The Budget  Mr. Speaker, we must be dealing with two different sets of data. I appreciate that the member is writing his own press release here. In fact, the debt-to-GDP ratio in this country is much different from how the government explains it, because we do not include the provincial debt.

The Budget  Mr. Speaker, almost three weeks ago now, I watched Canada's Minister of Finance deliver her budget speech in this place, and I listened to someone who represents the tone of the government and the doublespeak it continues to deliver to Canadians. However, let me begin with a compliment.

Support for Ukraine  Mr. Speaker, like many Canadians, I am blessed to have grown up with the descendants of Ukrainian immigrants who came to Canada after the pogroms visited on Ukraine by the Soviet regime after World War II. Those families and that culture are integral to our heritage. We all rejoiced when Ukraine joined the realm of free nations more than three decades ago.

The Environment  Mr. Speaker, the world agrees that carbon capture storage is key to decarbonizing our fossil fuels, which the world will need for decades. Enhanced oil recovery produces low-carbon oil and is better for the environment. The Minister of Natural Resources claimed on the international stage that Canada will introduce a tax credit like the American 45Q.

The Environment  Mr. Speaker, Canada was once the world leader in carbon capture technology. We lost our position to the United States because the investments went where it made economic sense. Technology will always follow the opportunities. A carbon capture tax credit without EOR is simply words on paper, which will not produce what the world is demanding, lower-carbon Canadian resources.

Climate Change  Mr. Speaker, the Minister of Natural Resources told delegates at the IEA meeting that he would be implementing a 45Q-type regime to capture carbon in Canada. The American 45Q tax credit has pulled investment away from Canada because it includes enhanced oil recovery, yet the same minister co-wrote an article saying that EOR should not be part of our carbon capture regime.

Climate Change  Mr. Speaker, the International Energy Agency has stated that carbon capture, utilization and storage is the most near-term available technology to mitigate climate change. Deployment will amount to approximately 7% of the world’s GHG reduction targets. Canada was at the forefront of developing carbon capture.

Business of Supply  Madam Speaker, it is great to have such a high-minded debate on such an important issue, and on this side of the House, we appreciate the member's comments referring to so many of our colleagues who made some important points about this motion. I thank him for repeating what we have said here.

Business of Supply  Madam Speaker, I did hear what my colleague said, and I want to tell the member very clearly that he is in over his head with his comments. That is not the way it works in business. Businesses do not keep those on their balance sheets. They actually remit them to the government right away and the government puts them over to another organization called the CPPIB, the Canada Pension Plan Investment Board, which invests that on behalf of Canadians for their retirement.

Business of Supply  Madam Speaker, the oil sector contributes nearly $25 billion annually to the federal, provincial and municipal governments. It is one of the sectors that contributes the most in Canada, and I think that it is the largest sector in Canada to pay taxes. Some other sectors do not pay any taxes, like those that receive government subsidies.

Business of Supply  Madam Speaker, I do not know where my hon. colleague on the other side of the aisle believes that I think the status quo is helping Canadians. I think the status quo is a disaster for Canadians. Yes, we do need to change the status quo considerably. There are sectors that have been protected during the pandemic by the government in charge of this.

Business of Supply  Madam Speaker, it is a pleasure to rise in the House today to debate the motion. There is a lot in here that is economically needed, and I think members on the other side of the House will appreciate some of the metrics we need to put on the page about what we do going forward.

Business of Supply  Madam Speaker, I thank my colleague who is quite gifted in the area of economics. I love asking him questions. I love hearing him speak in this House of Commons, especially when he delivers a speech that is full of meat. I will ask him some questions that, I hope, will give him an opportunity to put some more meat on the bones of what he gave us here today.

Business of Supply  Madam Speaker, let me ask my colleague a question that is predicated upon 12 years of projects that were advancing on the west coast of Canada that one by one fell off the table once her government came to power seven years ago. They did so because of a regulatory environment that was punitive to building energy projects in Canada.

Natural Resources  Mr. Speaker, with an aggressive Russian invasion of Ukraine, European countries recognize how dependent they are on Russian gas supplies. Forty per cent of Europe’s gas comes from Russia, and Europe’s security now has a gun to its head. Coal plants are being brought back online, undoing years of progress on emission reductions.