Thank you very much.
My name is Andrew Parsons. I'm the Minister of Industry, Energy and Technology with the Government of Newfoundland and Labrador. I appreciate the invitation to present today with respect to amendments to the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act, or Bill C-49.
Our province is pleased that the proposed legislative amendments to the Atlantic accord implementation act ensure joint management of our valuable offshore wind resources, recognize exclusive jurisdiction of waters lying between the jaws of the land and certain coastal waters, and modernize provisions relating to the offshore oil industry.
Our government is committed to supporting offshore renewal energy projects that have the potential to contribute to the goal of net-zero emissions by 2050. Electrification and increasing opportunities to support decarbonization of the economy are essential to achieving these goals.
I would be remiss if I didn't state early on in my remarks that during the global transition to a net-zero economy, as the world transitions from hydrocarbons to renewable energy sources, it will continue to require non-renewable energy sources such as oil and gas.
Newfoundland and Labrador's offshore oil and gas sector is a major contributor to our provincial economy. We have made significant progress in positioning the oil and gas sector to meet the world's energy needs during the transition while taking steps to decrease the carbon intensity of the sector by participating in projects, initiatives and groups focused on decreasing carbon sector emissions. With high ESG standards and performance, our offshore is an important and reliable supplier during the energy transition. We also have so much to offer when it comes to renewable energy resources, whether it's meeting net-zero commitments, mitigating the impacts of climate change or growing clean energy jobs and supporting economic development.
The proposed legislative amendments to the act are significant for our province as we work to develop our renewable energy offshore. They will ensure that necessary measures are in place to support offshore renewable opportunities and allow for a fiscal regime that provides the maximum economic return to Newfoundland and Labrador. It will rename the C-NLOPB as the Canada-Newfoundland and Labrador offshore energy board and expand its mandate to become the lead regulatory body for offshore energy in the offshore area. This furthers joint management of the offshore area and builds upon the extensive expertise the board has in managing offshore projects. It will define the offshore area for offshore renewable energy that excludes areas within provincial jurisdiction to ensure that we can move forward to regulate developments within provincial jurisdiction waters. Finally, it modernizes provisions regarding the regulation of our offshore oil industry.
Using our wind resources, we have an opportunity to develop some of the first large-scale projects that will produce green hydrogen for export for global demand and for some of our own commercial operations. As early adopters in this industry, we are taking every step we can to move in the right direction.
As a province, we have the right ingredients to competitively produce and export green hydrogen, from strong wind to fresh water, deep seaports and proximity to markets. [Technical difficulty—Editor]