Madam Speaker, after nine years of the Prime Minister, life is unaffordable. With energy bills through the roof, Canadians are struggling to afford to heat their homes and keep the lights on. Not only has the carbon tax driven up the cost of energy, but the government has launched a war on Canada's natural resources and energy sectors.
Bill C-69, which was deemed largely unconstitutional by the Supreme Court of Canada last October, created burdensome red tape, drastically increased approval times and drove away resource exploration and extraction projects. Now the Liberals seek to revive parts of that unconstitutional bill through this attack on both traditional and renewable offshore energy projects in Atlantic Canada. Bill C-49 will drive away investment through more uncertainty, red tape and longer timelines.
In 2022, the environment minister reluctantly approved the Bay du Nord offshore oil project, calling it one of the most difficult decisions the government had ever made. This project will create more than 13,000 jobs: 8,900 in Newfoundland and Labrador, 2,200 in Ontario, 900 in Quebec and 700 in Alberta. It will also add about $97 billion and change to our national GDP. However, thanks to the government's reckless deficit spending, costs have increased, and burdensome red tape has created uncertainty. Thanks to these factors, the project was delayed by three years, and it is still unclear whether the project will ever be completed at all.
In Nova Scotia, a private company was set to generate electricity from the massive tides in the Bay of Fundy. However, the project was eventually cancelled due to the mountainous red tape. That company shut down its operations in Canada entirely, costing jobs for workers and affordable renewable energy for Nova Scotians.
Over the last couple of years, multiple countries have pleaded for Canada to provide them with LNG to help end their reliance on Russian gas. What did the Prime Minister say to those countries? He told them that there was no business case for Canada to export LNG from our east coast. Germany went on to sign an LNG deal with Qatar and built a massive receiving port in just a matter of months. What could have been powerful paycheques for Atlantic Canadians turned into more dollars for dictators. That is shameful.
Of course, as a British Columbian, I would be remiss if I did not talk about the Trans Mountain pipeline expansion, which Kinder Morgan at the beginning was prepared to complete on its own, without taxpayer funding. After the government made the project unfeasible, Kinder Morgan pulled out, and the government bought the pipeline. From there, costs exploded and taxpayers have now spent more than $30 billion on a project that was estimated to cost just $7 billion only a few years ago. This is the NDP-Liberal government's record on energy and resource projects: Delay, drive up costs, and eventually drive projects away.
I have talked a lot about the woeful lack of productivity in Canada's economy recently, because it is truly an emergency. Even the Bank of Canada said that. Canada produces just 79% of what the United States does per hour. That ranks us behind all of our G7 peers, maybe save for Italy right now. Adjusted for inflation, Canada's GDP per capita now sits lower than it did in 2014. Meanwhile, businesses are closing at an alarming rate, and the data does not even capture the full story for small businesses.
The most recent statistics from the superintendent of bankruptcy showed a 66.2% year-over-year increase in business insolvencies for the year ending March 31, 2024. A recent article in The Globe and Mail highlighted that many small business insolvencies are not even captured under business insolvencies, as many small business owners have to take personal liability on leases and loans. When they go bankrupt, it is considered a consumer bankruptcy, of which Canada saw 33,885 in the first quarter of 2024, an increase of 14% year-over-year during the same period.
Driving away investment and development of energy and resource projects will only make things worse. In a time when businesses are struggling and Canadians cannot afford to pay their bills because their paycheques do not go far enough, the government is chugging ahead with another attack on energy, jobs, economic growth and even the Constitution.
Clause 19 of Bill C-49 would open the door to more red tape and lengthy delays. It would shift decision-making powers on licence approvals to the federal and provincial ministers, while tripling the amount of time that decision can take. Clause 28 would give the federal minister, with the approval of the provincial minister, the power to outright ban drilling in certain areas and even halt projects that are already approved and in progress. If this bill were to pass with clause 28 as written, it could put an end to offshore petroleum drilling in Atlantic Canada, killing good-paying jobs for workers and further strengthening eastern Canada's dependence on foreign oil imports from dictatorships like Qatar and Saudi Arabia.
Clauses 61 and 62 bring the unconstitutional Bill C-69 into the review process, allowing the minister to attach any conditions they see fit to approval. I would be remiss if I did not mention that, back in 2016, I was a political staffer, and I went over this bill at the environment committee. At that time, it was very clear that the intention of the government with this legislation was to give the minister unilateral power. It was to give the government more control over the private sector. It was to give the government the ability to halt projects through delay tactics. We have seen that now, and we are living it now. The last thing we need to do is to include those measures in this legislation.
We have seen how the government treats resource projects in this country. Clauses 61 and 62 will invariably be abused by the government to attach so many strings to approvals that projects will indeed become unfeasible, as we have witnessed. Canadians simply cannot afford any more of the current government and its anti-energy, anti-job and anti-economic growth policies. The government has shown time and time again that it is dead set on killing Canada's natural resource sector. If the environment minister had his way, not a single resource would ever be extracted in this country again. He would take away people's right to have a gasoline car as well.
While the government is focused on killing jobs and increasing our dependence on foreign sources of oil, Conservatives are focused on creating powerful paycheques for Canadians and getting Canada's bountiful resources to market so that our people can prosper.
I will be joining my Conservative colleagues in voting against this NDP-Liberal attack on Canada's resource industries.
