Welcome to Economic Insights, your twice-weekly deep dive into the major projects and policy shifts shaping the Canadian economy.

Stories we are following:

– Carney government drops pipelines from Impact Assessment review.

In the first move of its regulatory overhaul, Ottawa is handing reviews of pipelines, transmission lines, offshore renewable energy projects and oil and gas facilities to the Canada Energy Regulator. 

It was one of the proposals included in last spring’s discussion paper on major project approval reforms. 

The Carney Liberals plan to table legislation for the broader package of changes this fall. But this particular change didn’t require a bill, since it amends existing regulations rather than the law itself. The amendments were published in the Gazette early Wednesday morning, with a press release from Intergovernmental Affairs Minister Dominic Leblanc reaching reporters’ inboxes later that afternoon.

A Liberal government source tells iPolitics the rush to implement this regulatory change before Parliament resumes is tied to the West Coast Oil pipeline proposal backed by Alberta and Ottawa. 

More on that here.

– Feds drop plans to skirt Species At Risk Act for major projects. 

Accompanying the changes to Impact Assessment this week is news related to the Star, CBC and CP from an unnamed senior government source saying Ottawa will drop its plans to skirt the Species at Risk Act for major projects in upcoming legislation.

This reportedly follows an overwhelmingly negative response to the proposal during the summer consultations. 

However, the Building Canada Act — which was passed as part of the controversial Bill C-5 last summer — gives Ottawa the power to allow projects with a “national interest” designation to skirt a dozen laws, including the Species At Risk Act.

CP has more information on that.

By the numbers:

11 million: Carney’s budget for hosting September’s investment summit in Toronto, as per the Spring Economic Update.

120 trillion: The worth of the assets being managed by the roughly 250 financial executives set to attend next week’s summit. 

42,000: The amount of jobs shed in Canada’s economy in August.

Major projects watch:

– Bloomberg and the Globe and Mail report the federal government’s project pitchbook, distributed to attendees of next week’s Canada Investment Summit, features 167 projects spanning from data centres to mines to LNG deals. There are not yet reports of airports being included in the pitch deck. 

– Spotted: the proponents behind FPX Nickel, Port of Churchill Plus, E3 Lithium, Troilus Mining and more, delighted to be included in the Canada Investment Summit brochure.

– Regina-based Max Power drilled Canada’s first well dedicated to clean natural hydrogen at its Lawson Complex. The company says the drilling success is a global first, with the potential to develop into an entirely new primary energy industry. Major commodity investor Eric Sprott, who had backed the company, has boosted his stake in the startup to 24.35%. Natural hydrogen can feed into fuel cells to generate electricity and does not emit greenhouse gases.

– The Deninu Kųę́ First Nation says it is suspending support for the Taltson hydro expansion and Arctic Economic and Security Corridor. The First Nation, also known as DKFN, said its support would not return until two things happen: the GNWT and participating Indigenous governments formally recognize DKFN “has suffered the most severe legacy impacts from the original Taltson generation facility,” and they share the benefits of development in the North Slave with DKFN. Cabin Radio has the story.

–  The Nisg̱a’a and Tahltan Nations, together with Arrow Transportation Systems, have opened the Portland Canal Marine Terminal in Stewart, British Columbia. The deep-sea terminal provides an export route for minerals produced in the Golden Triangle region to international markets. The facility covers six acres (2.4 hectares) of foreshore and can handle approximately 300,000 tonnes of copper and gold concentrate annually.

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