Mr. Speaker, in his speech, my colleague clearly pointed out that $1 billion in liability may seem like a lot to ordinary Canadians. However, in reality it is an arbitrary, insufficient amount. Other jurisdictions throughout the world have much higher limits.
My colleague may be aware that the German bank WestLB has stopped financing offshore oil projects in the Arctic. A spokesperson for the bank said:
The further you get into the icy regions, the more expensive everything gets and there are risks that are almost impossible to manage. Remediation of any spills would cost a fortune.
Could my colleague speak to that?