Check against delivery

Mr. Speaker, Environmental, Social, and Governance, or ESG principles have become more prevalent over the past few years in the mineral resources industry, with investors, demographic groups, and the general public demanding stronger ESG investments from business and industry.

A global movement towards ESG investment and social consciousness is good news for the NWT because we are leaders in ESG measures and performance. We are, in fact, already moving towards advocating for the next generation of ESG through an Indigenous lens, or ESG-I, an approach that breaks down barriers and ensures Indigenous people are at the decision-making table from the start.

Mr. Speaker, the NWT began with gold, then transitioned into the diamond capital of North America, positioning itself as an ethical, stable democracy and a dedicated steward of the land enabling responsible resource development. While companies like Arctic Star and Mountain Province Diamonds are currently finding kimberlites, we also have well established critical minerals projects with NICO, Pine Point, and Prairie Creek that are nearing mine construction decisions. And with the Nechalacho rare earth elements project, the NWT has the first rare earths mine in Canada, with the potential for many years of production.

In the coming months, as we advance work on the NWT Critical Minerals Action Plan, ESG-I standards, and associated initiatives, we will engage with stakeholders and partners to ensure the NWT’s collaborative spirit guides our work as we renew our focus on sustaining our resource sector.

Mr. Speaker, next month I will be attending the Prospectors and Developers Association of Canada in Toronto, one of the world’s premier mineral resource sector conferences. Before I share our message on that stage, I want to first remind colleagues, residents, and businesses about our leadership potential in this global movement. I want to especially highlight our ESG-I strengths in our governing relationships and our regulatory approach.

The 2014 NWT Devolution Agreement established the Intergovernmental Council to allow the public and Indigenous governments to collaborate on matters related to lands and resource management while respecting the autonomy and authority of each government. This Council is an important central figure as the NWT shifts progressively to an ESG-I model.

Mr. Speaker, in early May, the Gahcho Kué mine received the prestigious Towards Sustainable Mining Excellence Award from the Mining Association of Canada. 

Gahcho Kué’s commitment and focus on community engagement and environmental stewardship is a reflection of the relationships and respect that exist between NWT’s mining industry and Indigenous governments and organizations.

This award to an NWT-based project highlights to investors the ESG and ESG-I practices that set the NWT apart from other jurisdictions.

Founded in a first-class regulatory regime under the Mackenzie Valley Resource Management Act 25 years ago, our regulatory framework places environmental protection, traditional knowledge, and Indigenous rights at the centre of decision-making. It has flourished thanks to partnerships amongst the NWT’s diamond industry, northern and Indigenous governments, and communities.

Mr. Speaker, our regulatory system is comprehensive and recognizes many of the issues that are important not only to our citizens including environmental protection and Indigenous rights but form cornerstones of ESG-I.  That said, there is also an opportunity for improvement in the timeliness, clarity, and certainty of our regulatory framework.

We are in a transition period. We are putting new, first-of-its-kind, modern mineral resource legislation and companion regulations in place, with features like formalized benefit agreements and online map staking.

We continue to dialogue with partners to identify and advance operational improvements in regulatory processes for exploration projects. We have a well established approach to sharing the social and economic benefits of mineral development with Indigenous Governments. And we have begun the conversation to move our territory’s land and water boards, the final piece of our regulatory process, into the hands of the responsible northern governments.  

Mr. Speaker, today’s NWT mineral resource industry is innovative, collaborative, and focused on environmental stewardship and Northern benefits. It is guided in part by the pioneering and resourceful geoscientists who apply science and knowledge from the search for natural resources to mitigating and adapting to the impacts of climate change. It coordinates with the GNWT and Indigenous governments to enhance resources for capacity building and supports resource revenue sharing across different levels of government.

The global industry is catching up to the NWT and our practices that we have honed over nearly three decades.

In the coming years of work on our regulatory processes, with our collaborative best practices and the potential resources still untapped, we can set our jurisdiction apart as one that has great potential and investor confidence in our leading-edge environmental, social, and governance principles.

Thank you, Mr. Speaker.