Finance committee  Supply and demand with respect to renewable energy...? I would start with supply-and-demand imbalances being recognized. On green hydrogen, there will not be enough of it, whether it's green hydrogen or converted green ammonia for shipping, to meet the demand in Europe or globally.

Finance committee  Absolutely. The ITC was a huge step forward. The support we're receiving from the federal government as well as the provincial government to advance the industry is monumental. We do need clarification on the breadth of the ITC coverage and to understand what the CFD will look like—that's also very important—but we understand that this stuff takes time.

Finance committee  Absolutely. If we had not had a response to the U.S. IRA subsidies, we would have missed the boat. We're at a point now where, if we don't get clarification on the full range of our subsidies and how we're going to level set with the IRA, then we could miss it. That's not just with respect to securing the offtake agreements.

Finance committee  Thank you for the question, MP Cannings. In the U.S., the Inflation Reduction Act includes subsidies for the production of green hydrogen. There's a production tax credit. Our response to that has been an investment tax credit, which gets us about 50% of the way there, based on the understanding we have now of what the ITC will include.

Finance committee  Thank you for the question, MP Thompson. The province, particularly the island of Newfoundland, is blessed with an extremely strong wind resource. We've had many experts looking at our project, from offtakers to OEMs, and they all remark at the speed of the onshore wind and the capacity factor as well.

Finance committee  Mr. Chair, [Technical difficulty—Editor] CEO and one of the partners in project Nujio'qonik. We're developing Project Nujio'qonik—

Finance committee  Mr. Chair and committee members, thank you for the opportunity to present to you today. My name is Sean Leet. I'm managing director and CEO, and a partner in project Nujio'qonik. We're developing project Nujio'qonik on the west coast of Newfoundland. The first phase of the project is a $6.5-billion development of a one-gigawatt wind farm powering a hydrogen plant in Stephenville.