Perfectly Positioned: Today’s Newfoundland and Labrador, with Premier Andrew Furey

April 30, 2024

The Empire Club of Canada Presents

Perfectly Positioned: Today’s Newfoundland and Labrador, with Premier Andrew Furey

Chairman: Sal Rabbani, President, Board of Directors, Empire Club of Canada

Moderator
Tim Powers, Chair, Summa Strategies

Distinguished Guest Speakers
The Honourable Dr. Andrew Furey, Premier of Newfoundland and Labrador
Travis Ratnam, CEO & Chief Product Officer, Knowledgehook

Head Table Guests
Chris Benedetti, Managing Partner, Sussex Strategies, Director, Empire Club of Canada
Casey Coates, Country Head, Commercial Banking Canada, Citi
Michael Kobzar, National Director of Sales, Transmission Systems, Siemens Energy Canada Director, Empire Club of Canada
Tarisai Madambi, Advisory – Management Consulting, Director, KPMG LLP
Walter Schroeder, Philanthropist and Founder, Schroeder Foundation
Robert Small, C.M. Member of the Order of Canada
Fabio Varlese, MD FRCPC, Founder & CEO, The Toronto Clinic, Assistant Professor, Faculty of Medicine, Internal Medicine - Geriatric Medicine, University of Toronto
Nadine Williams, Distinguished Poet, Author-Arts Educator

Introduction
It is a great honour for me to be here at the Empire Club of Canada today, which is arguably the most famous and historically relevant speaker’s podium to have ever existed in Canada. It has offered its podium to such international luminaries as Winston Churchill, Ronald Reagan, Audrey Hepburn, the Dalai Lama, Indira Gandhi, and closer to home, from Pierre Trudeau to Justin Trudeau; literally generations of our great nation's leaders, alongside with those of the world's top international diplomats, heads of state, and business and thought leaders.

It is a real honour and distinct privilege to be invited to speak to the Empire Club of Canada, which has been welcoming international diplomats, leaders in business, and in science, and in politics. When they stand at that podium, they speak not only to the entire country, but they can speak to the entire world.

Welcome Address by Sal Rabbani, President, Board of Directors, Empire Club of Canada
Hello everyone. Welcome to the Empire Club of Canada, the country's go-to forum for conversations that matter, for 120 years now.

To formally begin this afternoon, I want to acknowledge that we are gathering today on the traditional and treaty lands of the Mississaugas of the Credit, and the homelands of the Anishinaabeg, the Haudenosaunee, and the Wendat Peoples. We encourage everyone to learn more about the Traditional Territory on which you work and live. This is an essential first step to Reconciliation, and each and every one of us has a role to play.

Today, we are welcoming the Honourable Andrew Furey, Premier of Newfoundland and Labrador. He'll share an overview of the great things happening in his province, and how he's working with his team to keep the momentum going. Welcome to Toronto, welcome to Ontario, Premier. We're honoured to have you.

The Empire Club of Canada is a not-for-profit organization, and would like to recognize our sponsors, who generously support the club, and make these events possible and complementary for our online viewers to attend. Thank you to our Lead Event Sponsor, Knowledgehook, and thank you to our Supporting Sponsors BMO, Maple Leaf Foods, Rio Tinto, and Vale Base Metals. And thank you to our Season Sponsors Amazon Web Services AWS, Bruce Power, and Hydro One. This is a bit of a tradition for us, and that we do have a student table—and I'd like to also acknowledge Labatt's for, for funding that table, and welcome to the students that are in the room today.

As always, we accept questions from the audience for our speaker by scanning that QR code found in your program booklet; online attendees, you can use that question box underneath the video player.

Now, those of us here who've been to Newfoundland and Labrador, we know how this can be a life-changing experience. I must confess, I'm an absolute fan of Newfoundland Labrador. I've been, I've met with some terrific business owners—I also did the "Screeching," to become an honourary Newfoundlander—and I absolutely love the people. You know, it sounds like a cliché, but what makes this Atlantic province truly magical is the people. Everywhere you go, from Port aux Basque, to St. John's, or Saint Anthony, you'll run into folks who will want to say hi, welcome you, give you information, advice, directions, or even offer you fresh lobsters they just caught—and that's a true story, it happened to a friend of mine. We're welcoming and nice everywhere in Canada, but the people of Newfoundland and Labrador take it completely to different level. So, if you haven't been, it's time you go, I'd like to suggest—and I can guarantee that you'll always remember Newfoundland Labrador for its rough beauty, its traditions, its history, and its wonderful people.

Today, we're truly privileged to learn about the undisputed advantages of Canada's eastern-most province from Premier Furey. For those of you who don't know, the premier is also a doctor, a surgeon. You know, we've had countless conversations on this stage about our healthcare system, and how we can fix some of its persistent issues—so today, we also have a unique opportunity to hear from someone who comes from within the system, who has a unique perspective on both the challenges, and some potential solutions.

All of our events at the Empire Club are about sharing innovative ideas. They're about inspiring, informing, and fostering dialogue. We've built this conversation platform for 120 years now, by bringing the different and diverse points of view to our esteemed community. And the insights that we get from different perspectives are essential, if we want to build stronger provinces, a stronger Canada, and a better future for us all. So, thank you all for being a part of our Empire Club community. I encourage everyone to engage in the conversation. This is an interactive event, so ask questions; put some of your ideas forward. You know, if at the end of our events we're more informed, more inspired, or even more intrigued, it means that we did our job; we did our part, at the Empire Club, to broaden our collective horizons.

I now have the honour, and I'd like to take this opportunity to introduce the Honourable Dr. Andrew Furey, Premier of Newfoundland and Labrador.

The Honourable Dr. Andrew Furey, Premier, Newfoundland and Labrador
Thanks so much, Sal. Thank you. Well, thanks so much for that great introduction. It's truly an honour and privilege to be here today, amongst such esteemed company. It is really, truly special, this connection between Ontario, and Newfoundland and Labrador. We have truly always had a special bond, and have always supported each other in good times and in bad. In fact, our bond, I would argue, is amongst the greatest in our beautiful nation. In fact, my wife, Allison, was part of a medical team from our province that came here during the dark days of the pandemic, to help relieve the strain that your medical system was facing, at that dark time. And there are so many Newfoundlanders and Laboradorians living in Ontario—I've said to Doug, we deserve a few seats here. From Winston Churchill to Ronald Reagan, Margaret Thatcher, and the Dalai Lama, the Empire Club has for over a century brought together eclectic speakers to talk about the ideas of leadership, of humanity, and the evolution of our global community. And I am humbled by the invitation and the legacy that you have all created here.

But today, I am here as your Ambassador of the East. Yes, all the way from the eastern edge of Canada—the sharpest edge, I would argue. But I'm not here to sell you on the Newfoundland and Labrador that you think you know. The whales icebergs, colourful houses along our craggy shores—although, I invite you any time, to come see those beautiful icons—no, I'm here to tell you about the unexpected, the underestimated, and the never-saw-that-coming comeback story that is the new Newfoundland and Labrador. For over half a century, many people from my beautiful province have had to make the trek westward to find work, while our economy struggled. When the Cod Fishery collapsed in the early 90's, the hard reality of a place built on a single natural resource was set in. A livelihood of generations lost. No more. So, they headed west to the oil fields in Alberta, to the manufacturing and more, here in Ontario. Even as close as four years ago, Newfoundland and Labrador was in a much darker place. Basically written off by national media, and economic pundits. Too far gone to ever come back. But my friends, that is not our story now.

If you know, anyone—and I'm sure you all do—from Newfoundland and Labrador, you'll know one thing for certain: we don't give up, and we never give in. So, in true Newfoundland and Labrador form, my government came out swinging, punching our way past those opinions and jabs, always fighting for our sustainable, brighter future. Because the truth is, in the face of that grim economic forecast—and even through the pandemic, that changed, fundamentally, who we are—there has been a quiet, and a real momentum building throughout Newfoundland and Labrador. It took a lot of pushing, but the mighty Rock is rumbling forward. Today, we are not the same.

For the first time in decades—decades—our population is growing, welcoming more than 5000 newcomers a year ahead of the goal we set out in 2020, by two years. We've also seen the lowest unemployment rates ever recorded in Newfoundland and Labrador's history, and business is once again booming. Why? Because we didn't ignore the challenges. We tackled them, and we met them head-on. Securing our own natural resources, and finally, after 30 years, receiving our full share of the Hibernia dividends. Fixing the Muskrat Falls hydroelectric dilemma, so Newfoundlanders and Laboratorians will not have to see their electricity rates double, because of the mismanagement of that project. And by taking the appropriate measures, we have received the appropriate recognition with our improved credit rating. We created a Future Fund, which is all about disciplined savings for the next generation. Because I believe, and actively work towards breaking our cycle of boom-and-bust. It's a long game, no doubt. But it is working. As of this month, our oil production is up six percent, retail sales up nine percent, and employment up 3.5 percent. My friends, that is what momentum on The Rock looks like.

We are only beginning to tell our story, and make big strides in the energy sector. Our hydroelectric resources, produced in Labrador, deliver power to Canada, and to the United States. This is truly clean energy. But we have yet to tap its full potential. Like the Churchill Falls Hydroelectric Project. An unbalanced, unfair deal, struck with Québec in the 1960's, that is set to expire in 2041. Make no mistake, now or then, this is our energy, and our resource. The number 2041 has helped define the landscape and psyche in our province for generations. And while it may seem like it's a long time away, the sun is setting on that deal, and the brightest dawn and brightest days are now within our people's reach. This is a part of the potential, the growth potential, that is real and true in Newfoundland and Labrador right now.

We are also, of course, so proud to still hold a strong position in oil and gas. We are still major players, when it comes to producing oil, oil that is important for Canada, for the world, and for the climate. Our oil is desirable from a carbon profile perspective. Our newest discovery, estimated to be at eight kilograms of carbon per barrel—and not to pit jurisdiction against jurisdiction, but Alberta is investing billions of dollars now to reduce from 80 kilograms a barrel. We have a natural competitive advantage. Highlighting that, of course, is that we can continue to win on both sides. This is the product the world needs right now, and it would be irresponsible for us not to develop it.

But in our province, we know that you can that you can achieve a constructive balance; one between answering today's energy needs, while moving towards a greener tomorrow. In Newfoundland and Labrador, this is not a zero sum-game. Because we also have exciting possibilities in things like carbon capture, with the potential to store well over a gigaton of CO2 off our shores. And what does that mean? Put that in perspective. Put some context to those numbers. Those numbers mean that Newfoundland and Labrador could store the entire carbon output of every province and territory in Canada combined, for decades. Now, that is certainly something that has growth potential attached. I often look at it this way: we are decarbonizing the energy of today, while developing the energy of tomorrow. And of course, we are now harnessing wind to create hydrogen in our province. This is a game changer, economically, socially, fiscally, not just for us, but for Canada. Now, if you've ever been to Newfoundland and Labrador, you know, full well there's a lot of wind—and not just from politicians. There is enough to blow the paint clear off your shed. And now, research shows that the wind that I have so often cursed, has the potential to take us further, with respect to the global green transition, a large step for Canada. Right now, companies are working on some of the first large scale projects that will produce green hydrogen, truly green hydrogen, for export to global demand centres. And we in Newfoundland and Labrador are early adopters, here. This is a bold step forward, for any government. We will deliver clean energy, green hydrogen, to key Canadian partners like Germany, the Netherlands, the United States, and to global partners around the world. A couple of years ago in Stephenville—and Mr. Tobin is here, he knows Stephenville all too well—a town of just over 6000 people on the west coasts of our island, Canada's Prime Minister and the German Chancellor signed a Joint Declaration of Intent to start exporting hydrogen. We are a place that not only sees that potential, we believe in it, and we believe in it as a growth potential policy for the future of Canada. Fuelled by imagination, and the courage of governments to turn those things into possibilities and realities. Just two years ago, Newfoundland and Labrador, believe it or not, had a ban on wind energy developments. Today, we are at the start of multiple multi-billion-dollar projects on our shores, worth 200 billion dollars to Newfoundland and Labrador's GDP—now that is a good story for Canada.

But that's just the beginning of the good news written out East. And trust me, Newfoundlanders and Laboratorians love to write and tell a good story. Like, how our tech sector, how our film and TV sector, is making waves around the world. How traditional industries, like mining, have tapped into a modern demand for critical minerals that power batteries, and electric vehicles alike—and I hear you're gonna need a lot of those minerals here in Southern Ontario, these days—and how Labrador is a key component to the global pursuit of green steel. And how we never forget our roots. In a protein-starved world, we export high-quality fish around the globe, and it is still a strong economic driver for our province.

Of course, this isn't to say that everything is perfect and rosy in Newfoundland and Labrador. Our province is facing the same issues as every other province and territory in Canada. Housing, healthcare, high inflation, and higher interest rates. But fighting back against hard times has always been our default mode, and we are leading the country in more than just green energy. This year is a special year for all of us. This year, we celebrate 75 years of Canada joining Newfoundland and Labrador in Confederation [Laughter and Applause]—Canada deserves [indiscernible]. Now, can you imagine Canada today, without Newfoundland and Labrador?

The newest province. The oldest part of the New World has never been ever setting a newer tone, as we are today. This is exactly what Canada needs right now. A place that fights for the middle, against polarizing views from both sides. A place that resists the easy road of creating a false, forced, dichotomy of choice. A place that listens. The centre may not sound glitzy, but is it where Canadians are. Progressively social, fiscally responsible, pragmatic, capable of holding two thoughts in their head at once, and reconciling differences of opinions and views. But if we allow extremism and isolation to continue to shape the debate, the Canada that we know and love will undoubtedly be eroded. Canadians feel this stress. The political tug-of-war causes only mistrust in our institutions, confusion as to the correct path forward, and fuels overall anxiety. As leaders, we need to step beyond the rhetoric. We need to be better than turning serious issues into rhymes and slogans. We need balanced measures that support, rather than divide, our great nation. In Newfoundland and Labrador, we have learned that through the hardest of times, our greatest strengths always lie in our bonds. Fighting for, not with; pushing towards, not against. This isn't just what Canada needs more of right now, it is what we need more of, here and around the world. Let us all in this room protect it, promote it, and celebrate it. Because this, my friends, is truly hope. And it needs all of us in this room to nurture it, to be the guardians of the Canadian spirit, to rise above, and celebrate this amazing place we call home. To look closer at who we were, who we are, and who we can be. Because for me, being a proud Newfoundlander and Labradorian, now means being an even prouder Canadian. Thank you so much.

Sal Rabbani
That was outstanding. Thank you, Premier Furey. I'd now like to invite Tim Powers, Chair of Summa Strategies, to facilitate our discussion.

Tim Powers, Chair, Summa Strategies
Thank you. Nice to be here. I hope it's not a shock that you have two Newfoundlanders taking over the Empire Club—we are and we aren't sorry about that. Premier, you did a wonderful job of telling the story of Newfoundland and Labrador, the new Newfoundland and Labrador, and bringing people in. But I do have to ask you this question, just to undo all the work you just did: have you had heard anything about a hockey game happening tonight, in Toronto?

The Hon. Dr. Andrew Furey
I'm not gonna touch that one. Are you gonna touch that one?

Tim Powers
Not gonna to touch that one. Well, speaking of hockey, I want to pick up where you just finished. We lost great Canadian, a great Newfoundlander and Labradorian, this past week. Somebody who did what you just said, tied the country together through an institution—God forbid, an institution—Hockey Night in Canada...

The Hon. Dr. Andrew Furey
That's right.

Tim Powers
...every Saturday night, brought people together. I think it'd be wonderful if you've shared your thoughts, as we're beginning, about Bob Cole.

The Hon. Dr. Andrew Furey
Yeah. So, Bob was, of course, an incredible Canadian. I had the distinct pleasure of knowing Bob personally and professionally, he was a patient of mine for a number of years. And then got to know him, of course, in this role; and incredibly giving of his time, incredibly giving of his advice, and talents. And I know he belongs to everybody in this room, and whoever, everybody who saw him wear the baby blue suit of Hockey Night in Canada. But he is extra special for Newfoundland and Labrador. Because for us, of course, Tim, growing up in Newfoundland and Labrador, it's no secret, people—the edge that we have in Newfoundland and Labrador is, is the desire to hit and punch above our weight. We have a slight inferiority complex about that. But to see Bob call the games of our hockey heroes meant, that is, Newfoundlanders and Labradorians, it meant you could dream to reach the same height. He put in the hard work, you could too. There he was in the national and international stage; you could do that too. And I think that translates into medicine, I think it translates into politics, I think it translates into people like Rick Mercer, and other people who have helped shape the arts and culture of, of the of Canada since Newfoundland and Labrador joined. So, an incredible loss for hockey, and incredible loss for Canada, but a real, true emotional loss for the people in Newfoundland and Labrador.

Tim Powers
Yeah, absolutely. A wonderful, wonderful man. One of the most interesting things to watch nationally right now is the tension—and you've spoke about it—but let's talk about the federal-provincial tension. You find yourself in a bit of a different place, not being supportive of the federal government's current Carbon Tax, Carbon Price Policy. Many of your premiers are also in that place. Is this a one issue challenge? Or is it reflective of some of the bigger streams of challenge that exist in the country?

The Hon. Dr. Andrew Furey
That's a pretty loaded question, Tim.

Tim Powers
Yes.

The Hon. Dr. Andrew Furey
Let's just start with the Carbon Tax, fundamentally, as a policy instrument. And give me the opportunity to explain...

Tim Powers
Sure.

The Hon. Dr. Andrew Furey
...why I, why I am opposed to it. You can look at any policy—whenever you're developing a policy as a politician, or as a bureaucrat, you need to ask yourself what you're trying to accomplish, and how you're how you're going to accomplish it. And you need to have the courage, and perhaps the feedback loop, built in to reevaluate that, as that policy develops. So, presumably, the Carbon Tax would put in place, so why, what were they trying to achieve? They're trying to lower emissions, by changing consumer behaviours. So. I understand and fully appreciate the academic rigour that is behind the construct. It's the context that is missing for Newfoundland and Labrador.

So, if you look at the Carbon Tax in Newfoundland and Labrador, in a community like Saint Anthony, where there's a large number of crab fishermen, they have to drive Ford F250's, in order to pull their pots. They have to—there's mining people there, too, so people have to drive big vehicles. There is no other alternative, with respect to electric vehicles that are available, either from the infrastructure, or the availability of the vehicle itself. Nor is there alternatives for transport, like subways, or high-speed trains, and other things. So, in that context, I don't understand how it achieves the fundamental environmental imperative goal. I don’t, it doesn't make sense, from a logical perspective. Now, I do understand the construct—and like I said, I support it. Too often, people conflate the fiscal argument with the policy argument. I try to separate the two. And now, you could talk about the fiscal argument, and how it's been used by both sides, perhaps, to support or refute the Carbon Tax. I think, from my perspective, you can't—in a, in a province that has struggled with an economy, you can't take away the economic analysis, and just look at the direct fiscal analysis. So, that is—so, I just have a fundamental disagreement on the policy instrument, and then perhaps my own conflation with the fiscal side of it as well.

We, in Newfoundland and Labrador—because the next sentence is, "Oh, well, you know, what are you gonna do?" We, we already had a plan that was put forward, that would have achieved our goals by 2030; and by the way, we're still achieving our goals by 2030. We're two-thirds of the way there—or three-quarters of the way there, sorry. And that's without, really, any impact of the Carbon Tax. So, in the overall federal government scheme, the Carbon Tax is worth about eight percent. We're achieving that without really any significant carbon tax to drive the vehicle changes. And we think, we know we can get there by 2030, by changing things like IOC to electric, reducing the carbon footprint there. We've already, of course, our grid is 92 percent green as it is. We have a still the capacity, within the industrial envelope, to reduce the emissions without taxing individuals—by the way, who want to change, but don't have the option to not change. But the second part of your question is, then: is there is that a one-off issue? Like, the prime minister and I agree on many things...

Tim Powers
M'hm (affirmative).

The Hon. Dr. Andrew Furey
...and this is one that we do not agree on. And I've said this, I don't think any provincial premier and prime minister, regardless of friendship, should always agree. Because then I wouldn't be doing my job, and arguably, he wouldn't be doing his. But this this is a policy we don't agree with. I do have concerns about the state of the federation, with respect to jurisdictional creep—and I don't think it's being done with any malice, but I do think it's a call-to-action for all premiers and the, and the federal government to reevaluate the, the. Country's federal-provincial relations, reset towards a more collaborative tone. Because that's when the country works best. It doesn't work if you come into our jurisdiction and say, "We're going to do something, and then we're going to collaborate after." We argue that that's trying to alter the fundamentals of the Constitution through convention of fiscal levers. That's not what the Constitution was set up to do; the constitution was set out. To ensure that those boundaries are there for a reason, and they should be used in a collaborative way, so the country and the jurisdictions that can grow together.

Tim Powers
But you're using the word—and just stay on this national issue for a moment, then we will move to Newfoundland. Because you and I would be failures, as Newfoundlanders and Labradorians, and we didn't leave this room with some contracts and money in our hands. So, we can't have that happen. And you can laugh, Toronto. It's okay. It's not that serious, really. Really. It's a joke. You talked about collaboration, and I'm looking at Brian Tobin there. I remember the days when I was a young man in Parliament, and Brian was there in the Rat Pack, and then became a minister. There was collaboration, and Brian and John Crosbie would fight, but it was mostly theatrical. And if it was issues based, they would resolve it. So, much of that is gone, now. And you talked about the poison—well, you didn't say poison, poison's my word—but there's certainly an anger out there, and it's multifaceted, and it's found in many different people, of different descriptions. It's very hard to point to Joe and Jane and say, "They're angry because of issue A." There's so much anger, there's so much challenge out there. Many politicians seem to be defaulting to harnessing the anger. You talked in your speech about undoing it. How do we begin to do that?

The Hon. Dr. Andrew Furey
Well, two things. If you look at the anger that exists, I think it's multifactorial. But part of it is, people don't see themselves in their leaders anymore.

Tim Powers
True, yeah.

The Hon. Dr. Andrew Furey
So, they look to, "Who am I going to vote for? Well, that's too extreme, that's too extreme—where am I, in this equation?" And I don't think, you know, people set out to be angry. But given that reality, and looking to see where they are on the political spectrum, and what the choices that are being offered in the in the public arena, combined with—I know everybody is done with the pandemic, but that was an incredible moment of human disruption. That undoubtedly has to fuel a societal post-traumatic stress moment in life. And if we think that that is going to pass in a year, or a year-and-a-half, then we're ignoring, first of all, the science of psychology about it, what exists after a moment like that, and we're doing everybody who's moving through this post-pandemic moment an injustice. So, I think it's a combination of the post-pandemic era, and the fact that many or establishing the debate in this false forced dichotomy. You can only choose one of two extremes, when...

Tim Powers
M'hm (affirmative).

The Hon. Dr. Andrew Furey
...I truly believe that most Canadians want a reasonable, pragmatic approach, that is firmly based in the centre. And, and, and that, and I think that partially answers your question, without trying to get too....

Tim Powers
No, follow up to it, how do you unpack the anger, though? They're cheerleading, I mean Crosbie—Brian will remember this quote—used to have a great line. It says, "There goes the crowd. I must follow them." So, how do you get rid of people's anger?

The Hon. Dr. Andrew Furey
Well, I think it, it first starts by listening. Not, and the easy response to listening is to stoke the anger...

Tim Powers
M'hm (affirmative).

The Hon. Dr. Andrew Furey
...and that's not that's not the right—that's the easy answer, and that's the easy path for any political leader to pursue. But more challenge is to listen, understand in an empathetic way, and to come up with solutions to the solutions to the problems that those people are actually facing, from a position of empathy. Because too often, in that political discourse, empathy is being lost and replaced by quick political strategy. Because I mean, we're both political strategists in our own right, like—you could see that, if you make progress on either side, then you will move the needle and, and, and gain the seats. But that doesn't solve the anger piece. And the anger, unless you directly address what's driving the anger, and listen from an empathetic, compassionate perspective, with options to provide solutions to people—they may not be solutions that they like, by the way. But they want to be heard, they want to be listened to; they want to know that people making the decisions, people crafting the future of this very country, understand where they're coming from. And I think that that is somewhat missing in this current public arena.

QUESTION & ANSWER

Tim Powers
Question for you from the floor, from Neil—and I know this is a subject that's very dear to you, as you are a very well-known and able orthopedic surgeon—and it is: "Can you comment on the current state of healthcare in Newfoundland?" And can you...

The Hon. Dr. Andrew Furey
Well, everybody...

Tim Powers
...get it done in under 20 hours?

The Hon. Dr. Andrew Furey
...everybody better buckle up. So, so Canadian healthcare is, it's broken, and it has been broken for some time. It's one of the reasons why I wanted to run, and to leave the OR, and, and to try to make a difference, with respect to the systems change that is required. If you look at the system, the system that we currently all use, and we currently all believe in, and we're very proud of, and have been—it's almost synonymous with the Maple Leaf—is a system that's built for the 1960's. And has, we've not had the courage to help it evolve. We've, any, any time there's been any change, people are afraid that it's going to rock the fundamental foundation of the tenants of the Canada Health Act. And that has, unfortunately, prevented us from evolving. So, if you look at the investments in healthcare, they've been exponential...

Tim Powers
M'hm (affirmative).

The Hon. Dr. Andrew Furey
...but the outcomes haven't changed. If you look at the investments in social spending, they've been relatively flat. There's about—I'll get this wrong, but—there's about a 200 to 300 percent differential in, in the investments in healthcare, versus the social programming. But the number one, the single biggest determinant of your health outcomes is your social outcomes.

Tim Powers
M'hm (affirmative).

The Hon. Dr. Andrew Furey
So, the social determinants of health are far more important than when you're going to get your knee replacement done, or when you're going to get, you know, your cataract done. Those are the metrics that are easy to develop, those are the ones that politicians can cut ribbons on, those are the ones that we can announce. But the single biggest determinant, and the single biggest move that we're making, as our province, is investing in the social determinants of health. That will take 40 years to pay a dividend. But it is the most important investment that any government, any jurisdiction, can make. Tackling poverty, making sure you have access to educational opportunities. Those sound like political statements. But they're actually driven—there is evidence-based drivers of those, with respect to the fundamental health outcomes. I'm talking about how long you live. How long you live is not going to be determined about when you get your knee replacement. How long you spend on this planet is largely determined by your socioeconomic status, which means that we have to have the courage to invest in the social programs, which is fundamental to a country like Canada.

And we've done—and I can keep going—but we, so we have, we had the courage, during the pandemic, to launch a full review of our healthcare system in Newfoundland and Labrador. And there, there are, you know, there's different facets that we've concentrated on, including harnessing virtual health, making sure that medical professionals are practicing to the full scope of practice, nurse practitioners, nurses, pharmacists, others, concentrated on looking after the elderly in our, in our province—we know we have a demographic issue with our province, but that is just a canary for the rest of the country, by the way—making sure that we're making the investments in elderly, and seniors in your communities, so that we're not caught with another pandemic, or we're not caught 10 years from now saying, "Well, where did, where did all these seniors come from?" We know where they're coming from; they're, you know, they're 60 and 65 now. So, we need to make sure we're making those investments, and continuing to look towards the future in harnessing technology in every aspect, including AI, within the system itself. I kid you not, and I bet you in your hospitals right now—I know, in mine—you have medical records, which are-electronic. And I'm sure you all think that they are done electronically. They are often done with a fax machine to and from GP's office...

Tim Powers
With a Sharpie.

The Hon. Dr. Andrew Furey
...that is then scanned onto an MS-DOS program that someone can then look at with a cursor, in your hospital, in 2024. So we, we need to make sure that—and I would argue that those are all, those tenants are true across every jurisdiction in Canada.

Tim Powers
One thing you talked about, again related to Newfoundland and Labrador, that I think is important to go over, because it was so historic. Who would have ever envisioned—except in the 40's, and the outcome would have been different—a German Chancellor going to Stephenville? How significant....

The Hon. Dr. Andrew Furey
We had Germans in the '40's off our shores, right?

Tim Powers
Yes, up in Goose Bay. And we've had a U-Boat...

The Hon. Dr. Andrew Furey
Well, no, and off our shore, U-Boats taken down.

Tim Powers
...U-Boats, and all. But we'll spare them the Newfoundland history—that's part two, with the Empire Club, coming soon. But the opportunity, the German Chancellor, with the Prime Minister, comes to Stephenville. You've just green-lit or approved a significant hydrogen project on the west coast of Newfoundland and Labrador. How real is the opportunity with Germany, and with Europe, for our hydrogen, for our wind power?

The Hon. Dr. Andrew Furey
Well, first of all, to set the landscape for hydrogen in Newfoundland and Labrador, we have a unique intersection of opportunities in Newfoundland and Labrador, and it comes from the resource itself. So, Germany didn't, the Chancellor just didn't randomly pick Stephenville, Newfoundland, to show up one day, and say....

Tim Powers
Well, he could have been on an Air Canada flight.

The Hon. Dr. Andrew Furey
Yeah, yeah. The reason he came was because of the intersection of resources that is going to unlock opportunities for the future of Newfoundland and Labrador. We have an abundance of wind, all the key ingredients. So, if we look at the key ingredients of hydrogen, you need an electricity source. So, we have an abundance of wind, we have an abundance of fresh water, we have deep sea ports, strategically located in the middle of the North Atlantic—used to be our biggest barrier, is now one of our biggest strengths—ice-free shipping lanes, direct to the continent of Europe, and the northeastern seaboard of the United States, with an energy supply to supplement the electricity as being green, in our electric, in our hydroelectric capacity. So, truly green hydrogen. There is no other place in the world that can say that they have that intersection of possibilities.

So, the opportunity is real. We have moved incredibly quickly. There was a ban, like I said, two years ago. We lifted the ban, went through a land tender process—so they we're not even talking about our offshore capacity. This is, this is the 30,000 square kilometres of land, which changes, fundamentally, the business case and the economics of any wind project being done on land, versus offshore. We altered the land tender process, and an environmental assessment process that could be done in parallel. Now, that risk is on the proponent, but they could move quickly through both processes at the same time.

The, when we're, when we are in Europe—and we visit Europe frequently—they are willing, Germany is willing to wait, the Netherlands is willing to wait for green hydrogen, truly green hydrogen, because they don't want to be caught in a scenario 10, 15 years from now, where they're relying on grey hydrogen, that is supplemented with coal, or bunker crude, or some other supplementary energy source. So, they are willing to wait for a product that Newfoundland and Labrador can deliver. And the thing that, perhaps, distinguish us most from the Northeastern Seaboard—you see these big wind turbines in Massachusetts—distinguishes us from Nova Scotia, frankly, is this is all for export. We don't need any of it, really, in Newfoundland and Labrador. This is all for export. It's an incredible opportunity.

Right now, there are four projects that have been granted land; 200 billion dollars to our GDP, 12,000 jobs, an incredible opportunity for the future. Not just in Newfoundland and Labrador, not just Canada, but the entire world, as we, as they transition. The opportunity is real, it's not going away. Today, Germany is not going back to relying on Russian natural gas, or petroleum products any time soon. They have an environmental imperative, and a geopolitical imperative, that they need to exercise on, and Newfoundland and Labrador can play a fundamental and important role in that.

Tim Powers
I'm conscious of the time. One more question—and you can make some news with it, if you'd like—what can you tell us about how things are going, as it relates to the Churchill Falls negotiations, given you mentioned 2041. And again, for the non-Newfoundlanders—and it's great to see so many Newfoundlanders in the room—2041 as Andrew, the Premier alluded to, is kind of tattooed into us. We know what it means, we, it's governed us, it's formed our construction myths and narratives. So, I've bought you some time with that little preamble. What, what, what might you be able to say about where that is?

The Hon. Dr. Andrew Furey
Well, I think it's important to, to pick up on, on where you left off. And I see David Hurley out there, and, and on one of his podcasts, he said the difference between this deal for Québecers and for Newfoundlanders and Labradorians: you can walk down the street, any street, in any community, in Newfoundland and Labrador, and they will have an educated, or quasi educated opinion about 2041. I guarantee you. That cannot be said for downtown Montréal, or the streets of [indiscernible], or anywhere else in Québec. That is a true fact...

Tim Powers
M'hm (affirmative).

The Hon. Dr. Andrew Furey
...in Newfoundland and Labrador. The, what I can share with you is that there is an incredible opportunity, generational moment, right now, for our province. 2041 is long ways away, but it's not, when you're signing 30, 40 year Power Purchase Agreements, it's not when you have to look at how am I—if you're, if you're Québec—how am I going to replace 5500 megawatts of clean, green energy? They would have to, they don't have—they would have to start diverting rivers, and building nuclear facilities yesterday. So, we think we're in an incredibly strategic position. There is currently, outside those 5500 megawatts that's wrapped up in the 2041 deal, there is 2000 megawatts that can be developed within that facility—2000 more stranded megawatts, which the world is starved for right now, in addition to the only large-scale hydroelectric project left in North America, in Gull Island at 2400 megawatts. So, right now, Newfoundland and Labrador, I think, is in a good position. And I have said it to the premier of Québec, I've said it to the Québec media, and I'll leave it at this: he is gonna have to show me the money.

Tim Powers
Well, that's a good message to end on here, because we would love to take your money in Newfoundland and Labrador. Come invest, come visit. Thank you, Premier Furey.

The Hon. Dr. Andrew Furey
Thanks, Tim, and thanks for everybody for coming.

Sal Rabbani
Thank you. Thank you both. I would now like to welcome to the stage Travis Ratnam, the CEO of Knowledgehook, to offer the appreciation remarks. Travis.

Note of Appreciation by Travis Ratnam, CEO & Chief Product Officer, Knowledgehook
Thank you. It's an honour to be here among dignitaries and distinguished guests. Premier, your words are still ringing in my head. I, we're a math software company, and I think I counted at least 20-30 math, mathematical, statistical references, so that's, that's quite impressive—I think you said multi-factorial, and exponential growth. It was quite impressive. And when I first met you there was there was a, a quote—I'm gonna butcher it—it's a Greek proverb quote that I was reminded of this. Great, great societies—I'm gonna butcher the quote—are, are grown, or are made when old men plant trees for of which they, they won't get to sit in the shadows of. And you're not old, but you do, I think, embody that spirit of that quote, and I think some of the many names that have been in the Empire Club that you've mentioned as well, we're trying to, we all are inspired by, and are trying to follow in those footsteps, as well.

So, it's an honour to, again, just say a few words about who we are, Knowledgehook, we are focused in K-to-12 education. We aspire to be the most trusted brand in student achievement, focused on one problem that we believe to be is the most important and difficult education problem in, in our generation: it's mathematics. And if I can just give you an example of this, imagine for a second if the city of Toronto, if half of this population could no longer read, write or speak, and the other half could. What would that look like? What would that experience be like? For the half that could not, we would sentence, that would be a sentence back into the Stone Ages; and for the half that could, they would appear like Gods to the other half. And we've crossed that chasm for literacy, and for the technologically-advanced society that we've become, and the one that we're racing towards, we're about to cross a very similar chasm for numeracy. And math education is by far one of the biggest civic problems of our time, and we're solely focused on this problem, working with distinguished educators, who have a long history of system change, and transformative change. And we really believe—you know, you've mentioned, Premier, a number of great resources and potential in, in Newfoundland and Labrador, and here in Ontario. Right at this very moment, we believe—I'm sure you all agree—that our most precious resources are housed behind these classroom walls, the future generation that we're hoping to leave a better world for. And again, honoured to be here. I personally struggled in math. This is an important problem for us. And I know that the team in Newfoundland and Labrador are really prioritizing this, as well. And it's great to meet many of you who are here from both the public and private sector, working on other interesting challenging problems of our generation, as well. And I look forward to getting to know more of you. Thank you.

Concluding Remarks by Sal Rabbani
Thank you. Thank you, Travis, Tim Powers and Premier Furey, and thanks again to all our sponsors for their support, and everyone joining us today in person or online. As a club of record, all Empire Club of Canada events are available to watch and listen to on demand on our website. The recording of this event will be available shortly, and everyone registered will receive an e-mail with the link.

Join us on Tuesday, May 7th, as we host the official launch event for the Green Ribbon Panel's latest report, preserving progress and maintaining momentum. Join us on Thursday, May 9th, 2024, as we welcome OMERS CEO, President CEO, Blake Hutcheson. I also—as a matter of protocol, I would be remiss if I didn't formally acknowledge the presence of Brian Tobin, former Premier of Newfoundland and Labrador. Thank you for joining us today.

That brings us to an end. Have a great afternoon. I encourage you all to connect for continued networking. This meeting is now adjourned.