Mr. Speaker, I am happy to rise today to speak about Bill C-474. I did assure the member for Scarborough—Guildwood that I would say nice things, and I can assure him that I will certainly say nice things about our government's efforts to date and about our Canadian companies. If he stays tuned for this entire speech, he will hear a lot of nice things.
This government has moved forward on this issue. The net result has been that the proposals our government has advanced will overtake many of the proposals outlined in the bill, and therefore make the bill unnecessary.
On June 12, 2013, ahead of the G8, the Prime Minister announced that Canada is establishing a mandatory reporting regime that will guide global efforts toward greater transparency by the extractive industry in reporting payments made to governments. Canada will continue to develop and implement this over the next two years.
As my colleague across the way was asking when that will be, I hope that answered that for him.
The extractive sector of oil, mining, and natural gas remains an important sector for the Canadian economy. It directly represented over 13% of nominal GDP and translated to over 950,000 jobs in 2012. Other sectors are impacted by this success and indirectly represent almost another 5% of nominal GDP and 850,000 jobs. Together, the natural resources sectors directly and indirectly account for over 18% of GDP and 1.8 million jobs.
Because of these successes, Canada is a major player internationally. We can be proud of our leadership toward sound management in general, preventing natural resource exploitation that can lead to increased corruption, poor development results, and possibly the fuelling of armed conflict or illicit trafficking.
Responsible resource governance fosters positive results for governments, communities, and corporations, including prosperity, sustainable economic growth, poverty alleviation, and improved investment environments.
This government stands firm that transparency of payments from companies to governments is a critical part of improving governance. It improves public trust and confidence in governments, and in particular it leads to accountability of how revenues are spent. This responsible practice will also enhance the brand of Canada's extractive companies internationally.
It is for these reasons that the Canadian government is establishing mandatory reporting in the extractive sector regime.
Since the G8 announcement, the government has already moved forward in the following three ways. Number one, the Minister of Natural Resources has been leading work on options for the policy and mechanisms for the regime; two, consultations have started with provincial and territorial counterparts, aboriginal groups, industry, and civil society organizations, and these have been met with broad support; three, a review of the government's corporate social responsibility strategy is under way as a broader approach to promote responsible business conduct.
Canada is situated as a leader on mandatory reporting because of consistent strong support and promotion of responsible business conduct by Canadian extractive sector companies. Canadian companies operate overall in a socially responsible manner, creating jobs and prosperity, not only in Canada but around the world. Canadian companies are often instrumental in improving the lives of people and the communities in which they operate.
I would like to remind members of our commitments.
Our government has made a $25-million contribution for the creation of the Canadian centre for extractive industries and development. This institution would be jointly operated by the University of British Columbia and Simon Fraser University and would advance best practices in extractive sector technology and management to reduce poverty and protect the environment.
Canada supports the extractive industries transparency initiative, also known as the EITI. This initiative helps governments, business, and civil society agree on a reporting system that ensures transparency on what revenues governments receive from the extractive sector.
Today Canada is the second-largest funder of the EITI Multi-Donor Trust Fund, as well as the largest funder of the World Bank's Extractive Industries Technical Advisory Facility.
Canada hosts the Secretariat of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development, which convenes developing countries, trading partners, and donors to discuss and advance issues of mutual concern, such as international standards and best practices in extractive sector management and governance.
As well, let us not forget the Prime Minister's announcement in 2012 of $15.3 million in new funding for the African Minerals Development Centre. The AMDC will deliver guidance and policy advice to African countries on how to manage their extractive sectors responsibly and sustainably.
These government initiatives, in consultation with industry and civil society, continue to demonstrate solutions that work for Canadians and indeed the global community. Bill C-474 is not required.
I conclude our opposition for this private member's bill with a reminder to all Canadians of our leadership in natural resource governance and our corporate social responsibility strategy. Canada's natural resource governance programs promote responsible resource governance that includes transparency and accountability for governments, companies, and communities. Canada's CSR strategy promotes high standards for company conduct and a stable investment environment. It also provides assistance to foreign countries to achieve better resource governance for win-win outcomes for all of our stakeholders.
The government believes in approaches that work for Canada, for Canadians, and for the world, approaches that advance transparency and accountability while also ensuring economic growth and long-term prosperity for all stakeholders involved.