Mr. Chair, the oil sands are a key strategic resource that will contribute to energy security for Canada, North America and the world for decades to come. The oil sands are also an important economic driver. The industry provides substantial employment and GDP across Canada.
Most forecasters, including the International Energy Agency, believe oil will likely remain the dominant fuel for decades to come.
There are challenges with oil sands development, specifically in the areas of land, air and water. While improvements have been made, we continue to seek further improvement in environmental performance. We believe new technologies will provide the solutions that we are seeking.
Governments and industry are investing in new, innovative technologies to help address the challenges of oil sands development. Scientists at Natural Resources Canada are leading federal efforts to reduce the environmental issues in the oil sands, such as air emissions and water use.
We are also investing in carbon capture and storage, which has the potential to make major reductions in greenhouse gas emissions from large industrial facilities, including coal-fired electricity plants in the oil sands sector.
All of these investments are contributing to help Canada meet its greenhouse gas emissions target. The Government of Canada believes the oil sands have the potential to be a secure, stable and environmentally responsible source of energy for Canada, North America and the world for decades to come.
We have a robust regulatory framework to address environmental challenges associated with oil sands development. Projects to develop the oil sands are subject to extensive environmental and regulatory review, and permits are only granted once concerns have been addressed.