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Investing.com -- Conservative Leader and election candidate Pierre Poilievre has introduced a new regulatory approach named "One-and-Done" to expedite the approval process for resource projects in Canada. This new policy aims to create a single office responsible for all regulatory approvals across various levels of government, simplifying the process for businesses and reducing bureaucratic delays.
Under the proposed "One-and-Done" rule, there will be one application and one environmental review per project, with a goal to make decisions on applications within six months and a maximum wait time of one year. This initiative is designed to provide businesses with certainty and accelerate the start of projects. Poilievre has criticized the current government's policies, which he believes have led to Canada's economic decline, and has proposed this rule as a solution to boost the country's natural resource sector.
Poilievre also announced that he would approve Phase II of LNG Canada, a significant natural gas liquefaction project in Northern British Columbia. This expansion is expected to double LNG output, create numerous jobs, and increase revenues for social programs. The Conservative government plans to repeal Bill C-69, known as the No Pipelines–No Development Law, and remove the cap on Canadian energy production, which Poilievre argues are hindering the country's economic growth.
Additionally, Poilievre has proposed measures to support seniors affected by the stock market downturn, including delaying the mandatory withdrawal from Registered Retirement Savings Plans (RSPs) by two years and allowing seniors who continue to work to earn up to CAD$34,000 tax-free, which is CAD$10,000 more than the current policy.
The Conservative Leader has blamed the "lost liberal decade" under Justin Trudeau and Mark Carney for what he describes as Canada's weakened economic state. He contends that Canada should be selling its resources globally, reducing reliance on American markets, and displacing coal with Canadian oil and clean natural gas to lower emissions.
Poilievre's economic vision includes expanding the existing Suncor (TSX:SU) Energy Inc (NYSE:SU) Base Mine in Alberta. He also plans to review nine other projects to identify and resolve delays, thereby accelerating federal decisions and stimulating the Canadian economy.