Madam Speaker, I am pleased to answer my colleague's question more fully. First of all, this is the government that has introduced a price on pollution so that pollution will no longer be free and we can address climate change, which we agree is the most important issue of our time. We, as a government, are moving the Canadian people in the right direction by putting a price on pollution.
I am pleased to have the opportunity today to highlight the importance of the Trans Mountain expansion project to Canadians. It is a project that means thousands of good, well-paying jobs for the middle class, including in British Columbia, where the hon. member for Vancouver East comes from. It will help us to get a fair price for Canadian resources. At a time when 99% of Canada's oil exports are destined for the United States, it makes sense to seek other buyers for our resources.
In the past two months, we have reached important milestones related to the project. We had the Federal Court of Appeal's decision related to the Trans Mountain expansion project, which provided us with a way forward. We have reinitiated phase III consultations with first nations impacted by the expansion project. Through these consultations, we will ensure that indigenous voices are at the table as we move forward in the process.
Furthermore, the government appointed retired Supreme Court of Canada Justice Frank Iacobucci as federal representative to oversee the consultation process. He will ensure that the consultations with indigenous peoples are meaningful and comply with the Federal Court of Appeal ruling.
Justice Iacobucci has a great deal of experience with consultations of first nations. I am very proud because he was always a mentor when I was a lawyer, and he is also an Italian Canadian.
Our government takes our responsibilities seriously. We want to ensure that the project will move forward, but we also want to ensure that we protect the public interest. This means that there must be a guarantee of the best governance, including environmental protection, living up to our commitments to indigenous peoples and protecting investment in Canada in a responsible manner.
With regard to the hon. member's comments on the Canada Pension Plan Investment Board, I would like to remind this House that the CPPIB operates at arm's length from government. I would also like to highlight its strong investment track record. The CPPIB's 10-year annualized nominal rate of return is 8%, and Canada's chief actuary has confirmed that the legislated contribution rates are sufficient to ensure the sustainability of the CPP for at least 75 years. That is for both the base CPP and the enhanced portion of the plan.
That brings me to my second point, the enhancement of the CPP. The agreement to enhance the CPP, reached by the Minister of Finance with his provincial counterparts in June 2016, is one of this government's most important achievements. It will mean more money for Canadians when they retire so that they can worry less about their savings and focus more on enjoying time with their families.