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The declines in planned investment in Canada’s resource sector have continued even as investments in competing jurisdictions have rebounded following a years-long decline in commodity prices, said C.D. Howe Institute associate director of research Grant Bishop, who co-authored the report.

“U.S. and global investment in oil and gas has rebounded while in Canada it has continued to plunge,” Bishop said, adding, “Global planned investment in mining has dropped but it has dropped further in Canada.”

Industry groups across the resources sector including the Canadian Energy Pipelines Association and the Mining Association of Canada are asking the Senate to amend the bill. Other think tanks, including the Canada West Foundation, have also called for substantial changes to the bill.

Part of the issue is long regulatory timelines. The study shows it can take up to 15 years to get a mine approved in Canada, compared with six years in Australia. Or it can take up to 11 years for pipeline approvals in Canada, compared with two years in Australia or five years in the U.S.

More important, he said the bill and regulatory overhaul does not fix the biggest obstacle facing major resource projects: the federal government’s own approach to consultations with Aboriginal people affected by development.

“The critique is that Bill C-69 is being pitched as being necessary to fix major resource projects,” Bishop said. “The legislation is not addressing the problem that has tripped up major resource projects.”