Thank you, Madam Chair.
I'd like to thank the witnesses for being here today. It's been incredible testimony.
It's an important study on the Inflation Reduction Act. We're looking at the U.S. spending $390 billion over the next decade to seek a 40% reduction in emissions by 2030.
Several witnesses have come forward. Even just last week, Elizabeth Kwan from the Canadian Labour Congress called this bill and this legislation a “game-changer”. The Canadian Steel Producers said that the U.S. is now taking an “enabling” approach to draw in investment, to reach not only its economic goals but also its climate goals. They're almost moving together in unison.
Bob Masterson, the CEO of the Canadian Chemistry Industry Association, said that the Americans have “unleashed the power of private capital” to decarbonize while Canada is still stuck in debates over strategies and plans, which is disappointing.
I'd like to go to Mr. Bradley first and talk about electricity. Of course, in my home province of Ontario, 60% of the grid is nuclear energy. There were some discussions by the Province of Ontario about taking Pickering off in 2024. Well, that's 14% of the grid. I believe the province has delayed that decision to 2025. They're looking at whether refurbishment can take place and are drawing in investment to do that.
How is that investment climate now looking because of the IRA? It would almost seem as though foreign companies—for example, Bruce Power, which was British Energy that came in and took over in Kincardine—made that decision. The draw for investment to do the refurbishment of Pickering is now a lot less, would you not agree, because of the IRA?