At the 2024 IEA Ministerial Meeting held in Paris, February 13-14, Canada's Energy Minister, Jonathan Wilkinson, told Reuters the country will expedite the permitting process for new critical metals mines by as much as a decade.

"(We're) looking at how do we optimise the regulatory and permanent processes so you can take what is a 12 to 15-year process and bring it down to maybe five," he said.

The energy minister referred specifically to the need for lithium, graphite, nickel, cobalt, copper, and rare earth elements to facilitate the energy transition, noting that production of these materials is "too dominated by China."

The fast-track process was also highlighted earlier this month when Canada's Ministerial Working Group on Regulatory Efficiency for Clean Growth Projects issued a statement outlining plans to streamline the development process of up and downstream critical metals projects.

"An efficient and effective review process for clean energy, critical minerals, transportation and other major projects is essential. It keeps our economy competitive and creates good, well-paying jobs," wrote Seamus O'Regan Jr., Minister of Labour and Seniors and working group chair. O'Regan then pointed to countries like the US, Japan and Australia, which have developed strategies to facilitate "clean growth."

In addition to fortifying regional economies, the strategy aims to entice international investment.

"Project proponents and investors have told us that more clarity and certainty in terms of expectations, timelines and decision-making processes will provide them with added confidence to invest in Canada and get major projects built faster," he wrote.

To achieve this, the working group proposed seven measures to enhance federal regulatory and permitting processes for efficiency, transparency, and predictability. The measures the government is committing to align with national goals, including advancing key sectors for a net-zero economy, generating clean energy, promoting Indigenous involvement, and completing environmental reviews promptly while maintaining thoroughness, it read.

The first four steps include improving federal regulatory processes, including driving coordination among more than 10 departments, amending the Impact Assessment Act to align with a Supreme Court decision, and launching a public permitting dashboard to enhance transparency and accountability for major projects subject to federal impact assessments.

Building Indigenous engagement

The remaining three focus on enhancing engagement with Indigenous partners and promoting Indigenous ownership in major projects. Part of this work will include catalysing Indigenous ownership through the development of an Indigenous Loan Guarantee Program, with further details to be unveiled in Budget 2024.

The government also wants to address the unique issues in the North; efforts include advancing major projects through the Northern Regulatory Initiative, which involves regional studies, increased community participation, and enhanced regulatory dialogues tailored to Northern realities.

"Informed by what we heard from regulatory experts, these measures reflect the common interest the Government of Canada shares with the provinces and territories to attract investments and projects that advance a low-carbon economy," said O'Regan. "Federal-provincial-territorial collaboration is critical to the success of this approach."

Canada's attractiveness

Establishing strong communication pathways with Indigenous communities is also important in alluring new investments.

According to the Fraser Institute's annual investment attractiveness index, investor concerns over disputed land claims and protected areas were cited as a reason why British Columbia took the 15th spot on the list.

"A sound and predictable regulatory regime coupled with competitive fiscal policies help make a jurisdiction attractive in the eyes of mining investors," said Elmira Aliakbari, director of the Fraser Institute's Centre for Natural Resource Studies and co-author of the study. "Policymakers in every province and territory should understand that mineral deposits alone are not enough to attract investment."

Canadian provinces and territories ranged in ranking status, with Saskatchewan taking Canada's highest position of third. The Northwest Territories took the nation's lowest ranking, scoring 43 on the list of 62 jurisdictions.

"Some provinces and territories are not capitalising on their strong mineral potential due to a lack of a solid policy environment that would attract investment," the report read. "Ontario and Manitoba, despite being among the top ten most attractive jurisdictions for mineral potential, rank 18th and 24th, respectively, when considering policy factors alone. Similarly, Yukon ranks 10th for its mineral potential but 31st on policy factors."

A more streamlined regulatory process should help Canadian jurisdictions move up the annual list and be less spread out in their rankings.