Thank you, Mr. Speaker. At devolution, the GNWT finally acquired control of our waters. The idea was that the NWT could control our own resources and destiny. Upon devolution, the NWT enacted the Waters Act and Waters Regulations. These essentially mirrored the former federal acts. Since then, we have done very little to adapt those regulations to our local conditions.

Mr. Speaker, under the Waters Act, the "Commissioner in Executive Council," meaning the GNWT Cabinet, can amend the regulations. This authority could help us fulfill our mandate for growing our economy and reducing regulatory duplication. How? The most important thing that Cabinet could do is to change the thresholds for water use requiring a licence. Currently, if you use more than 100 cubic metres, you need a licence. That is the quantity that we inherited from the feds, and unlike our neighbours, we haven't updated that amount.

Mr. Speaker, after devolution in 2003, Yukon changed that threshold to 300 cubic metres. Later, Nunavut did the same. Now exploration in Yukon and Nunavut is outpacing us in the NWT.

We can change that limit, too, Mr. Speaker. We don't need repatriation of the MVRMA. We don't need new legislation. Cabinet can do this by regulation. That is what devolution intended, for us to be masters of our own house.

Why is this important, Mr. Speaker? Most of the water that I am talking about is critical for exploration projects. A limit of 300 cubic metres is enough water to operate six to nine drills. That amount strikes an appropriate balance between protecting our environment and reducing the regulatory burden. 300 cubic metres is a limit within which responsible exploration companies can operate. Beyond that, they would need a licence from one of our water boards, and Cabinet can also prescribe conditions for that licensing to go ahead.

Mr. Speaker, we compete for the same investment dollars as Yukon and Nunavut. We can offer more robust exploration capacity to resource companies by raising the water use threshold. Our sister territories have done this and still maintain very high environmental protection standards.

I am not suggesting that we allow unlimited use of our water or let developers go unregulated. Quite the contrary. They would still be required to report to inspectors and obtain land use permits. That is as it should be.

Mr. Speaker, a well-balanced regulatory system benefits us all. At the appropriate time, I will have questions for the Premier. Thank you, Mr. Speaker.