Canada has no hope of reaching its 2050 climate goals unless it can find a way to speed up the approvals process for major projects in this country, a new report states.
Canada has no hope of reaching its 2050 climate goals unless it can find a way to speed up the approvals process for major projects in this country, a new report states.
But the report's authors say that Canada already has a reputation as a place where major projects can't get built — and unless that changes, the country's environmental ambitions will be out of reach. “A lot of projects end up not coming forward at all because companies aren’t willing to go through the uncertainty of the process," Holden said.According to the federal government's own estimates, $125 billion to $140 billion in capital investment will be needed annually until 2050 to build the infrastructure needed for the energy transition.“Historically, we set up our systems to stop bad things from happening. Now we need to make good things happen and make them happen fast.
And under the Canadian Environment Assessment Act of 2012, which preceded the current Impact Assessment Act, it took almost 3.5 years on average for projects to either receive approval or be terminated.The federal government has recognized the problem, pledging to unveil a plan aimed at speeding up the permitting process for major infrastructure projects before the end of the year.
South of the border, companies have raised similar complaints about regulatory slowness and permitting delays. U.S. President Joe Biden has pledged to improve communication and co-operation among federal agencies to accelerate permitting and environmental reviews in that country.
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