Mr. Speaker, first, we have to realize that this pipeline is an expansion project. It is a project that is designed to enable the expansion of Alberta oil production. Alberta oil production can go along at the present rate, more or less, now and into the future, with the pipeline infrastructure that we have. This is about expanding that. Yes, Alberta has a cap, a 100-megatonne cap. Right now, it is at 70 megatonnes, so the carbon emissions in Alberta are projected to increase by 30 megatonnes. That is going in the wrong direction, when we are desperately trying to get down to 100 megatonnes.
If we can spend $4.5 billion to buy an old pipeline, and then $10-15 billion or more to build a new pipeline, why not take that money and get Canada ready for this energy transition and move it along? A study just came out a few days ago in Nature, one of the most prestigious and respected science journals in the world. This is not the Fraser Institute. These are the top scientists in the world saying that Canada is the country most at risk for stranded assets in the fossil fuel industry.
We have to start moving very quickly away from fossil fuels and into renewables, and we have to do it now.