The Canada-Alberta Cooperation Agreement on Environmental and Impact Assessment signed today is an important and overdue shift away from excessive regulations that have held back Canada’s economic growth.
Statistics Canada data shows regulatory requirements in Canada rose 2.1% per year between 2006 and 2021, and a Transport Canada-KPMG measure estimates this reduced GDP growth by 1.7%, business employment growth by 1.3%, labour productivity growth by 0.4%, and business sector investment growth by 9%.
By implementing one-project, one-review for projects primarily within Alberta’s jurisdiction and cooperating on permitting and reviews for federal-provincial projects, the Cooperation Agreement will reduce the regulatory burden that – as the evidence shows – has reduced Canadian economic growth.
The Federal Government is now recognizing that reducing regulations is an essential component of building a stronger Canadian economy. Now, that recognition needs to be applied throughout the country.
Spencer Fernando
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