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House Hansard - 78

44th Parl. 1st Sess.
May 31, 2022 10:00AM
Context: House Hansard - 78 - May/31/22
Mr. Simon-Pierre Savard-Tremblay (Saint-Hyacinthe—Bagot, BQ)
Madam Speaker, it was with great interest that I read the bill introduced by our colleague from Winnipeg South Centre, which calls on the government to work with key stakeholders to develop an action plan to move the prairies toward a greener economy. It may not be easy, but western Canada must move away from fossil fuels. Everyone acknowledges the pressing need for an energy transition away from oil, except perhaps some of our colleagues, who, unfortunately, have occasionally tried to take advantage of the crisis in Ukraine to promote Canadian oil and gas. However, the challenge will be enormous, given the forces involved. The sponsor of this bill is well aware of this, having served as natural resources minister from 2015 to 2018. If the challenge is great, it is primarily because of the power and scale of the oil lobbies. Everyone is aware of this. These behemoths hoard talent and put pressure on wages and costs. They hinder the creation and growth of innovative SMEs, which are trying to develop sectors that would diversify the economy of this region. The energy revolution is inevitable, however. It will happen. That is a fact, no matter what fantasies some people may still have about green oil. A total transformation of the existing framework requires support from all economic stakeholders, in both the political and financial sectors. Unfortunately, the financial sector is not currently making much of an effort or much progress. Many banks talk a good game, promising to move away from fossil fuels and commit to Ottawa's goal of net-zero emissions by 2050. That is the latest objective announced, and the plan is still in development. However, investments in the oil industry jumped from $122 billion in 2016 to $160 billion in 2019. Investments did drop in 2020 as a result of the pandemic, but the five largest Canadian banks are still among the top 25 largest investors in fossil fuels—
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