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House Hansard - 131

44th Parl. 1st Sess.
November 21, 2022 11:00AM
Context: House Hansard - 131 - Nov/21/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
  • Nov/21/22 6:51:31 p.m.
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  • Re: Bill C-32 
Mr. Speaker, I will start by sharing the sentiment of my friend from Kitchener Centre with regard to the urgency of this issue and with regard to making sure that we get this right, for the sake of our children and all children across Canada and around the world. Canada remains committed to phasing out inefficient fossil fuel subsidies. We have already taken action to phase out nine tax measures supporting the fossil fuel sector. We have also pledged to undertake a peer review of inefficient fossil fuel subsides under the G20 process. The reality is that Canada fought hard at COP27 so that the world did not backslide on the phasing out of fossil fuel subsidies. We reiterated our commitment to phase out inefficient fossil fuel subsidies by 2023, two years earlier than the G20 commitment. Some have argued, including the member who just spoke, that our recent measures to support the emerging carbon capture, use and storage sector amount to an inefficient fossil fuel subsidy. This is not true. The fact is that CCUS is one of many tools in our tool box to meet our climate commitments. I would note that many respected global organizations support CCUS development. This includes the United Nations' Intergovernmental Panel on Climate Change and the Paris-based International Energy Agency. In fact, the agency estimates that this technology could be responsible for about 15% of global emission reductions. It is part of the plan. It also gives us a tool to lower emissions outside of the oil and gas sector. Steel production, cement and other emission-intensive industries can benefit from this technology. This, in fact, builds on our world-leading climate plan, one that approaches reducing emissions and developing clean technology in all facets of our economy, and one that we further expanded on in the fall economic statement tabled earlier this month. While we are removing tax credits from flow-through shares on oil, gas and coal, we are also creating new investment tax credits for clean tech and for clean hydrogen. We are also creating a sustainable jobs training centre that will prepare our workers for the high-paying sustainable jobs that will be created as new economic opportunities emerge as part of our climate plan. In addition, we are investing in a world-leading innovation and investment agency and a $15-billion clean growth fund that will help Canada further tap into the economic opportunities that the clean transition provides. That being said, our government's priority, beyond fighting climate change and growing an economy that works for everyone, is to make life more affordable for Canadians who are currently struggling with global inflation. Indeed, we are now moving forward with targeted measures, including new ones introduced in the fall economic statement. For example, Bill C-32 would make the federal portion of all Canada student loans and Canada apprenticeship loans permanently interest-free, including those currently being repaid. We are expanding our efforts with regard to affordable housing and we are making sure that every child in Canada, no matter how wealthy their parents are, has access to affordable dental care. This is in addition to our investments that have lifted millions of children and seniors out of poverty, including an early learning and child care agreement that will make our kids smarter and allow hundreds of thousands of parents to rejoin the workforce, if they choose to do so. Finally, we have doubled the GST benefit to help 11 million Canadian households, including more than 50% of seniors, better handle the impacts of global inflation. Any responsible plan must tackle climate change in a way so that no one is left behind in our economy, and that is exactly what our government is doing.
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Context: House Hansard - 131 - Nov/21/22
Mr. Terry Beech
  • Nov/21/22 6:56:20 p.m.
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Mr. Speaker, our government is committed to phasing out inefficient fossil fuel subsidies. While my colleague may not like the definition around that particular word “inefficient”, that is a longer debate that I cannot explain in one minute. However, we are committed to undergoing a peer review of inefficient fossil fuel subsidies under the G20 process and we will build on the actions we have already taken. There is a process that is under the G20. While that definition may not meet his standards today, there is a process under which this is specifically reviewed. If Canadians want to know more, I suggest that they read our emissions reduction plan, which lays out, in detail, how Canada will hit its targets right across every sector of the economy. They can also tap into my own reports that I write at terrybeechmp.ca/reports. There is not just a report on climate change. There is one on affordability, seniors, housing, the economy and local projects that are important to all Canadians, but particularly those projects that have been delivered in both Burnaby and in North Vancouver.
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