Charles St-Arnaud: Carney’s ‘One Canadian Economy’ a much-needed move in the right direction, but questions remain

Prime Minister Mark Carney during his closing press conference at the Group of Seven Summit in Kananaskis, Alta., June 17. Photo by GEOFF ROBINS/AFP via Getty Images files

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The federal government recently unveiled its One Canadian Economy Act, one of the first major pieces of legislation tabled by the newly elected Liberal government. It is an ambitious plan to spur investment, advance major “nation-building” projects and remove barriers that have long fragmented the country’s internal market.

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The act is a much-needed move in the right direction and shows that the government understands the urgency of revitalizing the Canadian economy after decades of underperformance and weak prosperity gains.

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The Canadian economy will require a significant amount of investment over the next decade to reach its full potential and regain its title of “trading nation.” Large-scale investment in infrastructure will be crucial.

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The most pressing projects include: pipelines to transport energy products to new and existing markets, increased port capacity to ship Canadian production overseas, a better and more efficient railway and road system to improve the transportation of goods and interconnectivity within the country, fibre-optic networks to speed up knowledge and data transmission, decarbonization projects through carbon capture, sequestration, expanded renewable production, improved electricity production and transmission, and development of mines to supply the critical minerals needed in modern manufacturing.

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The list is long.

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In order to ensure the nation-building projects actually get built, the proposed legislation will streamline the approvals process. The bill introduces a “one-project-one-review” framework, with the aim of reducing approval timelines from the current five years to two years.

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Instead of bouncing between multiple departments and jurisdictions, federal and provincial, projects will face a single, streamlined process through the Major Projects Office. And only one minister will be responsible for authorizing the project, rather than multiple ministers as is currently the case.

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As Prime Minister Mark Carney framed it, projects that qualify as “nation-building” will be evaluated through a “how” lens rather than “why.” In other words, once a project is deemed strategically important — whether for energy independence, economic resilience or supply chain capacity — it is “pre-approved,” and the question is not whether it should be done, but how to get it built.

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The bill is a bold and necessary step in the right direction, after years of projects being cancelled, significantly delayed or simply not being proposed. A more streamlined process is likely to provide more certainty in the decision-making, helping to restore confidence for investors who have come to see Canada as an unreliable place to put their money.

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However, while the bill provides some guidelines on the process, many questions remain unanswered regarding execution. Who decides what qualifies as a nation-building project? Ultimately, the decision remains a political one. While the legislation outlines general criteria — advancing prosperity, enhancing security and improving internal connectivity — the final decision remains with politicians.