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Investing.com -- Canada's Prime Minister, Mark Carney, unveiled an ambitious energy plan ahead of the April 28 election that aims to position Canada as the world's leading energy superpower. During the speech today at a campaign stop in Calgary, the Prime Minister introduced his strategy for the creation of a single office to streamline major project approvals, a push for cleaner energy practices, and a new fund to connect critical minerals to supply chains.
Carney's vision balances the use of conventional and clean energy, aiming to enhance Canada's energy competitiveness while maintaining environmental responsibilities. The prime minister believes that the conventional energy sector is already transitioning towards cleaner practices, with the cleanest oil and gas being in high demand. Canadian oil and gas companies have pledged to reduce their carbon emissions to net-zero by 2050, and Carney has committed to assisting these companies in lowering emissions by supporting the construction of carbon capture and storage projects.
In a bid to expedite major project approvals, Carney plans to establish a Major Federal Project Office with a "one project, one review" mandate. This move aims to eliminate the duplication of federal and provincial environmental assessments, reducing the maximum review and approval process from five years to two. Carney also discussed his early office days, which included meetings with provincial premiers about accelerating approval processes.
If elected, Carney's Liberal government plans to use the Impact Assessment Act to sign agreements with all willing premiers and indigenous governments. These agreements would recognize provincial, territorial, and indigenous project assessments, substituting the process to review major projects, striking a balance between environmental safety, energy sector efficiency, and input from provinces and indigenous peoples.
Carney also introduced the "First and Last Mile Fund" to accelerate the connection of critical minerals to supply chains. He called this concept "from rock to road and rail," aiming to speed up projects, create jobs, and catalyze the industry, allowing Canada to capitalize on its vast critical minerals and metals resources. Carney also mentioned the introduction of several tax measures to further catalyze the industry.
The Prime Minister, currently leading polling by 7%, is campaigning against Conservative Party Leader Pierre Poilievre, who outlined his own energy plan on Monday. Poilievre introduced a new regulatory approach named "One-and-Done" to expedite the approval process for resource projects in Canada.
In his speech, Poilievre criticized the current Liberal government’s policies, which he believes have led to Canada’s economic decline, and proposed this rule to boost the country’s natural resource sector. The "One-and-Done" rule was proposed as one application and one environmental review per project, to make application decisions within six months and a maximum wait time of one year.