Mr. Speaker, equalization is one part of the solution to fiscal imbalance. What is most important is that there be true transfers of the federal government's tax fields to the provinces and Quebec. There is strong consensus in Quebec on this matter. The Séguin commission looked at this issue and issued its report. The majority of Quebeckers agree that there is a fiscal imbalance and that it must be corrected through transfer of tax fields.
We should take note of the concept: the fiscal imbalance must be resolved by a transfer of tax fields. The two are tied. The fiscal imbalance cannot be resolved simply through an equalization formula that is constantly changing. This does not allow Quebec to truly have choices and to make decisions for the long term because it never knows when the federal government will change the equalization formula to suit one person or another.
With regard to excluding natural resources, it is obvious that they should never be excluded from the equalization formula. Whether we are talking about 50% or 100%, it is unacceptable to exclude resources. Why would we choose to favour, in a purely arbitrary way, one province over another? Why not exclude renewable resources, such as those produced by Hydro-Québec? This would be advantageous for Quebec. Why not exclude revenues from the aeronautical industry? That would also benefit Quebec.
As we can see, it is completely arbitrary. Once again, it caters to the western oil companies and that is unfortunate.
With regard to the Kyoto protocol, I must say that the government was somewhat disappointing. The Liberal government never wanted to put in place the territorial approach or respect the efforts made by Quebec. With regard to major emitters, the targets were not high enough. It was not surprising that—