The federal government’s decision yesterday to approve the Trans Mountain Expansion Project (TMEP) is the right move for Canada, sparking the creation of thousands of jobs and opening the door to billions of dollars in long-term economic benefits nation-wide.
The federal government’s decision today to approve the Trans Mountain Expansion Project (TMEP) is the right move for Canada, sparking the creation of thousands of jobs and opening the door to billions of dollars in long-term economic benefits nation-wide. The expanded pipeline will provide safe passage for more responsibly-produced Canadian products to international markets, giving this country access to better prices for its oil.
“This decision has been a long time coming,” says Chris Bloomer, President and CEO of the Canadian Pipeline Association (CEPA). “Now that we have approval for TMEP, CEPA encourages the government to move forward with construction immediately.”
Legal and regulatory delays in the construction of TMEP cost Canadians $693 million every year, meaning less funding for services like health care and public education. Further delay will only add to the opportunities Canada is losing out on every day due to the lack of market access for responsibly-produced Canadian products. TMEP has met an unprecedented number of stringent regulatory requirements and obtained approvals from both federal and provincial authorities.
This critical project will benefit Canadians from coast-to-coast-to-coast:
- The project will inject $7.4 billion into Canada’s economy over the life of the project.
- Federal and provincial governments will see $46.7 billion in additional taxes and royalties from construction and 20 years of operation.
- British Columbia will receive $5.7 billion
- Alberta will receive $19.4 billion
- The rest of Canada will share $21.6 billion
- During construction, the project will generate 15,000 jobs per year, followed by the equivalent of 37,000 direct, indirect and induced jobs per year of operations.
Today’s decision is a step in the right direction, however there is still great uncertainty around Canada’s regulatory process and the future of investment in Canada’s energy industry.
“TMEP must be built as soon as possible, and steps should be taken to end government ownership of the pipeline,” says Bloomer. “With these steps, we will start to signal to the world that Canada is, in fact, open for business.”by