Mr. Speaker, this government believes that economic growth and protecting the environment go hand in hand. Improving marine safety, including oil spill response, is a key part of the mandate the Prime Minister has given to the Minister of Transport.
Over the past year, the minister and his officials have been talking with Canadians across the country on how best to improve marine safety. Indigenous and coastal communities were engaged. We repeatedly heard that Canada had an excellent track record. We have a very robust and comprehensive marine safety system that protects Canadians and our coastal environments.
However, we also heard that there was always room for improvement and that there were real gaps in the system that needed to be addressed.
On November 7, the Prime Minister announced a $1.5 billion oceans protection plan, an ambitious nation-wide plan that will meet or exceed any international standards, and is supported by commitments to indigenous co-management, environmental protections, and science-based standards. Achieving a world-leading marine safety system for all of Canada's unique coasts is at the heart of the oceans protection plan. This means preventing accidents before they happen, and being prepared to respond to any of them with the adequate resources and authority.
We heard that communities, mariners and regulators needed transparent and high-quality information on marine traffic. We are moving forward with a commitment to get state-of-the-art information and tools in place, on the ground, equipment and systems to aid in navigating ships safely, and regulatory tools that give communities a direct say in the types of measures that should be in place in sensitive areas.
Our government has been developing a new approach to how we prepare for and respond to incidents and oil spills in particular. A risk-based and geographically-specific approach is one that replaces a one-size-fits-all system, and recognizes the unique factors that contribute to risk in a given area. That is why the minister will be formalizing a moratorium on crude oil tanker traffic on British Columbia's north coast. This will provide the highest level of environmental protection for the Great Bear Rainforest and ensures British Columbia's northern coastline, which is integral to the livelihoods and cultures of indigenous and coastal communities, is protected and preserved.
The oceans protection plan makes a significant investment in protecting our coasts, while supporting a vibrant and beneficial marine trade, one that includes getting Canadian resources and products to markets overseas.
Over the next five years, investments of $1.5 billion will be made. Let me point out that this is an unprecedented amount of investment. Never has a government made such an investment in building a world-leading marine safety system, preserving and restoring marine ecosystems and working with indigenous communities and stakeholders to achieve it.
Under the oceans protection plan, our government will have the tools it needs to prevent accidents, and act in the event that they do happen. The Canadian Coast Guard will be bolstered with new tools and authorities, and we will ensure that polluters pay adequate compensation. Plus, we will have world-leading science to better inform prevention and response actions.
I would like to reiterate that this government has taken action where it counts. We can grow the economy and the middle class, while protecting the environment. We do not believe the two are mutually exclusive.