Thank you, Mr. Chair.
I want to start by thanking you for being with us, Mr. Minister.
I listened carefully to your opening remarks. You talked about how this is a defining moment to move toward net-zero emissions. You also talked about the International Energy Agency, which said in a study this week that no new oil and gas projects should be initiated.
I have to tell you that I'm a bit transfixed, because if I remember correctly, in January 2020 the government announced the launch of 40 new offshore drilling projects. And what struck me was that the environmental assessment process had not been changed, it had been abolished. So I don't see how such projects are reconcilable with the defining moment to move toward net-zero emissions.
In my opinion, the icing on the cake is the proverbial $559-million emissions reduction fund. That's the amount of money you are going to give in financial support to the oil and gas industry to make it greener. I don't know on what basis you made that decision, but I personally see it as what we call “greenwashing”.
That is a lot of money, which could have been invested in natural resources that already show promise in addressing climate change. I'm thinking of the forestry industry, among others.
My question is simple, Mr. Minister. On what basis did you make the decision to provide $559 million in financial support to the oil and gas industry?