Debates of February 28, 2024 (day 12)
Member’s Statement 134-20(1): Northwest Territories Economic Future
Thank you, Mr. Speaker. Predicted economic concerns and notices there. Thank you, Mr. Speaker. The NWT economic is on the trajectory that will see its mining, oil and gas sector diminish to a small fraction of what it is today. It will leave the territory's economy almost entirely dependent on Canadian taxpayers to fund its very existence. This may sound farfetched, alarmist, and perhaps even controversial.
The purpose of this paper is not to frighten or stoke the controversy. It is fact that the NWT diamond mines will close, and the oil production in Norman Wells will come to an end. It is also fact that minerals, oil and gas, make up the lion's share of the territory's total exports equivalent to 66 percent. Mr. Speaker, when these products are no longer available for sale, the territory will lose an important resource, a source of income, that find the its way through the economy affecting businesses, labour, government revenues. Therefore, Mr. Speaker, it seems reasonable to look at the pending loss of mineral, oil and gas production with concern and to learn what we can do about the implications of a diminished resource sector.
Mr. Speaker, what will economic life look like after when the resource sector is no longer a dominant part of the territory's economic landscape?
The Northwest Territories economy has endless potential transitioning to a low carbon stability as a global imperative one. Our region is ripe with strategic metals fundamental to the EV industry and, collectively, we must institute measures to make capital investments, such as that in our natural resources. Natural resources are put to a sustainable development stage. Mr. Speaker, I seek unanimous consent to conclude my statement today.
Unanimous consent granted
Thank you. Thank you, Mr. Speaker. Thank you, colleagues. Mr. Speaker, the purpose of this addendum to the working paper Eyes Wide Open is to start a second conversation regarding to the risk of becoming a welfare state and why the territory might want to avoid its possibility. The discussion points are just the starting point for a deeper conversation and many conversations but, more importantly, to start having them now. Mahsi, Mr. Speaker.
Thank you, Member from the Sahtu. Members' statements. Member from Tu NedheWiilideh.