Finance Minister Jim Flaherty delivered the Harper
government's 2012 budget today, mixing together austerity
measures, pension reforms, and the end of the penny.
For the energy and resources sectors, there are a number of
highlights in the budget, most significantly the setting of limits
on the time for environmental review of major projects.
The budget speech cited a need to cut through a "complex
maze" of rules and "long and unpredictable" approval
processes, and stated the government's commitment to ensure
that needed pipeline infrastructure is built to access Asian
markets. Accordingly, new rules will limit review processes for
pipelines to 18 months. Mining projects will be limited to two
years, and all other approvals would be limited to a one year
review period. In addition, Flaherty reaffirmed the
government's commitment to "one-project, one-review",
likely limiting the scope of federal review of projects already
undergoing a provincial review.
