Thank you, Mr. Speaker. Mr. Speaker, as we all know, climate change is the most significant global challenge we face today. Climate change is fundamentally affecting weather patterns across the globe. We are seeing massive floods, fires, hurricanes, and droughts that have become the new normal. In the North, we see reducing Arctic ice, permafrost damage, significant erosion, low water, species migration, and our worst fire seasons in years. These increasing impacts call upon everyone to do whatever we can to reduce our carbon emissions.
Mr. Speaker, we have fewer options than our southern neighbours when it comes to reliable energy. We have a harsh climate and months of darkness. We need fossil fuels for power generation, for shipping of goods and for extracting resources.
We also have a record of innovation. Our hydro systems provide renewable energy. Diavik's wind farm has reduced fuel use up to nearly 15 per cent. Colville Lake solar panel project allows their generators to run 25 per cent less. Yes, we have to build on these successes, but reducing emissions is a collaborative effort. Our economy relies on carbon intensive resource extraction. The challenge is to grow the economy, and simultaneously meet our reduction targets. Some suggest we can't have both. I believe we can.
Mr. Speaker, the extractive industry invests millions in research every year. For example, the Canadian Mining Innovation Council put forward a strategy entitled: Towards Zero Mining Waste. It calls for water use, energy use, and environmental footprints to be cut in half by 2027. A healthy mining sector doesn't have to be an environmental liability. Innovation and technology will help both industry and government meet reduction goals. How can we measure success in emission reduction strategies? One measure is through the international organization for standardization. It develops international standards such as ISO 14001 for environmental management, and ISO 9001 for quality management. On energy management and efficiency, the standard is ISO 50001. Currently, there is one mining company in Canada that is ISO 50001 certified, and others working towards certification. We should consider adopting these high standards in our forthcoming energy strategy.
Mr. Speaker, I don't believe in settling for one or the other. I believe that with smart approaches and a push for innovation, we can support the economy, improve our energy efficiency, and meet our targets for reducing emissions. Mr. Speaker, I will have questions for the Minister of Industry, Tourism and Investment at the appropriate time. Thank you, Mr. Speaker.