Mr. Speaker, the Government of the Northwest Territories is committed to maintaining ecosystem health while supporting sustainable economic growth for our communities. A key part of this is the NWT Project Finance for Permanence Agreement, now known as the Our Land for the Future Agreement, which will help to fund Indigenous-led conservation initiatives.
The NWT Project Finance for Permanence Agreement provides participating Indigenous governments and Indigenous organizations with the funding to do the things we agree to do together in our shared conservation work plan Healthy Land, Healthy People. The GNWT has negotiated a separate agreement with Canada to fund its own needs.
Mr. Speaker, since 2018, the GNWT has been seeking long-term funding solutions to support the management of protected areas like Thaidene Nene while creating jobs in nearby communities. The NWT Project Finance for Permanence Agreement is an innovative model that brings both funding and partnerships to ensure Indigenous governments and Indigenous organizations lead in the protection of important lands while creating local jobs and economic benefits through initiatives such as Guardians programs, eco-tourism, and sustainable development activities. The funding supports progress on shared conservation priorities and will also contribute to Canada's goal of protecting 30 percent of its land and waters by 2030.
The NWT Project Finance for Permanence Agreement is an Indigenous-led initiative that includes 23 Indigenous governments, the GNWT, the federal government, and three private donors. It works within our existing land management process and laws, including the Mackenzie Valley Resource Management Act, and established land-use planning processes, ensuring that decisions about the land remain in the hands of the people connected to it. It does not override these frameworks but provides funding to support Indigenous-led initiatives we agree upon through these decision-making processes.
The Healthy Land, Healthy People plan continues to guide our conservation efforts, and the agreement helps provide the resources needed to accomplish these shared goals.
Mr. Speaker, in April of this year, the federal government announced $300 million to support the NWT Project Finance for Permanence Agreement, enhanced by an additional $75 million coming from private donors. The agreement includes a strategic plan and financial plan, which outline how the funds will be used to ensure proper oversight and accountability. These plans are designed to ensure that the funding will be directed toward Indigenous-led conservation and stewardship efforts and related economic development activities. The agreement also creates an endowment that will ensure the long-term sustainability of these transformative benefits into the future.
Mr. Speaker, the GNWT recognizes the importance of maintaining a balance between conservation and economic development. The NWT Project Finance for Permanence Agreement will contribute to a strong, diversified economy that includes new, culturally supportive opportunities in the conservation economy, alongside continued investment and development in the resource sector. By ratifying the agreement, the GNWT is taking a significant step to deliver its mandate commitment to promote reconciliation and responsible land management while supporting economic diversification in small communities. This agreement will help to support our shared conservation goals while ensuring that the land and water of the NWT continue to provide diverse opportunities for future generations. Thank you, Mr. Speaker.
