On June 29, 2012, the federal government's Jobs, Growth and Long-Term Prosperity
Act received Royal Assent. This newly enacted
legislation implements key components of the Economic Action Plan
2012 and also contains important features of the Ministry of
Natural Resources Responsible Resource Development plan.
The intended goals of Responsible Resource Development are to:
1) ensure timely and predicable project reviews; 2) eliminate
duplication of project reviews; 3) strengthen environment
protection, and 4) improve dialogue with Aboriginal peoples. plan.
The intended goals of
As discussed in our
April 19, 2012 post, as part of the goal to ensure timely and
predictable project reviews, there are now fixed timelines for the
beginning-to-end review process, which range from 12 to 24 months
depending on the type of review. The plan also provides for the
replacement of federal assessments with provincial environmental
assessments that meet the requirements of the Canadian
Environmental Assessment Act, in order to avoid
duplication of environmental reviews.
The federal government projects that over the course of the next ten
years, $500 billion worth of new projects are expected to start
operating in Canada's energy and mining sectors and the new
legislation is intended to improve the regulatory conditions for
business investment. It will be interesting to see how the
global market responds to these regulatory changes and how natural
resource investment unfolds in the upcoming decade.
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