Canada aims to slash time needed to review major projects
XLE•Government says clearer process could help investors
"The legislation will establish clearer, simpler, and more predictable processes for project proponents and Indigenous groups participating in project consultations, giving investors the certainty they need to put capital to work and build in Canada," the government said in a statement.
In recent years, major Canadian oil pipelines have faced years of regulatory delay and legal challenges, leading to cancellations for some projects and spiraling costs for others, like the Trans Mountain expansion.
The government stressed that achieving the one-year timeline was not wholly dependent on the regulatory process, but would also require project proponents to provide data and project information in a timely manner.
Carney's ruling Liberals have a majority in the House of Commons elected chamber, ensuring the legislation should eventually pass. Opposition parties could demand changes and drag out the approval process.
Canada unveils draft legislation to speed project approvals
Sept. 21 (Reuters) - Canada on Monday unveiled draft legislation that would speed up the approval process for major natural resource projects, a goal Prime Minister Mark Carney says is necessary to help deal with US tariffs.
Carney says Canada has to cut back on obstacles to growth, in particular streamlining a complex approval process for major projects that can drag on for a decade or more.
The bill says the time can be cut to a year, in part by conducting federal impact assessments and permit reviews simultaneously instead of one after another.
