44th Parl. 1st Sess.
December 5, 2022 11:00AM
- Dec/5/22 6:34:25 p.m.
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Madam Speaker, I would like to start by addressing the question of putting a price on pollution. This is something that the member opposite will certainly be familiar with, because he vigorously campaigned for it in the last election. This is also something that we are familiar with in British Columbia, where we have had a price on pollution since 2008. In the time since it has been implemented, not only have emissions per capita gone down, but we have actually led the country in economic growth. The clean-tech sector in British Columbia, for example, produces billions of dollars in revenue each and every single year and provides tens of thousands of good-paying, sustainable jobs.
In the last three years, the price on pollution in British Columbia has gone up by about two cents per litre despite gas prices going up by more than a dollar at times. This is a reflection of disruptions in the supply chain due to the pandemic and more recently due to the illegal war in Ukraine. While the Conservatives have tried to argue that the federal carbon price is driving inflation, they know that they are ignoring 98% of the real problem.
Further, taking aggressive action on climate change has become an economic necessity in itself. We have to act now to prevent further damages. Canada is confronted with more and more extreme climate events, such as floods, hurricanes and wildfires. The reality is that we can lead the fight against climate change, and we can do it in a way that creates good-paying jobs and new businesses for Canadians.
Our government also understands and appreciates the fact that a national price on pollution is the most effective and least costly way of reducing greenhouse gas emissions. It is important to note that our plan is revenue-neutral and that, through the climate action incentive, life is actually made more affordable because of the carbon price for eight out of 10 Canadian families.
We do understand that Canadians are having issues making ends meet. We are worried as our country's economy faces a period of slower economic growth due to the global challenges of high inflation and higher interest rates. We understand these concerns and we are all experiencing these challenges alongside our constituents. We feel the pain of inflation when we go to the grocery store, fill up our tanks and, of course, when we pay our rent.
With regard to grocery store prices in particular, we have specific concerns, which is why earlier this year the Minister of Innovation wrote to the Competition Bureau to make sure it was using all of its tools to detect and deter any unlawful behaviours that might be leading to higher prices or profiteering in the food sector.
In addition, we have provided targeted supports to Canadians through the fall economic statement and the budget to ensure that we give the help that Canadians need, in particular, to those Canadians who need it the most. A good example of this is the doubling of the GST credit. This is a significant investment of $2.5 billion in support that will help 11 million households and more than 50% of our seniors. I actually want to thank the member opposite for supporting this important measure.
We know that there is no country better placed than Canada to weather the coming global economic slowdown and then thrive in the years ahead. This is because our unemployment rate continues to be near its record low, and our country has an AAA credit rating. We also have the strongest economic growth in the G7 so far this year, and the lowest deficit and net debt-to-GDP ratio in the G7. In fact, those advantages increased over the course of the pandemic, thanks to our strong fiscal leadership. As well, our health outcomes and job recovery rates are significantly better than those in the United States, and that is going to put us in an even better position going forward.
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- Dec/5/22 6:39:16 p.m.
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Madam Speaker, we understand that many Canadians are feeling the pain of high inflation, but I would like to take this opportunity to reassure them. They can continue to count on our government to support them through targeted and fiscally responsible measures. As the Deputy Prime Minister explained in the fall economic statement, we will continue in the months ahead to work hard to build an economy that works for everyone to create good jobs and to make life affordable for all Canadians.
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- Dec/5/22 6:54:33 p.m.
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Madam Speaker, I would like to start by thanking my friend opposite for raising these questions. I used to represent the people of her riding as a municipal city councillor some 23 years ago in Nanaimo. In fact, I sat on the advisory committee to the environment there.
The member and I have had some good discussions around various environmental issues, including climate change. I am glad we have a further opportunity to share some time in the chamber today.
The federal government has committed to phasing out fossil fuel subsidies. At the same time, we are increasing investments in clean technology and clean energy production. I cannot cover the entirety of our plan to fight climate change and grow the economy in four minutes, but I would encourage anyone who is interested to read my reports on climate change and the environment and growing the economy, both of which are available at terrybeechmp.ca.
It is also important to note that we are not just committed to phasing out fossil fuel subsidies, but we have actually accelerated our previous timeline for doing so from 2025 to 2023, which is a matter of weeks away. In fact, we have already taken action to phase out nine tax measures supporting the fossil fuel sector to date.
In budget 2022, as another example, the government committed to eliminating the flow-through share regime for fossil fuel activities. This means tax benefits available to companies and their investors will no longer be available after March 31, 2023, which is less than four months from now.
At COP27 last month in Egypt, Canadian representatives also fought to prevent other countries from backing down on phasing out subsidies for fossil fuels and coal, which are still the single largest contributor to CO2 emissions globally. We are also on track to eliminate coal-fired energy in Canada within the next seven years.
The reality is that our government has taken concrete action to fight pollution and to produce cleaner air for everyone. This is also why we introduced a price on carbon pollution across Canada in 2019. My friend opposite would be familiar with this approach, as B.C. has had a price on pollution since 2008. In fact, the carbon price has not only helped lower emissions per capita, but B.C. has enjoyed one of the fastest-growing economies in the country since it was implemented.
An important part of this economic growth story is that a majority of Canada's clean-tech sector is actually located in British Columbia and accounts for billions of dollars in revenue each and every single year and tens of thousands of good, sustainable, high-paying jobs. It is a good analogy for how successful Canada can be as more of the world demands clean and sustainable sources of energy and solutions for fighting climate change.
There really is no doubt that our approach is working. Industries are already being encouraged to become more emissions-efficient and to use cleaner technologies. This in turn encourages the development of new and innovative approaches to reducing greenhouse gas emissions and using energy more efficiently. This in turn creates new business development opportunities.
The fact is that we cannot have a credible plan to grow our economy without also having a credible plan to protect the environment and to fight climate change. That said, we also know that we need to work with industry to find economically viable solutions and technologies.
Carbon capture, utilization and storage, CCUS for short, is an important tool for reducing emissions in high-emitting sectors, especially if other pathways to reducing emissions are limited or unavailable. I would note that many respected global organizations support CCUS development, including the United Nations Intergovernmental Panel on Climate Change and the Paris-based International Energy Agency. It will help not just the oil and gas sector to reduce emissions, but emission-intensive sectors like steel production, cement and other emission-intensive industries as well.
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- Dec/5/22 6:59:29 p.m.
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Madam Speaker, to directly answer the question, 2023 is when we are committed to removing all inefficient fossil fuel subsidies.
I would also encourage anyone listening to this to look at our entire emissions reduction plan. There has been over 100 billion dollars' worth of investments into initiatives leading to a cleaner future, including in budget 2022, which took a number of important steps to mobilize private investments, including launching the Canada growth fund. The Canada growth fund is going to attract substantial private sector investment in Canadian businesses and projects to help seize the opportunities that are provided by building a net-zero economy, which is exactly what we are doing.
I invite all members to read Bill C-32 if they have not already done so. The legislation would provide up to $2 billion in initial capitalization for the Canada growth fund. Not only will this help Canada fight against climate change, but it will also grow our economy and create jobs for Canadians, which is what we are trying to do in everything that we do.
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