Thank you, Mr. Speaker. Today, I would like to speak about carbon offsets. Firstly, a carbon offset is a credit for greenhouse gas reductions achieved by one party, that can be purchased and used to compensate the emissions of another party. Mr. Speaker, there are a variety of carbon-offset schemes, and some have proved to work better than others. Today, Mr. Speaker, I would like to speak about not just simply buying carbon offsets but the possibility of selling them and using what is an increasingly larger and larger market with billions of dollars to access and fund projects in the North.
The Northwest Territories is extremely well suited to access carbon offsets and to purchase them, for the same reason, Mr. Speaker. Getting all of our communities off diesel is not an easy task. It will require significant investment in infrastructure. The whole point of carbon offsets is to allow energy organizations and communities to find funding for projects that would not otherwise be feasible. As governments around the world start to wake up to the reality of climate change, we are seeing an increase in the purchasing of carbon offsets. More and more companies are being faced with regulatory requirements to lower their carbon or greenhouse gas emissions. I hope, Mr. Speaker, we can get the air regulations in place during the life of this Assembly and make that the case here. I see carbon offsets as a pivotal tool in growing our renewable sector in the North, as well as a safeguard for a number of our protected areas and our boreal forest. We've seen the Department of Environment and Natural Resources begin to access federal money for replanting.
There is plenty of opportunity for the Northwest Territories to become a leader in selling carbon offsets. We've seen these used in the Amazon rainforest. I see no reason why they can't be used in the boreal forest, Mr. Speaker. There is significant amount of money on the table to be invested in carbon offsetting, and, with more and more projects meeting the qualifications for certification, I believe it is prudent for our government to take advantage of that market and to assist our constituents in doing the same. We have seen the federal government begin to take these steps. I don't want to leave that money on the table. I want the Northwest Territories to be a leader in carbon offsets. I will have questions for the Minister of Finance, Mr. Speaker.