Mr. Speaker, ratifying the Kyoto protocol will result in energy efficiency, innovation and conservation to Canada's great economic advantage. Rather than talking about the cost of ratifying Kyoto we should act because of the increasing cost of inaction.
Current temperature levels several degrees above normal accompanied by floods and ice storms are causing economic damage to many sectors including the shipping, insurance and tourism industries.
In addition, farmers and ranchers face severe economic damage because of droughts. Droughts also lead to more frequent forest fires. Thus, the cost of inaction is overtaking the cost of ratifying Kyoto. Industry Canada reports that $7 billion in economic activities can be generated by the ratification of Kyoto. By contrast, the projections made by the petroleum association, Esso, the BCNI and the chamber of commerce are wrong and misleading.
The benefits from energy efficiency and innovation are enormous. Let us catch up with the technological progress and the economic opportunities before the cost of inaction becomes too great.