Thank you, Mr. Speaker. I would like to follow up on my Member’s statement with questions for the Premier. The current low price of oil gives us an opportunity to develop alternatives. Money we are saving through lower fossil fuel prices must be invested to implement environmentally, economically and socially sustainable and responsible energy solutions.
I’m wondering, as lead on energy, what extra money from our fuel savings from reduced oil prices is the Premier allocating to exploring and implementing renewable energy solutions for our people and, thus, for our planet. Mahsi.
Thank you, Mr. Bromley. Honourable Premier, Mr. McLeod.
Thank you, Mr. Speaker. The Member has pre-empted us. As we indicated at the second Energy Charrette, that is exactly what our intentions are – to invest in renewable and alternative forms of energy – and we will be rolling that out when our government responds to the recommendations of the second Energy Charrette. Thank you, Mr. Speaker.
That was four months ago, so we are anxiously awaiting that report. Fossil fuel companies and governments and, in fact, investors are confronted by the risk that many of the still-in-the-ground petrochemical reserves that count on balance sheets may never be recovered or realized. Burning more hydrocarbons is destroying the planet, as we know, and renewable energy is becoming more economically feasible daily, as we know.
Given the increasing likelihood that our fossil fuel reserves will be stranded because of economy and ecology, does this government have a plan B for our economy? If so, what is it? Mahsi.
We have a number of plans. We have laid out our Economic Opportunities Strategy. Certainly part of the plan will be, as I said, investing in alternative and renewable forms of energy, as was pointed out at the Energy Charrette. Unfortunately, we will have to continue to rely on diesel at least as backup or to provide for redundancy. Certainly, we are promoting development of our local economies and that was quite welcome, but we expect we will have to take more aggressive action to develop what the Member refers to as a plan B. Thank you, Mr. Speaker.
I appreciate the Minister’s comments. Unfortunately, he didn’t mention where most of our dollars are going and that’s plan A, which is the pursuit of fossil fuels, a very, very risky investment, getting riskier every day. The International Monetary Fund found that between directly lowered prices, tax breaks and uncompensated environmental damage, fossil fuel subsidies worldwide were over $1.9 trillion in 2011 or 8 percent of global government revenues, a huge drag on economy. The IMF’s solution to both economic and climate risk is simple: End fossil fuel subsidies and tax carbon. They add the recognition of the necessity for worldwide conversion to renewable.
What is the Premier doing to transfer subsidies – and, believe me, we are subsidizing our fossil fuel industries to the tune of many millions of dollars – from a dying energy sector to one with a future? Mahsi.
I believe there is some exaggeration there. I look around the Northwest Territories and I don’t see any drilling, I don’t see any oil and gas activities. I’m not sure what the Member is referring to when he’s talking about millions of dollars being invested in plan A. As a government, we have to keep the buildings heated, we have to make sure the lights stay on, and we will continue to do so while, at the same time, investing in alternative and renewable forms of energy. Thank you, Mr. Speaker.
Thank you, Mr. McLeod. Final, short supplementary, Mr. Bromley.
Thank you, Mr. Speaker. For the subsidies, simply look at our infrastructure budget, as the public does, of course. Let me sum up here, Mr. Speaker. The use of fossil fuels threatens the basic systems that make our planet livable. Fossil fuel assets are rapidly becoming liabilities as renewables are becoming too competitive and carbon levels become too dangerous. Our economies can no longer bear the subsidies for fossil fuel extraction, and there is a growing local and international belief that rapid transition to renewable solves the problems of both the climate and economy.
My question is: When will the Premier join the progressive jurisdictions across the world and seriously begin our transition to sustainability and away from the destructive fossil fuel-based energy and economic policy track we’re on?
I don’t mind repeating myself many times. As I’ve said, we’re on track, we’re on schedule. The plan was for the government to respond to the Energy Charrette recommendations in May, at the same time we would identify investment in alternative and renewable forms of energy. At the same time, we are doing a tremendous amount in developing alternative sources of energy. We are the leaders in the country when it comes to biomass and other forms of renewable energy. I don’t think that should be discounted. Thank you, Mr. Speaker.
Thank you, Mr. McLeod. Honourable Member for Frame Lake, Ms. Bisaro.
