Mr. Speaker, the Leader of the Opposition often talks about corporate welfare. I would like to hear him talk about the additional oil and gas subsidies provided in this economic update. The government is now spending $14.5 billion on carbon capture and sequestration and has expanded the tax credit to allow more oil production. That makes it a direct subsidy for oil production.
LNG projects qualify for an accelerated capital cost allowance, which amounts to another $640 million. On top of that, the government is setting up a $25-billion sovereign wealth fund to finance major projects, but also any business or project that received government funds in the past. For example, if the government wanted to expand the Trans Mountain pipeline, the money could be provided through this sovereign wealth fund.
I would like to know the leader of the official opposition's thoughts about what he calls corporate welfare. Are these subsidies unacceptable when they are granted to oil and gas companies?