Merci, Monsieur le President. My question is for the Minister of Finance, who is responsible for the NWT carbon tax. Earlier today, I discussed some of the shortcomings of the large emitter carbon tax grant program. Can the Minister confirm whether there was any public engagement and work with standing committee to develop the large carbon emitter carbon tax grant program? Mahsi, Mr. Speaker.
Thank you, Member for Frame Lake. Minister of Finance.
Thank you, Mr. Speaker. There hasn't been a formal engagement process since the time that the regime was proposed back in the 18th Assembly. However, the Standing Committee on Government Operations has been consulted both at the time of the 18th Assembly, as well as here earlier in 2020, as I think the MLA did earlier reference. They were given a copy in advance of the large emitter grant policy back in March, and similarly, the industry itself, the large emitters themselves who would be subject to this, were also given an opportunity for some feedback on this, which came after the committee's opportunity to review. Then, there were some, I believe, adjustments to some of those documents and templates after that time. Thank you, Mr. Speaker.
I want to thank the Minister for that. I can assure the Minister there was very little consultation with committee in terms of developing the actual bill that was brought forward, and that was one of the reasons why I voted against it in the last Assembly. The Minister promised that there would be some consultation on the development of these guidelines, and I'm not convinced that really happened. On to my question: can the Minister tell us whether there have been any applications under the large emitter carbon tax grant program or policy, and if so, how many have been successful?
The accounts for this program were only set up as of March 31, 2020, which obviously falls and coincides quite a bit with what is happening with COVID-19. As of this point, with a few months, no, there have not been any applications yet to date.
I want to thank the Minister for that, and I'm kind of not surprised, given the high bar that the current guidelines put on applicants. Can the Minister tell us what the available revenues are projected for the 2020-2021 fiscal year for large emitter carbon tax grant program? Sorry, I did give the Minister a head's up before coming to the House today.
Yes. I do happen to have those numbers now right in front of me. For the fiscal year of 2020-2021, we are projecting $25 million in carbon tax revenues, which, based on that projection and assuming no drawdowns, at the end of this fiscal year, the large emitter individual accounts would be estimated to be just over $2 million.
Thank you, Minister. Final supplementary. Member for Frame Lake.
Merci, Monsieur le President. I want to thank the Minister for those figures. Earlier today, I outlined some of the limitations with the large emitter carbon tax grant program and policy. These include the narrow scope of the eligibility criteria that does not encourage innovation or experimentation; the requirement for a third-party engineering assessment; the lack of public reporting of any project submitted or approved; there are no forums for submission of projects; and more. Would the Minister agree that it is already time to review the large emitter carbon tax grant program and policy, and how will she ensure this time that there is some level of accountability and public engagement while working with standing committee? Mahsi, Mr. Speaker.
Fortunately, this is a policy-based item, so there certainly is opportunity to refine it as it has now rolled out and before any applications come in. Again, it's fairly early in its stages. The Member mentions the need for innovation, the desire for innovation. I have actually heard the same from industry, that they also want the opportunity to innovate, that they want the opportunity to access these funds, to be real leaders in this area. To the extent that that can be considered, I think that is a great opportunity. Again, the policy itself is not complex. It's not lengthy. It may very easily be subject to the opportunity to fix it and to move forward with it in a way that is really meaningful and that will address these issues that are coming forward now, at this early stage. It is the right time to be looking at it. It is the right time to be having that engagement. Mr. Speaker, indeed, as I have said, industry has already been in contact around this. Now, the Member is also speaking to it. I am quite certain that we will be able to find a way forward that is accountable and innovative. Thank you.
Thank you, Minister. Oral questions. Member for Yellowknife North.
