David J. McGuinty moved, — That Bill C-30 be amended by adding after line 18 on page 6 the following new clause:
“10.1 The Act is amended by adding the following after section 63:
63.1 (1) Within ninety days after this section comes into force, the Minister shall enter into negotiations with representatives of provincial and territorial governments, members of aboriginal, Métis and Inuit communities, and representatives of relevant private sector companies and non-governmental organizations with the objective of creating or designating an independent agency to be known as the Green Investment Bank of Canada, which is to be responsible for monitoring and regulating the greenhouse gas emissions of large industrial emitters.
(2) During the course of the negotiations, the Minister and the provincial ministers shall consider
(a) the establishment of a board to govern the affairs of the agency, to be composed of representatives from the Government of Canada, provincial governments, corporations and not-for-profit organizations;
(b) the establishment, for each large industrial emitter, of a green investment account
that the agency will hold in trust for each large industrial emitter;
(c) the making of an annual deposit by each large industrial emitter to its green investment account, the amount of the deposit being calculated to take into account the value of the carbon price multiplied by the individual carbon deficit for that large industrial emitter in the preceding calendar year;
(d) the making of a proposal by a large industrial emitter to the agency in respect of a project to reduce future greenhouse gas emissions by the large industrial emitter;
(e) the evaluation by the agency of a proposal referred to in paragraph (d), the administrative requirements and other matters relating to the approval of that proposal, the withdrawal of funds from the green investment account of a large industrial emitter to finance an approved project, and the evaluation of the progress of approved projects;
(f) the criteria to be applied by the agency in deciding whether to approve a proposal referred to in paragraph (d), including criteria to ensure that approval will be granted only if the large industrial emitter can demonstrate to the satisfaction of the agency that the project contemplated by the proposal
(i) will reduce the annual greenhouse gas emissions of the large industrial emitter in an amount that is proportionate to the withdrawal of funds from the green investment account of the large industrial emitter to finance the project,
(ii) will produce annual greenhouse gas emission reductions that would not have occurred in the absence of the project,
(iii) will produce annual greenhouse gas emission reductions that will not be counted by any other person towards the reduction of its individual carbon deficit, and
(iv) will not result in an increase in greenhouse gas emissions or releases of air pollutants;
(g) the establishment of rules governing deposits and withdrawals from a green investment account, including rules providing for
(i) the promotion of early action to reduce greenhouse gas emissions,
(ii) the reduction and phasing-out of withdrawals from green investment accounts, and
(iii) the transfer of funds out of a green investment account into a green investment fund managed by the agency if those funds have remained in a green investment account for a period of at least two years without being allocated to an approved project;
(h) where funds are transferred out of the green investment account of a large industrial emitter into a green industrial fund, the mandatory expenditure by the agency of those funds for the purpose of furthering the progress to reduce greenhouse gas emissions in Canada, a target of 50% of which will go into a building retrofit revolving fund program, the remaining 50% to be invested in greenhouse gas reduction projects with a minimum of 80% of the funds to be spent on projects in the province or territory in which the large industrial emitter is principally situated.
(h)(i) Funds shall be allocated in a manner that maximizes verifiable GHG emission reductions.
(i) an annual report by the Minister to both Houses of Parliament that shall include a full disclosure of the value of all green investment accounts, a description and valuation of all approved projects and a complete description of the agency’s activities in the preceding calendar year; and
(j) any other matters necessary to implement the measures referred to in paragraphs (a) to (i).
(3) The Minister shall table a report on the progress of the negotiations in both Houses of Parliament six months after this section comes into force and every six months thereafter until the conclusion of the negotiations.”
Debate arose thereon.