Discussion · Government Orders
Gord Johns NDP
“Norway saved money from oil and gas to help its people and now has a huge fund. In Canada, oil and gas companies are making record profits, but the government lets them off the hook. We should put those profits into a public fund to help Canadians and pay for clean energy.”
“Madam Speaker, we know that Norway, where they created a sovereign wealth fund, has $2 trillion U.S. In fact, in royalties alone, the Norwegians generated over $300 billion last year because they took resources from a finite resource, from oil and gas, and they invested them. They have taken those royalties to do exactly the kinds of things that the government is talking about today, taking pressure off citizens when times are difficult. Instead, what did the current government do? It created a sovereign wealth fund that took the big oil and gas companies and let them off the hook. Right now, we have record profits with big oil and gas. Does my colleague not agree that when big oil and gas are profiting with record profits because of a war, the generational wealth should be invested in a sovereign wealth fund that can be invested in programs that can help take the pressure off Canadians and pivot to investing in renewable energy? This is a generational opportunity that is being lost right now.”
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Madam Speaker, we know that Norway, where they created a sovereign wealth fund, has $2 trillion U.S. In fact, in royalties alone, the Norwegians generated over $300 billion last year because they took resources from a finite resource, from oil and gas, and they invested them. They have taken those royalties to do exactly the kinds of things that the government is talking about today, taking pressure off citizens when times are difficult. Instead, what did the current government do? It created a sovereign wealth fund that took the big oil and gas companies and let them off the hook. Right now, we have record profits with big oil and gas. Does my colleague not agree that when big oil and gas are profiting with record profits because of a war, the generational wealth should be invested in a sovereign wealth fund that can be invested in programs that can help take the pressure off Canadians and pivot to investing in renewable energy? This is a generational opportunity that is being lost right now.