Thank you very much for this opportunity on this important conversation we're having today.
My name is George Christidis, and I am vice-president of government relations and international affairs at the Canadian Nuclear Association.
I would like to start off by acknowledging that we are on the unceded territory of the Anishinabe Algonquin people.
To begin with, the CNA is a non-profit organization representing over 100 members across the nuclear industry, everything from nuclear utilities, uranium mining, suppliers and the supply chain. The Canadian nuclear industry employs over 76,000 Canadians in highly skilled jobs across the country.
Nuclear technologies are essential in Canada's economic and social economic development. It is clear from an international and domestic perspective that the transition to a clean energy system requires more nuclear. This increasingly includes the discussion of large nuclear technology, CANDU, as well as small modular reactors.
Canada’s nuclear industry is a strategic asset to attain clean energy transformation. There can be no transition to net zero without a role for nuclear industry or nuclear technologies. In Canada it's based on a proven track record with its CANDU technologies and supply chain that is second to none in terms of capability, safety and reliability. Canada’s nuclear industry is also a leader in nuclear waste management, and its efforts towards a long-term solution for nuclear waste of by-products are seen as a model in international forums.
Nuclear technologies provide a pathway for indigenous reconciliation, offering technological solutions and options for willing communities to consider as they look at their own plans for economic and social development.
Canada, the United States and other key countries have included nuclear in their clean climate policies as well as energy security goals. We applaud the efforts and encourage continued support for the nuclear industry that has been shown by the Canadian government. We specifically applaud the Canadian government's efforts of including the investment tax credit's nuclear definitions, as well as increasingly including nuclear in clean energy definitions.
Moving forward in terms of Canada, it's really about building out on this CANDU technology and the supply chain that is second to none and looking at building on the refurbishment in Ontario—$26 billion of CANDU refurbishment on major projects undertaken by Ontario Power Generation and Bruce Power, which are on time and on budget.
The recently announced Canada-Romania $3-billion loan guarantee to support Romania’s climate and energy security needs is an example of the benefits that this technology can provide both domestically and internationally.
On SMRs, Canada has a very good story to tell. Ontario Power Generation is working with U.S. partners such as Tennessee Valley Authority and utilities overseas such as Synthos in Poland to look at SMRs as a viable option to reduce emissions and, again, enhance energy security.
There is an important relationship that builds on other parts of our nuclear supply chain, which includes uranium supply to the U.S.A. and other markets that are looking at delinking from Russian sources.
The recognition of the fact that Canada and the U.S. are both competitors but also complementary in terms of some of the policy areas has to be considered. Canada and the U.S. need to work more closely together. The Trudeau-Biden statement and the agreements made between the Department of Energy and NRCan are good foundational points that reflect this relationship.
Moving forward, we echo the statements made that we need to look at the regulatory regime as a means of accelerating the deployment of all clean energy technologies in order to meet climate goals as well as energy security goals, which include nuclear, both large and small.
We also recognize and encourage the further refinement of investment tax credits to reflect the principles of the Inflation Reduction Act in the United States and, specifically, taking a look at the ITC as being broadly applied to Canadian supply chains so that it does not preclude access to other clean financing programs such as loan guarantees from the CIB and so that the ITC recognizes the complexity of the nuclear refurbishment programs and the way that they're essential as part of the clean energy transition and does not arbitrarily exclude projects set on set dates.
With that, I thank you very much.