Building confidence in the energy sector

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Government of Canada takes steps to ensure a clean environment and strong economy

New legislation for Canadian projects has been proposed to respect Indigenous rights, protect our environment, fish and waterways, rebuild public trust and strengthen our economy.

Protecting the environment and growing the economy go hand in hand. With this proposed legislation, Canadians, companies, and investors would be able to have certainty that good projects can move forward, creating jobs and building a stronger economy, while ensuring the environment is protected for future generations.

Transcript

Investors say it all the time: nothing concerns them more than uncertainty. It’s the fear of the unknown — from unclear rules to unpredictable timelines.

That’s why our government is introducing a generational shift to the way major resource projects are reviewed in Canada. We want to restore investor confidence with better rules and greater predictability for environmental assessments and regulatory reviews — all while ensuring Canada also meets its international commitments on combatting climate change.

Our new legislation, including a new Canadian Energy Regulator, will enhance our global competitiveness in a number of important ways:

  • A transition period with predictable rules.
  • New legislated timelines that are shorter and better managed.
  • Early engagement to identify public priorities.
  • Clear direction on Indigenous consultations.
  • Coordinated activities that result in “One project, one assessment.”
  • And continued government responsibility for final decisions.

Together, these measures will reassure investors that good projects will go ahead and our resources will get to market in environmentally sustainable ways. Investors can be certain of that.

What’s new for energy projects?

The new Canadian Energy Regulator would be a modern energy regulator to help oversee a strong, safe and sustainable Canadian energy sector as we transition to a low-carbon economy. This new regulator would help to restore investor confidence, re-build public trust and advance Indigenous reconciliation — all while ensuring good projects go ahead and our energy resources get to markets responsibly.

How is the proposed Canadian Energy Regulator different than the National Energy Board?

The Impact Assessment Agency of Canada would oversee a single, predictable assessment process by reviewing a project’s affect on the environment, health of communities and Indigenous people, jobs and the economy.

Why is this important for industry?

These modernized agencies would see projects built efficiently through greater transparency, predictability and timeliness in decision-making through:

  • Effective governance
  • Inclusive engagement
  • Project selections which boost investor confidence
  • Responsible development of energy resources
  • Maintaining global competitiveness
  • Safety and environmental protections

Clear criteria for companies seeking regulatory approval would improve project timelines and avoid duplication through the early planning and coordination with provinces, territories and more inclusive and earlier engagement with Indigenous people.

Learn more in the new energy regulator handbook