OTTAWA, June 18, 2019 /CNW/ – The Prime Minister, Justin Trudeau, today announced that the Government of Canada has approved the Trans Mountain Expansion (TMX) and that every dollar the federal government earns from this project will be invested in Canada's clean energy transition.
The environment and the economy go hand-in-hand. When we create prosperity today, we can invest in the clean jobs, technologies, and infrastructure of the future –– and help Canadians benefit from opportunities presented by a rapidly changing economy.
The key to creating prosperity is finding new markets for our businesses to sell their products and services. Nowhere is the need to diversify greater than for our energy sector, where 99 per cent of our conventional resources are sold to one market –– and often at large discounts. Canadians understand that we need to open up new international markets, in order to get a full and fair price, support workers and their families, and foster competitiveness.
Today's approval was based on the confidence that:
The Prime Minister also announced that every dollar the federal government earns from this project will be invested in Canada's clean energy transition. It is estimated that additional corporate income tax revenues from the project alone could generate $500 million per year once the project has been completed. This money, as well as any profit from the sale of the pipeline, will be invested in clean energy projects that will power our homes, businesses, and communities for generations to come.
In addition, the Prime Minister announced that the Government of Canada will launch the next phase of engagement with Indigenous groups on ways they could share in the benefits of the expansion, including through equity ownership or revenue sharing. This is an important step on our path toward reconciliation with Indigenous peoples.
By moving forward with TMX, we are creating jobs, diversifying markets, accelerating our clean energy transition, and opening up new avenues for Indigenous economic prosperity.
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“We have a responsibility to ensure that the decisions we make today move us toward a cleaner, sustainable economy. Major resource projects can move forward, but only if we do so in a way that protects the environment and respects Indigenous rights. The TMX project is a significant investment in Canadians and in Canada's future that will create thousands of good, middle class jobs, maintain the highest environmental standards, and fund the clean energy solutions that Canada needs to stay competitive on the global stage.”
—The Rt. Hon. Justin Trudeau, Prime Minister of Canada
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SOURCE Prime Minister's Office
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