January 09, 2012 19:06 ET
CALGARY, ALBERTA--(Marketwire - Jan. 9, 2012) - The Energy Policy Institute of Canada (EPIC) has requested major changes to the country's regulatory system as a key component to the future of energy in Canada. The group has confirmed that regulatory reform will be a key topic in the strategy paper to be presented to government later this year.
Recommendations from EPIC on regulatory reform will suggest measures to reduce uncertainty and increase efficiency in the regulatory review process with an eye to streamline the process both federally and provincially. By improving the cooperation between levels of government and transparency of the process, regulatory review can be significantly accelerated without losing any of the rigour that protects Canadians socially, economically and environmentally.
"Canada's regulations surrounding energy development are some of the world's most stringent and we believe that this should be upheld. Unfortunately, it is also a very tangled system with many overlaps in jurisdiction and process. This leads to unnecessary delays that cost investors money and reduces the socio-economic benefits to Canadians," said EPIC President Doug Black.
This perception of Canada's regulatory system is one that is unfortunately held globally. The World Economic Forum's 2011-2012 Global Competitiveness Report cited bureaucratic inefficiency as the single largest barrier to doing business in Canada.
"Minister Oliver is one hundred per cent correct in saying that our regulatory system is broken and that repairing it is a matter of national interest. It is important that we optimize the regulatory system to remove unnecessary barriers to development while maintaining the highest levels of health, safety and environmental standards," said Black, "A common sense approach to how we develop and manage our energy resources will benefit every Canadian. A more efficient regulatory system is a big piece of this puzzle and will be a key part of our strategy being presented to government this year."
The Energy Policy Institute of Canada (EPIC) is a not-for-profit federal corporation and nonpartisan policy advocacy organization composed of Canadian enterprise that are important producers, transporters and consumers of energy as well as those that engage in financing energy development. EPIC believes that energy is a strategic sector whose prospects are inextricably linked to Canada's prosperity and that the best way to strengthen the sector's contribution to our society is through collaborative action among producers, distributors and consumers of energy - wherever they reside in Canada.
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