Thank you for the questions and for the reference to the paper, which was written quite some time ago. I'm glad people read these things. You never know.
Generally, we're talking about what I referred to in my opening comments as a lost market share. That's really what this translates into. We have to question the competitiveness of our investment environment in Canada and whether that's stimulating the investment dollars it needs to unlock the projects that allow us to have more throughput and output and compete more effectively on the global stage.
Broadly speaking, we have a time-bound and time-limited opportunity to really get this right. We have to do a deep dive that, from soup to nuts—forgive the term—looks at all of the various measures, from tax policy and regulatory policy right through to what we're doing on climate, and challenges the competitiveness of our investment environment here in Canada.
Looking towards solutions, which is where we're at, I don't think there's an argument anymore that our regulatory processes need to be improved. We must do better. That's broadly accepted by Canadians, the private sector and all levels of governments.
The questions were these: Where do we go, and what can we do from here? There are some very practical things that I would say need to be in the window for consideration, particularly on the regulatory side.
On thresholds, under the project designation regulations, I hear from all of the different sectors of the economy that those thresholds need to be increased so we can start to effectively move not only toward a principle of “one project, one assessment,” but also further to “one decision”. That may sound like a very simplistic thing, but raising the thresholds and moving in this type of direction really does start to identify clear lanes for the provincial and federal governments' jurisdictions, which is the type of clarity that businesses need on the regulatory side.
That's one area I think is open for analysis and debate for what we can do to start moving projects faster and in tune with the moment.
The more substantive stuff is going to be on a sectoral, project-by-project basis, where we're looking at that full suite of incentives, tax policies and everything required to unlock dollars, and we're asking ourselves where we stand vis-à-vis our global competitors and what we could be doing better.