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Major reforms of environmental and regulatory reviews of big energy projects – one of Prime Minister Justin Trudeau’s most anticipated policy changes – are due to be announced in days.

They are so significant they could encourage a return of capital to the Canadian energy sector — or continue to push it away to more welcoming jurisdictions, particularly the United States. They could also have big political ramifications in energy producing provinces — and not good ones — if they layer excessive regulation on top of already onerous carbon reduction policies.

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“This is a very big moment,” said Chris Bloomer, president and CEO of the Canadian Energy Pipeline Association. “This is serious policy and hopefully we get it balanced right.”

The federal government has been consulting for two years to reform the National Energy Board Act, the Canadian Environmental Assessment Act, 2012, and the Fisheries Act and the Navigation Protection Act to fulfill Trudeau’s promise to restore public trust in project reviews.