Thank you, Madam Chair.
Thank you to our witnesses for being here this afternoon.
I'm going to build on what several past witnesses talked about. I think Mr. Montgomery talked about it as well.
The IRA in the United States takes more of an enabling approach, and Mr. Montgomery talked about the carrot-and-stick approach that Canada pursues. That's been raised by previous witnesses as well. When you see $390 billion injected into the system, the Americans are looking to pull in investment, while Canada has regulatory uncertainty in where we're going to go. As Mr. Kennedy talked about, we need to act almost with a sense of urgency to respond to the provisions of the IRA.
When we look at some of the tax credits—Mr. Montgomery, this one would be for you—and the credits that specifically talk about the critical mineral provisions, the U.S. put them right in their legislation. They're talking about increasing the number from 40% in 2023 to 50% in 2024 to 60% in 2025 to 70% in 2026.
Is Canada even able right now to commit to fulfilling those requirements? Do we still have regulatory burdens that hinder us from being able to meet that kind of demand?