This bill, officially titled "An Act to amend the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act and to make consequential amendments to other Acts," has several main goals. First, it renames and expands the roles of the offshore petroleum boards in Newfoundland and Labrador, and Nova Scotia, to include managing offshore renewable energy projects. These boards will now be known as Offshore Energy Regulators.
The bill establishes rules for issuing licenses for offshore renewable energy projects. This includes a process for how companies can bid on these licenses and how the government will manage the revenue from these projects. The bill also updates safety and environmental rules to include offshore renewable energy projects, ensuring these projects follow the same standards as traditional petroleum activities.
Additionally, the bill allows the government to protect environmentally sensitive areas by stopping new petroleum or renewable energy activities in these regions. It also provides a way for the government to negotiate with companies to surrender their existing licenses in protected areas, offering compensation for doing so. There are also changes to regulations regarding hydrocarbon management, as well as impact assessments to align with the Impact Assessment Act.
Finally, the bill includes provisions to ensure that Indigenous communities are consulted about offshore projects and that their rights are respected. It also makes a number of smaller changes to other laws to ensure they are consistent with the changes made in this bill.
Spending
The bill allows the federal or provincial governments to fund certain expenses incurred by the Regulators as a result of specific requests made by that government. It also mentions compensation to interest owners for the surrender or cancellation of an interest in offshore areas.
Climate
The bill aims to promote safety and environmental protection in offshore areas, including renewable energy projects. It provides regulations prohibiting activities in areas identified for environmental or wildlife conservation.
Environmental Protection
This bill focuses heavily on environmental protection. It expands the safety and environmental protection regime to include offshore renewable energy projects. The Governor in Council can make regulations to prohibit commencement or continuation of petroleum resource or renewable energy activities in areas identified for environmental or wildlife conservation. The bill also establishes a regulatory and liability regime for abandoned facilities.
Energy
The bill focuses on offshore renewable energy projects. It establishes regulatory bodies for these projects, as well as a land tenure regime for issuing submerged land licenses. The bill also includes regulations for petroleum resource activities. It also regulates access to offshore infrastructure, including tolls and tariffs.