Article content continued

Proceeding will hurt our opportunities for shared prosperity in the long term, with implications going far beyond any one industry or community. Rule of law and reason in Canada is being called into question and, in turn, the stability and binding integrity of Confederation’s founding principles.

We would also remind Prime Minister Trudeau that the chamber of commerce network recommended what the first ministers are now asking before five of the seven signatory premiers were elected to office. Smart regulation that works for all Canadians is the first pillar of our network’s Vote Prosperity campaign to inform all federal election candidates about the priorities for a more competitive Canada.

TMX’s approval establishes a minimum vestige of confidence that national interest is a relevant consideration for federal decisions. It will help ease constraints on transporting western oil which has forced Alberta to curtail production and contributed to thousands of layoffs. It will also help raise living standards of First Nation communities along the pipeline route.

But what about additional projects which would support Canadians’ shared prosperity? Proceeding with Bills C-69 and C-48 effectively scuttles similar opportunities.

One hundred billion dollars in lost planned investment since 2017 proves the confidence socially and environmentally conscious investors have in these bills; as the Expert Panel of Sustainable Finance’s report released last week noted, without more pipeline projects oil and gas companies will have less incentive to invest in further emissions reductions. Moreover, contrary to prevalent rhetoric, TMX provides minimal opportunity to reduce reliance on U.S. markets. This single project will not resolve these larger, long-term considerations of national interest.