Madam Speaker, I would begin by saying that all members share the sense of urgency about the current situation facing Albertans. When Alberta is hurting, Canada is hurting. As the Prime Minister has said, this is a crisis and not just for Albertans, not just for western Canada, but for all Canadians.
Being the member for Sudbury, I understand the natural resources sector and the highs and lows and the ebbs and tides that we see. We feel it. We have lived it many times in Sudbury. We have had the hardship of losing jobs. The economy bounces back and now we have highs and lows, but at the same time we have invested in our people, as Alberta is investing in Albertans. We see light at the end of the dark tunnel that they are in right now. That is something I share with the people from Alberta, the highs and lows of the natural resources sector.
We know that the energy sector is one of the key engines driving our economy. Our focus is on ensuring that every barrel of Alberta oil gets its full value. That is why our government has made this national issue an urgent priority. We know that when the Conservatives took office in 2006, 99% of our oil exports went to the United States. Flash forward to 2015, and 99% of our oil exports still went to the United States. The Conservatives had 10 years to expand our global markets. They failed for 10 years. We will ensure that we move forward on expanding our global markets and building pipeline capacity in the right way.
This debate gives me a chance to set the record straight on some of the things we have heard tonight and to talk about how our government has been supporting the energy sector as part of our efforts to build a better Canada, a Canada that works for everyone.
Those efforts began three years ago this month, when our government was sworn in with a clear mandate to do things differently and to do different things. In short, we have been working to build a Canada where the opportunities for each of us are as big and real, and seemingly as endless, as the land itself.
We set out to strengthen the middle class, to build the infrastructure for a modern economy and to invest in a more prosperous, inclusive and sustainable Canada. As a result, the national economy is strong and growing. With 3% growth, Canada had the best economic performance of any G7 country last year, and it is expected to remain among the fastest growing economies this year and next.
Over the last three years, Canada has created more than 550,000 new full-time jobs, pushing the national unemployment rate to a 40-year low. We all know there is still more work to be done. We see that right now in Alberta and in our energy sector. Our government has made this issue and the issue of market access in general an urgent priority. The Line 3 pipeline approved by our government is set to come online in 2019, adding 370,000 barrels per day. That is a major boost in our pipeline capacity. We also remain committed to the Keystone XL pipeline.
Our fall economic statement last week featured tax changes, incentives, and investments to promote business confidence and enhanced competitiveness. They include new measures that will allow businesses to immediately write off the full cost of machinery and equipment used in manufacturing and processing, as well as certain clean energy equipment. We are also introducing the accelerated investment incentive to allow businesses to write off a larger share of the cost of newly acquired assets in the year they are purchased.
As well, we are investing an additional $800 million over five years to support greater innovation throughout the economy, including $100 million to support the forestry sector and another $50 million in new venture capital to support clean technology firms. We are looking to accelerate investments in trade transportation corridors leading to Asia and Europe.
At the same time, we are modernizing our regulators to make it easier for companies to comply. Let us be clear: Regulations do serve an important purpose. They act as the rule book that governs how businesses must operate, and they play an essential role in protecting the health and safety of Canadians, and in safeguarding our natural environment.
We recognize that over time, regulations can grow outdated and that the burden can add up, all of which can affect Canada's standing as an attractive place to invest and do business. That is why we will encourage regulators to take into account efficiency and economic considerations, and why we are establishing an external advisory committee to look at Canada's regulatory competitiveness.
We believe Canadians can take on the world and win. Look at the LNG Canada's decision to proceed with its $40 billion project on the west coast of British Columbia. This project, the single largest private sector investment in Canadian history, will create 10,000 jobs at the height of construction. It will also generate billions of dollars in new revenue for governments to spend on the things that matter most to Canadians. It will open new global markets for Canada's natural gas, displacing other fuels that emit higher levels of greenhouse gas emissions, all while creating the cleanest large scale facility of its kind in the world, proving yet again that the economy and the environment can go hand in hand.
All of this reflects what we call Canada's natural advantage. It is not just that we have an abundance of the resources the world will need for the clean growth economy, it is the expertise and the experience we have in developing them sustainably and competitively. That is a real edge. Our government is seeking to expand that advantage by concluding a series of new trade agreements with our North American partners, the European Union and the 11 other members of the Trans-Pacific Partnership.
The new NAFTA is a case in point. It will enhance our competitiveness and inspire greater investor confidence in our energy sector. For example, it removes the proportionality clause which means we have restored our sovereignty with Canada's energy resources. Administrative changes in a new NAFTA will save the oil patch more than $60 million a year in fees and costs. There is also a side agreement on energy between Canada and the U.S. It includes a recognition of the importance of integrated energy markets, independent energy regulators, access to energy infrastructure and open trade and investment. All of this will add to our natural advantage. All of this will support a strong and dynamic energy sector.
Unfortunately, as we have heard tonight, our advantage in the energy sector is not without its challenges and its setbacks. A Federal Court of Appeal decision on the Trans Mountain expansion project has given us a moment to take stock to ensure that we are moving forward the right way on energy projects and we have developed a comprehensive response to the court's ruling: first, by instructing the National Energy Board to reconsider the effects of marine shipping related to the coast; second, by relaunching phase three consultations with indigenous groups affected by the project; and third, by appointing former Supreme Court Justice Frank Iacobucci to oversee consultations with indigenous peoples so they are meaningful and comply with the direction given by the Federal Court of Appeal.
We are also facing the worst of all perfect storms with the historic price differential for Canadian oil, a discount caused by the temporary drop in demand from refineries in the U.S. Midwest, as they undergo seasonal maintenance, combined with increasing production from the oil sands, which is welcome, and insufficient pipeline capacity for export.
This impacts companies differently, which is why we see oil patch executives divided on the right course of action. That is why we are in active discussions with stakeholders and provinces to look at all short-term options to ensure we get this right. What is certain, however, is that better market access is the long-term solution.
We are seized with that, ensuring it moves forward the right way. The Conservatives agree that there is a real need to build a pipeline to new, non-U.S. markets, but they are actively opposing legislation that would allow good projects to be reviewed in a clearer, shorter time frame.
Bill C-69 would ensure that project assessments would be done right the first time. It would remove the power of government to stop the clock on a project without reason. It would eliminate wasteful duplication that requires proponents to go through the same reviews at the federal and provincial level. It would ensure important information is shared with all Canadians, because they have the right to know the facts about important projects. All of these changes are good for businesses, good for jobs and good for the energy industry.
While the previous government failed to get the job done, we are taking decisive action and seeing results. We secured the largest private sector investment in Canadian history through the $40 billion LNG Canada project. We are helping producers build up refining capacity right here in Canada. We know that means more value for every barrel. We announced major tax incentives in the fall economic statement for refiners and upgraders. We are moving forward in the right way, through meaningful consultations, on the Trans Mountain expansion project. We have a good trade deal for our energy sector and workers in our oil patch with the new NAFTA.
Over the next 10 years, there are half a trillion dollars in proposed private sector investments in the natural resources sector. In Alberta alone, that includes 102 energy projects, representing $178 billion in new investments. These projects do not just mean development of our energy resources; they mean tens of thousands of jobs for Albertans.
Despite these reasons for optimism, we know this is a hard time and that cannot be understated. That is why, on this side of the House, we are working with Canadians to ensure we all get through this deeply difficult time. For a very long time, Alberta and Albertans have driven the Canadian economy.
Last week, the Prime Minister and the Minister of Natural Resources convened leaders in industry in Calgary to listen to their concerns and chart a way forward. In the short term, to deal with the immediate oil price differential issue, we launched a non-partisan working group of government experts from Canada, Alberta and Saskatchewan, including finance, rail and energy experts. This group has been analyzing options, including the oil-by-rail proposal that we have recently received from the Alberta government to relieve the pain being felt by so many.
I want to make it very clear that we stand with Alberta's energy sector. We have its back. This is our top priority, and we will deliver.