Madam Speaker, it is an honour to speak to Bill C‑49 today.
For centuries, the people of Newfoundland and Labrador have relied on the ocean's industries. Others across Atlantic Canada have too. It is what we know. It is who we are. It feels somewhat historic when we talk of the Atlantic accord. If one is not from Atlantic Canada, one might not realize the significance of this agreement, particularly for Newfoundland and Labrador.
The Atlantic accord is fundamental to the respect and recognition shown between the federal and provincial governments. It was an agreement signed in 1985 that bound the Government of Canada and the Government of Newfoundland and Labrador to a common understanding that the people of our province are the principal beneficiaries of their offshore oil and gas.
The Atlantic accord recognized what my province brought into this country. It recognized the historic resource strengths of Atlantic Canada, and today it recognizes that strength for the future, because now the accord will apply to renewable energy, to wind energy. As a Newfoundlander talking about wind, it may come as a surprise that this is neither a joke nor a complaint. We have huge opportunity harnessing the wind in our offshore, wind that will power not just the grid but some groundbreaking hydrogen projects. The province knows it, the private sector knows it and we know it. It is why we are working so closely together to manage and develop that resource.
This bill represents a moment of opportunity, and out my way we know to seize opportunity when it comes our way. Times were bleak after the cod moratorium, until first oil, until Hibernia, until we started to build our offshore. I remember first oil. We were not entirely sure we knew what we were doing, but we knew it was possible. We knew what could be done, and jointly managed and regulated through the soon-to-be former C-NLOPB, we stayed the course and people prospered. We did this in one of the harshest environments in the world to operate in, but we found a way. We always do. More importantly, we built up one of the most skilled labour forces the world has ever seen. People noticed and companies noticed, much like they are looking to us now.
In 2019, we renewed the accord. We established a Hibernia dividend for the Province of Newfoundland and Labrador, with $3.3 billion of secure long-term and predictable payments that run from 2019 to 2056. More importantly, we recognized the province as the principal beneficiary of its resources.
Now it is time to renew the accord again. In fact, to call these “amendments” to the accord kind of feels wrong. What we are talking about here really is a natural evolution, because the world is evolving and because where we get our energy and how we get it are evolving. We need to evolve with it. Now is the time to renew the accord again.
The Atlantic accord will include renewable energy so Newfoundlanders and Labradorians can be the principal beneficiaries of that too. We are not losing what we have built in the offshore. We are proud of it. The people of my province, and the governments there, are hand in glove when it comes to the energy mix. We accept the world as it is. We embrace it. We applaud the engineering skill that built the West White Rose gravity-based structure because it is the same skill that will construct the wind turbine monopiles that are stored right next to it in Argentia, Newfoundland.
Think about all the jobs that come with this work. As Minister of Labour, I certainly do. When we have a good management structure in place, the more projects we attract and build, the more jobs they bring, and they are good jobs. Right now, there are oil and gas companies across Canada making sure the expertise of our workers can be used to build new renewable energy projects. We are going to need every worker we can get because big things are happening and they are happening quickly, so they must be managed properly. They must be managed as they always have been in the past 25 years, with the remarkable success our offshore has benefited from.
It is with great pleasure I tell the House that by passing Bill C-49, we will secure Atlantic Canada's future and Newfoundland and Labrador's birthright as a force to be reckoned with in the global offshore wind and renewable energy sectors.