That's correct. Thank you, Mr. Chair.
Thank you, Minister, for coming today and answering questions on the estimates.
I noticed in your testimony last week before the Canada-U.S. relations committee that you were speaking at length about issues facing the energy industry in the country, and where we are failing and continue to fail in advancing key infrastructure. Let me ask a pertinent question, because you referred to it in your speech. It was about saving the planet and lowering emissions.
I'll refer back to your speech and the testimony you gave last week, in which you noted that Canada is a capitalist country. You said, “We drive investment. We provide the parameters and the certainty in order to drive investment. It will be the marketplace that makes sure this is a sustainable change to a lower emission future.”
Last week, Chevron Canada decided that its investment in Kitimat LNG, on which it has spent $3 billion over the past seven years, cannot find a bidder. That project alone would reduce carbon emissions around the world by about 40 megatonnes per year—almost 5% of Canada's emissions alone. The company is withdrawing because it does not see an actual future in Canada in which it has transparency on outcome.
When a company like Chevron, in defiance of what you said at the committee last week, is actually saying it doesn't see a pathway here and nobody else can take its piece off, how can you actually move towards saving the planet by getting these emissions-reducing projects built?