Mr. Speaker, tonight we are talking about Bill C-49, an act to amend the Newfoundland and Labrador Atlantic Accord. I am a member of Parliament from the other end of the country, the Pacific Coast, and it is a real honour for me to be joining in the debate about something that is so important to Canada. It goes to show that Canada really is a nation from sea to sea. I am from the other ocean, but it is wonderful to be here with my colleagues who are very knowledgeable about what happens on the Atlantic Coast. Listening to the speeches tonight, I have learned a lot about that part of my country.
Bill C-49 would impose, unfortunately, many of the Liberals' failed environmental assessment initiatives that have been ruled unconstitutional by the Supreme Court of Canada for infringing on provincial jurisdiction. It was a real surprise for me, as I delved into this bill, to see that the Liberals would take the risk of incorporating a lot of the failed clauses of Bill C-69, which we call the “no more pipelines” bill, into this very important legislation about improving the economy of the Atlantic Coast, and I wonder why they would do that. The last thing that investment dollars and investment entrepreneurs want is risk. It has been pointed out before that this bill poses a political risk that is going to drive away investment. Here is a proof point that I think is really clear.
In 2022, there were five offshore land bids in Newfoundland and Labrador at a value of $238 million. If we move forward five months to May 30, 2023, about a year ago, when Bill C-49 was first introduced, which is not law yet. Business people read it and said that they did not want to take that risk, and in 2023, there were zero bids. That is just a really clear example of what happens when the government introduces legislation that does nothing more than introduce a lot of uncertainty into the mix.
If we take a look at what happened with the TMX pipeline, Kinder Morgan, which is a risk-taking company with very deep pockets. It was willing to take on the challenge of twinning the pipeline that had been in existence for 70 years with very little environmental risks involved. It started the project to twin that pipeline, which seemed like a very common-sense project to undertake, and it was, until the federal government started imposing environmental regulatory red tape that really did not do anything but slow down the project. Finally, Kinder Morgan said that it was out of there because It did not want that risk anymore. It is a business that wants to make money, and it could see that there was way too much risk there, so it pulled out. It was willing to walk away from its multibillion dollar investment at that point.
However, the Liberal federal government said that it needed that pipeline and that it could not let it go unfinished. It picked up the project for $5 billion, which was going to cost $7 billion altogether to complete it. In fact, the project is now finished, finally, but at a cost of $35 billion. The federal government is now saying it is for sale, but who is going to buy it? Certainly, not for $35 billion. That is what happens when government gets into business. It should just stay out of business and should let private enterprise do what it does best, which is to undertake projects that have a very good opportunity for earning a profit. I know “profit” is a bad word with the NDP-Liberal government, but let me assure members that private enterprise runs on profit. Profit drives innovation, competition, investment and creates wealth.
This is very important to Canada because our productivity numbers are lagging compared to our trading nations, and this has been pointed out on many occasions. It was recognized by the former Liberal minister of finance, Mr. Bill Morneau, in the book he wrote after he left government, after he was released from the Liberal Party's talking points. He said he had pointed out to the current Prime Minister that one of Canada's biggest economic challenges was its lagging productivity numbers.
Here is a nice, neat example of what exactly that means when compared to the United States. For every American worker who pumps in $100 into their economy, their Canadian counterpart, doing exactly the same kind of work, pumps $70 into Canada's GDP. We are 70% as productive as the United States. Does that mean that we do not work as hard? No, of course not. We are very hard-working and industrious people.
However, we do not have the tools, investment, creativity and tax fairness here in Canada. That is what is causing our productivity numbers to lag. That goes to the wealth of the nation. It goes to the wealth of individual people. This is what Mr. Morneau had pointed out to Mr. Trudeau on what he said were numerous occasions. He said—