Mr. Speaker, I thank my hon. colleague for speaking about this very important project. Some of the questions the member has asked will have to be referred back to the minister for an answer.
I will answer the specific question he asked with regard to tonight's late show because that is in fact what the late show is for. Having said that, I will to proceed to provide him with some clarity on the issue of the memorandum of agreement.
In August our government signed a memorandum of agreement to provide or purchase a loan guarantee for the Lower Churchill clean energy projects. This agreement is an important step, one step, to realizing the full potential of one of North America's most ambitious energy projects. It demonstrates our government's strong commitment to work in partnership with the provinces and territories to develop Canada's renewable energy resources.
These are enormously important projects for Newfoundland and Labrador. The numbers tell the story. It is estimated that these projects will generate total employment of 18,400 person-years in Newfoundland and Labrador and 47,800 person-years across all of Canada. They will provide $3.5 billion in benefits to local businesses in Newfoundland and Labrador and over $750 million in taxes to federal and provincial coffers. In addition, the projects will help toward displacing oil and coal-fired generation in the region, reducing carbon dioxide emissions by up to 4.5 megatonnes.
In short, these projects will bring clean energy and create jobs and growth for the entire Atlantic region.
The Lower Churchill projects provide an opportunity for Newfoundland and Labrador to meet their energy needs in an environmentally sustainable way. Once completed, Newfoundland and Labrador will obtain up to 98% of its electricity from non-greenhouse gas emitting sources.
Our government has hired a financial advisory firm, as was stated. This firm is going to assist in the implementation of the memorandum of agreement and to ensure that the support it provides to Lower Churchill River projects is fiscally responsible.
The financial advisory firm is currently conducting due diligence analysis on the projects and will assist in the development of terms and conditions for the loan guarantee.
I can assure the hon. members that the work is in fact in progress. We continue to work on a guarantee that will be provided in a timely manner, while ensuring that all due diligence is performed.
Our government is very proud of the commitment we made to Lower Churchill. It is a very important economic development project for the people of Newfoundland and Labrador and in fact for all of Canada.
As I said before, our support for Lower Churchill will boost clean energy projection, grow our economy and strengthen our status as a global energy superpower. That is the bottom line.
With regard to any additional questions that were not put before us earlier this evening, I will endeavour to ask those questions for the member and I am happy to get back to him in a timely fashion.