Reuters: Regulatory News: UPDATE 1-Canada to cut back on environmental reviews

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Canada to cut back on environmental reviews Apr 17th 2012, 16:21 Tue Apr 17, 2012 12:21pm EDT * New rules will speed approval of pipelines, mines * Canada keen to quicken development of oil-rich tar sands * Environmentalists say new rules increase disaster risks By Euan Rocha and David Ljunggren TORONTO/OTTAWA, April 17 (Reuters) - Canada will streamline the way it performs environmental reviews on major industrial projects in a bid to speed the development of mines and pipelines, the government said on Tuesday. The right-of-center Conservatives, who predict Canada could see C$500 billion ($505 billion) of new investments in energy and mining industries over the next decade, say the current process is far too complicated and lengthy. "We have to compete with other resource-rich countries for fast-growing markets and scarce capital. And we must do it now," Natural Resources Minister Joe Oliver said in a speech unveiling the new rules. The federal government now will focus only on major reviews, handing over responsibility for some projects to Canada's 10 provinces, while ensuring each proposed development is assessed only once. Ottawa will also impose legally binding timetables on reviews, which in the past have taken up to seven years to complete. Once the new rules are adopted, an assessment will be limited to a maximum of two years. The Conservatives are particularly keen to speed development of the oil-rich tar sands of northern Alberta, which represent the world's third largest oil reserves. Companies which could benefit from the new rules include Kinder Morgan Energy Partners LP and Enbridge Inc , which both want to build pipelines from Alberta to the Pacific Coast. "We have immense resources, we are an energy superpower, we're a mining giant, and this can have an incredibly positive impact on the future prosperity and security of Canadians," Oliver told reporters after the speech. Environmentalists - who complain about the Conservatives' tight ties to the energy industry - say trimming the regulatory process could lead to disaster. "These changes are about handing oil and mining companies their approvals faster, rather than asking what kind of legacy this leaves for the next generation," said Keith Stewart of Greenpeace. Oliver dismissed the idea that the environment would suffer, noting that Ottawa planned to impose stiff fines on firms breaking the rules and would boost both pipeline inspections as well as measures designed to improve tanker safety. "Projects will go forward too fast and mistakes will be made. There will be more court cases," said John Bennett of the Sierra Club. Legal experts say truncating the regulatory process could leave proponents of major projects exposed to lengthy court battles. Asked whether the new rules would prevent lawsuits, Oliver replied: "This legislative project does not impact on people's legal rights ... we cannot preclude legal action." Over 40 federal government departments and organizations currently have responsibility for project reviews. This number will be cut back to three. "The minister's goal of 'one project, one review, completed in a clearly defined time period' makes great sense and would support developments that bring jobs and prosperity to Canadians," said Todd Nogier, spokesman for pipeline company Enbridge. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions