Madam Speaker, I am pleased to join the debate on this very important issue, which my colleague for Lakeland has proposed.
I have listened to the debate so far, and as an Albertan, I am disappointed to hear that other members will not be supporting a piece of legislation that is good for the environment. I have heard people say that it is good for oil and gas companies, but this is about the environment. The member for Lakeland has proposed a means for the private sector to contribute additional funds to remediate oil and gas wells that are basically at the end of their useful life.
I do not know how many members have done this, but I have walked along a well line that was successfully remediated and got its environmental certificate from the Government of Alberta. As far my eyes could see, I could no longer see where the drill pad had been. It was restored to a state of nature, where animals and everybody else could walk and use it on an everyday basis.
This is the result of an inevitable shift from conventional oil and gas to unconventional oil and gas production, which is mostly the bitumen oil sands, SAGD operations and in situ operations. What we sometimes see, ridiculously presented as what happens in the northeast corner of Alberta by, say, the National Geographic, is the open-pit mining, which is the way of the past. Those are very old mines that will be decommissioned in 10 to 20 years.
However, members can look at the legislative costing note provided by the Parliamentary Budget Officer for Bill C-221. It is flow-through shares, and this is the solution for decommissioning costs. Yes, there are a lot of oil sites, as the previous member mentioned. The Orphan Well Association is a repository for a company that goes bankrupt or into receivership and returns its energy leases to the people of Alberta when it can no longer operate. There was a fund set up in order to pay for these things.
I hear a member chirping away and disagreeing with me, but it is a solution for private-sector dollars to be put towards an environmental goal. It is not offsetting all of a company's costs. We are talking about wells that produce the equivalent of 100,000 or fewer barrels per day. I think this is what we want. We want the private sector to be more involved in remediating environmental costs associated with production.
In my riding, where Imperial Oil has its headquarters, a lot of oil and gas workers are unemployed, and this would put them back to work. There is a very slight time window that these flow-through shares would work for, which is basically between 2019 and 2026. We are talking about a very small group of wells that would be eligible for this. Companies could use this to offset some of the costs associated with it, but it is for the environment.
The bill before us has an excellent goal behind it. Why would we not support it? It would get people back to work with jobs. It would improve the environment, our landscapes and ecosystems. It offers an opportunity for us to do something that we are going to have to do anyway, which is fix up these well sites, which are all over Alberta, usually on people's properties. They will need to be remediated either way. Again, this is not for companies. It is for the environment.
To me, the downside is that it would cost $264 million by 2026, according to the PBO's cost estimate. However, it would get people who have great technical skills back to work and back out in the field. An excellent way of putting people back into the field is remediating these oil and gas wells.
The industry is the best in the world when it comes to this type of environmental work. There are wildlife biologists, people whose expertise is in rough fescue, which naturally grows in the foothills of Alberta. They are ready to go and do the work required for well remediation sites.
It was only a few years ago when some of the major Suncor sites were being remediated. What used to be an open-pit mine was completely remediated. We now have bison roaming again. It is a natural environment. One would not be able to tell what had been there, if it was not for the giant sign at the front of the site saying it used to be an open-pit mine. We have these large-scale industrial sites all over Canada.
I have known the member for Lakeland for a very long time, even pre-politics. We were in different provincial political parties. I am sure she would admit, and she would probably laugh at this, that we were probably each in the wrong political party. We likely would have identified as being in another one, should we have discussed it then.
However, she has been working at this for a long time. This type of proposal, had it been in place a decade or two ago, would have been able to support the sector and jobs in Alberta. We would not have to just wait for the Orphan Well Association to help remediate the sites for companies who can dig deep into foreign sources of capital to pay for remediation.
This would have been available for the smaller oil and gas companies in Alberta. It would have been available for the private sector. We say we have an ESG goal, say in a hedge fund or an equity fund, and we want to meet those. We have environmental and social goals that our fund investors want to meet. There is an opportunity right there. It would put tens of thousands of people back to work improving our environment and our landscapes. What could be better than that? We are using the Income Tax Act to do it, to offset some of the cost, not all of the cost, of this proposal.
I just do not see a downside to passing such a piece of legislation when the goal behind it is not subsidizing oil and gas companies but improving our environment. I just do not understand why other members of this House who had been in there originally will not support a piece of legislation like this. When we thought about this originally, it was just a total win on both sides. We would achieve a private sector goal, which is obviously to make a profit; and we would achieve an environmental goal, which is the remediation and improvement of our environment and the restoration of it to the condition it was in before industrial work was done on the property.
There is a Yiddish proverb that says, “he that cannot pay, let him pray.” Madam Speaker, I know you enjoy the Yiddish proverbs as much as I do. However, that is the case here.