitating new investments, refurbishing existing infrastructure and partnering with local communities; and provides an accurate critical minerals inventory and forecast for demand over the next 15 years.
Executing an effective critical minerals strategy is key to reinforcing Canada's global brand as a secure and sustainable supplier as well as supporting domestic and international low-carbon transitions and food security.
Thanks again for your time and consideration. I look forward to the discussion today.