That's a great question, honourable member. Thank you.
I think Andrew did a tremendous job of talking about the Inflation Reduction Act. It's the gorilla in the room. It's simple and it's already in play. The Canadian system with the investment tax credits.... We commend Finance Canada for its tremendous work on building these five different ITCs, but they're not finalized yet. The U.S. system is already in play, whereas the Canadian ITCs are not complete. They're still looking at things.
There are also ankle weights. If you compare it to two racers standing at the blocks, the American athlete would already be 10 metres ahead. Secondly, the ankle weights around the Canadian competitor would include the uncertainty around the ITCs and what they'll include. Another ankle weight would be the fact that the ITCs are linked to whether or not your province agrees to net-zero legislation by 2035. That has not yet been finalized, and it is not expected to be finalized until 2024.
There are these types of barriers, and then there's a lack of clarity in the contract for differences and how those will work.
I believe that Canada could be very competitive. It's just that we have to get these things right and we have to move more quickly in terms of getting them completed so that the boards can look at them and make decisions. In the States, it's relatively simple. Boards can look at a project and evaluate it, and those boards would include indigenous boards and indigenous partners. The other is that they could move quickly.
Another challenge we're seeing with our indigenous projects and our partnerships is funding and access to, say, SREP funding. The Canada Infrastructure Bank is great, and we applaud that. However, those types of things need to continue to enable our partners to secure the funding they need to participate in these exciting projects.