Thank you, Mr. Speaker. Mr. Speaker, my friend from Yellowknife Centre was just saying it's a shame the government is so pessimistic about our ability to successfully navigate the national fabric of relationships that allow us to be successful at leveraging funding to realize a future for the Northwest Territories. But I digress.
Mr. Speaker, this is a new government. This will be -- this is a new committee. These are new Members. And one thing I heard loud and clear on the campaign trail is that carbon tax, not just high cost of living, not high cost of groceries, not high cost of fuel -- of course, everyone feels the pinch -- but this specific policy was something that my constituents wanted reviewed. So when Members suggest that this is a waste of time and resources, I say anything we do for our constituents is never a waste of time. If our constituents want us to look at something and when we gave priority speeches in this Chamber, more people spoke of the need to deal with the carbon tax, many of them on that side of the House now, Mr. Speaker, than they did about the public inquiry or third-party review into a wildfire. That sounds like an important issue for this Assembly to tackle.
Mr. Speaker, I don't believe in zero risk. I've been very clear on the public record about that. Maybe we don't get our rebate system honoured. Maybe we have to deal with the federal backstop or maybe the Prime Minister will listen to the Premier's eloquent words about the need for an exemption and we won't pay carbon tax anymore. Maybe. But we don't know until we do something. And I got elected to do things.
Mr. Speaker, if we are stuck with a backstop, the concern that the revenues will be lost, well, 90 percent of those revenues will come back under the backstop. 10 percent will go to renewable energy programs. Right now zero percent of them go to renewable energy programs. The government funds AEA, the Arctic Energy Alliance. They fund these programs. But they don't specifically use the revenues to do that. It's not a revenue neutral system.
Mr. Speaker, I am sympathetic, of course, to the mining industry. We need to support them. But that industry continues to work in Nunavut and in Yukon even though they pay the full federal backstop and they use the OBPS system. So it doesn't -- it hasn't slowed down investment there. In fact, they have more exploration going on in both of those jurisdictions than we do in the Northwest Territories. So it can't be that bad. But we don't know if we don't take a risk.
Mr. Speaker, from now until 2027-2028, the carbon tax will raise $71 million in net revenue for the GNWT. $71 million. And that's not money that's going to go back to people in rebates. That's $71 million of general revenue for the GNWT. The federal system will not do that. All the money goes back to people or it goes back to hospitals, communities, businesses. So we have to ask yourself, how are we going to deal -- is that the right way to use that money? Should it be just going into general revenues, or should it be earmarked for projects? Should there be a commitment that every dollar raised not in a revolving fund -- I don't think we need to be that prescriptive but just say if we raise $71 million in net revenue, we're giving it all to the Arctic Energy Alliance for energy efficient programs or to the power corporation which currently spends 1 percent of its total infrastructure investments in renewables. One percent of our power corporation. So maybe the $71 million we are getting from carbon tax should go to the power corporation to invest in renewables and decarbonize our power system. These are important questions that we need to ask, and this bill is a vehicle to ask those questions.
I agree with my colleagues, it should be studied. It should be studied not just for the sake of good public policy decisions but because our constituents have asked us to look at it. They've asked us to study it, and we're here for them, Mr. Speaker. Mr. Speaker, why can't we do both? The minister has eloquently put that she has her reservations about this, and I respect what she's been through. The trauma of a carbon tax debate is not fun. I've been through it myself. And I don't -- I don't want to do it again but it must be had.
Now, we can do both though. We can study this bill. We can study the best system for the Northwest Territories, and we can invest in renewables. We can get our communities off diesel. We can do both. We can chew gum and walk at the same time, Mr. Speaker. I firmly believe that. And with that, Mr. Speaker, I will conclude the debate on this, but I will also call for a recorded vote and I look forward to my colleagues supporting this bill. Thank you.