Hon. Yonah Martin (Deputy Leader of the Opposition): Minister, oil and gas industry proponents have been asking for a 75% investment tax credit from the federal government in order to spur investment in carbon capture and storage technologies, which would reduce upfront capital costs involved in constructing this critical technology. However, your government’s announcement fell short, promising only a 50% tax credit. Many in the industry have stated that the size of the credit means that many of these planned projects will not go forward.

Minister, given the impact this technology could have on emissions reduction, does it concern you that many of these projects may now not go ahead?

Senator Martin: Last summer it was the C.D. Howe Institute that issued a report which found that Canada was lagging behind other OECD countries for attracting investment. Researchers wrote:

Business investment is so weak that capital per member of the labour force is falling, and the implications for incomes and competitiveness are ominous.

William B.P. Robson writes:

Investment per available worker lower in Canada than abroad tells us that businesses see less opportunity in Canada, and prefigures weaker growth in Canadian earnings and living standards than in other OECD countries.

Senator Gold, do you agree with all the experts who say that Canada, under Justin Trudeau, is no longer attractive to foreign investors? And what is your government’s plan to correct this?