Good afternoon, Mr. Chair and members of the committee.
As a quick introduction, my name is Alex Templeton. I'm from St. John's, Newfoundland and Labrador.
Professionally, I'm a partner of the Atlantic Canadian law firm McInnes Cooper, where I maintain a litigation and regulatory practice. As a volunteer, I serve as chair of the board of directors of Econext, and it's in that capacity that I appear before you today.
Econext is a not-for-profit association of over 200 member businesses that are collectively focused on accelerating clean growth in Newfoundland and Labrador, which is to say environmentally sustainable economic development in our province. Our members include businesses that are engaged in the ocean economy, including the offshore oil industry, as well as businesses that are engaged in the emerging onshore wind and clean fuels industry and businesses that would surely engage in an offshore wind industry in our waters, should one develop.
As such, we've been following your committee's proceedings with keen interest. We attend today with the benefit of having seen much of the testimony you've heard so far. We thank you for the invitation to appear today as a witness.
Under Bill C-49, regulatory authority for offshore wind energy production in Newfoundland and Labrador would be granted to the C-NLOPB through an expansion of its mandate beyond offshore oil and gas projects.
Since the 1980s, the C-NLOPB has provided effective joint federal-provincial oversight of the offshore industry with a mandate that's focused on safety, environmental protection, resource management and industrial benefits.
The legislation that brought about its creation, the Canada—Newfoundland and Labrador Atlantic Accord Implementation Act, fundamentally altered the trajectory of Newfoundland and Labrador’s economy. The regulatory framework that was established enabled billions of dollars of investment activity into our province and Canada. However, the impact extended far beyond this. Investments made into the province helped to create and foster a world-class cluster of small to medium-sized businesses that have been developing state-of-the-art technologies and services that are world leading.
Econext members are active from one corner of the globe to the other, exporting their oceans-focused technologies. Research facilities at Memorial University and its marine institute—designed and financed in part to support the offshore industry—are among the best in the world, and innovators from all over travel long distances to access them.
The capabilities that Newfoundlanders and Labradorians have developed are now being deployed internationally in support of offshore wind projects. Companies like Kraken Robotics, Rutter Inc., C-CORE and many others, which came in to being in part because of the opportunities provided by the offshore oil industry, are now using that knowledge to support the global energy transition.
Newfoundland’s Port of Argentia is a good example. It's North America’s first monopile marshalling port, supporting major U.S. offshore wind projects.
While offshore wind is still relatively nascent in North America, the fact is that it's a mature industry internationally with a considerable market value, and it's high time we welcomed some of this investment to Canada. The potential for offshore wind development in Newfoundland and Labrador in support of global commitments to net zero by the year 2050 is also significant.
However, without the enabling legislation and regulation in place, none of this will come to pass. Investors need certainty. Developers need clear pathways they can rely on. Offshore wind projects take many years to advance from concept to operations, and decisions are being made today about how long-term energy needs are going to be developed.
A modernized Atlantic accord could do it again: It could repeat the economic prosperity the original Atlantic accord achieved over the past four decades.
Whatever one's stance on renewable or non-renewable energy, the fact of the matter is that the C-NLOPB has the experience, technical expertise and a regulatory track record that are well suited to the offshore renewable energy sector. It's only logical to avail of this advantage. This approach is consistent with that seen in many other countries.
Joint federal-provincial jurisdiction is complex. Building on a strong foundation that both levels are comfortable with just makes sense.
Therefore, Econext is supportive of Bill C-49. It urges this committee to advance it expeditiously to the next stage in the legislative process. Delaying its implementation will only create uncertainty for investors and threaten the emergence of an industry that has great potential to transform Atlantic Canada's economy and allow for it to make a great contribution to Canada at large.
I thank you again for the invitation. I look forward to your questions.