Canada is not lacking in ambition. We acknowledge and appreciate the government's firm resolve to conduct global initiatives to combat climate change. However, while Canada may be exceedingly ambitious, only action moves things forward.
Unfortunately, Canada has acquired the reputation of being a country that can't carry through with major undertakings. We have to acknowledge that the only way to achieve our common carbon neutrality objectives is in partnership with the private sector. The global transition to carbon neutral energy consumption is well under way. Canada's capacity to be competitive and to succeed requires adaptability, speed and efficient coordination by governments and industry. Canadian companies will have trouble effecting this transition unless they acquire the necessary infrastructures, regulatory frameworks and funding programs in time.
Right now, Canada's lack of clarity, predictability and efficacy in its approach to environmental policies represents the foremost challenge in achieving the nation's net-zero commitments. These issues impede the ability of businesses to make informed decisions, plan for the long term and allocate resources effectively. They also discourage the foreign direct investment and innovation that our economy needs.
The urgency of 2030 and 2050 net-zero targets requires that the federal government prioritize the following: removing barriers that compromise competitiveness, delay project approvals and place redundant and overly onerous reporting requirements on businesses; reducing permitting timelines to speed up the pace of investment and development of major projects; accelerating the implementation of incentives for clean technology deployment and adoption in Canada through investment tax credits, strategic finance and targeted programming; incentivizing partnerships with indigenous communities that advance decarbonization projects and support economic reconciliation; establishing a modernized, efficient regulatory framework that responds to the needs of industry and respects the jurisdictions of both the federal government and the provinces; and acknowledging regional differences, as geographic, economic and demographic diversity necessitates different policies, practices and investments.
Lastly, I understand the committee continues to examine the competitive challenges the United States Inflation Reduction Act poses for Canada in attracting investment for the domestic net-zero economy. While Canada cannot directly rival the U.S. in terms of financial resources, direct financial support, investment and incentives nonetheless remain an indispensable part of the policy mix. What Canada must also strive for is to turn its regulatory framework and operational efficiency into a competitive strength that will allow us to spearhead the North American energy transformation.
Making these adjustments may restore the confidence Canadian businesses need to make long-term investment decisions, create innovative carbon neutrality technologies and attract the investments the country needs, thereby speeding up its path towards achieving our carbon neutrality ambitions.
Thank you for your attention.