Mr. Speaker, I was pleased to speak yesterday during the debate on Bill C-22, the energy safety and security act. This important piece of legislation will modernize and increase accountability in Canada's offshore and nuclear industries. Our government understands that there are enormous economic benefits stemming from the offshore and nuclear industries. Bill C-22 will allow these industries to continue to grow while ensuring they are done in a responsible manner.
Bill C-22 will raise absolute liability in the offshore and nuclear regimes to $1 billion. Our current liability limits have not been updated for over two decades. This is clearly unacceptable. While the NDP's plan would put Canadian taxpayers on the hook for the costs of incidents and increase the costs to Canadian ratepayers, Bill C-22 strikes a balance between ensuring protecting Canadians and ratepayers.
Our government is committed to our nuclear and offshore industries, and I urge all of my hon. colleagues to support Bill C-22.