- Member of Parliament
- Member of Parliament
- Liberal
- Nepean
- Ontario
- Voting Attendance: 67%
- Expenses Last Quarter: $104,578.46
- Government Page
- Jan/31/24 6:04:34 p.m.
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Madam Speaker, the inflation rate that peaked in June 2022 at 8.2% has come down to 3.4% as of December 2023. The grocery prices have started slowly coming down, but not to the extent that is comfortable for most Canadians. I expect that in the coming months, the general, overall inflation, including the prices at the grocery stores, will come down, and the pain being faced by Canadians will be addressed.
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Madam Speaker, I rise to speak to Bill C-59, an act to implement certain provisions of the fall economic statement and certain provisions of the 2023 budget.
The last two years have not only tested our resilience but have also set the stage for an economic transformation, one that is responsible and forward-thinking. One million more Canadians are employed now compared to when the pandemic started. This remarkable recovery is not just a number. It represents families sustaining themselves and a nation moving forward.
Our unemployment rate at 5.8% is quite low by historical standards. After peaking at 8.2% in June 2022, the inflation rate is trending downward and was at 3.4% in December 2023. Wages have consistently outpaced inflation for many months, which is a trend that speaks volumes about our economic health.
On January 24, the Bank of Canada announced it would hold the key interest rate at 5%.
Governor Tiff Macklem said:
With overall demand in the economy no longer running ahead of supply, Governing Council's discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level.
With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025. As I have been saying for a long time, we can see the possibility of interest rate reversal starting mid-2024.
At the macro level, we are on the cusp of a new era, an era defined by rapid global changes particularly in how we address climate change. Today we stand at the brink of a global economic transformation driven by the shift to a clean economy. This is not just a change; it is an unprecedented investment opportunity. The transition to renewable energy, sustainable practices and green technologies is reshaping markets worldwide and unlocking new avenues for economic growth and innovation.
By 2030, the global market for clean technologies is projected to exceed trillions of dollars, offering vast potential for countries and investors that are proactive in this space. This shift promises not only environmental benefits but also substantial economic gains, with millions of new jobs expected. Embracing this change means positioning ourselves at the forefront of a green economic revolution, attracting international investment and establishing global leadership in a rapidly evolving market. This is an opportunity we cannot afford to miss.
As we pivot toward renewable energy sources, electric vehicles and energy-efficient technologies, we are tapping into a market that is rapidly expanding globally. On renewable energy, as we look toward the next decade, the global economic potential of renewable energy is immense and transformative.
According to the International Renewable Energy Agency, renewable energy could account for around 60% of the world's power by 2030, which is up from about 25% in recent years. This shift represents an investment opportunity of up to $10 trillion by 2050.
For Canada, the prospects are equally promising. The Canadian Renewable Energy Association predicts significant growth, with renewable energy potentially contributing up to 40% of Canada's electricity by 2030. This transition, which aligns with Canada's commitment to a net-zero economy by 2050, could stimulate billions in investment and create thousands of jobs, which would position Canada as a leader in the renewable energy sector.
This transition is expected to create millions of jobs worldwide, offering diverse opportunities in sectors like manufacturing, technology and services. Moreover, investing in a clean economy positions Canada as a leader in green technology, attracting global investment and fostering economic resilience.
As we embark on this journey, we are not just safeguarding our involvement but also fuelling a dynamic, future-oriented economy. Our economic plan is not just a response to this global shift but a proactive strategy to ensure that Canadian workers and businesses are not just participants but leaders in the clean economy.
Our plan is not just a blueprint; it is already yielding tangible results. In just over three years, we have initiated more than 90 clean-growth projects worth over $40 billion, including private investments. These projects span across Canada, bringing economic growth to every region and offering quality jobs to the middle class.
The world has taken notice of Canada's potential. The OECD ranking, which places Canada third globally for foreign direct investment in the first half of 2023, is a clear indicator of our competitive advantage. We have what it takes to thrive in the 21st century's clean economies from our rich natural resources, like critical minerals, to our competency in research and innovation, to our skilled and diverse workforce.
Our stable political and economic institutions further cement our position as a prime destination for global business. Canada's clean economy jobs plan is more than a policy. It is a commitment to leveraging our unique advantages. It is about attracting investment and creating jobs across the country, ensuring that every Canadian benefits from this economic shift.
I want to highlight a cornerstone of Canada's future: our critical minerals strategy. The demand for critical minerals, essential for low-carbon technologies, is set to skyrocket. Canada, a global leader in mining, is rich in these minerals. Our mining sector, with a presence in nearly 100 countries and a market capitalization of over $500 billion, is not just an economic powerhouse; it is a testament to our sustainable and responsible approach to resource management. Our critical minerals strategy is more than just an economic plan. It is a vision for sustainable growth and innovation.
Canada is uniquely positioned with abundant resources in critical minerals like lithium, cobalt and nickel; elements essential for the clean energy transition. Our approach is twofold: sustainable extraction and global leadership in supply chains for technologies like electric vehicles and renewable energy. We are not just extracting minerals; we are building partnerships, ensuring environmental stewardship and creating high-quality jobs. This strategy is an integral part of Canada's commitment to a greener future and economic resilience.
We are leveraging our natural wealth responsibly, ensuring that Canada plays a pivotal role in the global low-carbon economy. One of our most ambitious goals is building Canada's electric vehicle battery supply chain. The next decade heralds a transformative era for electric vehicles, marking a significant shift in both global and Canadian economies. According to BloombergNEF, the electric vehicle market is projected to grow to 54 million vehicles globally by 2040, up from three million in 2020. This surge represents a potential market value of $2 trillion.
In Canada, with government commitments to ban sales of new gasoline-powered cars by 2035, the electric vehicle market is expected to expand exponentially. As per Statistics Canada, the shift could generate over $3 billion in electric vehicle sales by 2026, stimulating job creation and technological innovation.
This electrifying transition not only signals a green future but also an economic catalyst for sustainable growth. As the world moves toward electric vehicles, Canada is uniquely positioned to be a leader in this industry. Our skilled workforce and comprehensive supply chain, from mineral extraction to battery manufacturing, set us apart.
To support this growth, the federal government has secured significant investments in the electric vehicle and battery supply chain. These investments, totalling over $34 billion since 2020, are not just about economic growth, they are about securing the future for Canada's auto supply chain workers and their families.
Major projects like Volkswagen and Stellantis-LG Energy Solution in Ontario, and Northvolt in Quebec, represent a new era for Canada's electric vehicle industry.
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Madam Speaker, I am pleased to contribute to the continuing debate on Bill C-47, the budget 2023 implementation act, which proposes measures that will help Canadians and build a stronger economy.
Budget 2023, “a Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future”, arrived at an important time for our country and the world.
It delivers targeted inflation relief for 11 million Canadians and families who need it most, strengthens Canada’s universal public health care system with an investment of $198.3 billion and introduces a new Canadian dental care plan to benefit up to nine million Canadians.
Budget 2023 also makes transformative investments to build Canada’s clean economy, fight climate change and create new opportunities for Canadian businesses and Canadian workers. This includes significant measures that will deliver cleaner and more affordable energy, support investment in our communities and create good-paying jobs as part of a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7.
One aspect of Bill C-47 I would like to address today is how it proposes to enact measures to help build Canada’s clean economy, and specifically, two important proposals that were first announced in budget 2022.
The first is the Canada growth fund, which would help attract private capital to build Canada's clean economy. The other is the establishment of the Canada innovation corporation as a new Crown corporation, with a mandate to increase Canadian business expenditures on research and development.
I will start with the Canada growth fund. It was incorporated in December 2022 as a subsidiary of the Canada Development Investment Corporation. As a significant part of Canada’s plan to decarbonize and build Canada’s clean economy, the Canada growth fund requires an experienced, professional and independent investment team ready to make important investments in support of Canada’s climate and economic goals.
Therefore, budget 2023 announced the intention to have the growth fund partner with the Public Sector Pension Investment Board, or PSP Investments, to deliver on the growth fund’s mandate of attracting private capital to invest in Canada’s clean economy. Bill C-47 contains the necessary legislative amendments to enable PSP Investments to manage the assets of the Canada growth fund as a $15-billion arm's-length public investment vehicle.
PSP Investments is one of Canada’s largest pension investment managers, with more than $225 billion in assets under management, and operates at arm’s length from the government. It will provide the Canada growth fund with an independent team that has extensive experience across the range of investment tools that the growth fund will use to deliver on its mandate and attract new private investment to Canada.
By partnering with PSP Investments, the Canada growth fund would be able to move quickly and begin making investments in the near term to support the growth of Canada’s clean economy. One of the investment tools the Canada growth fund will use to support clean growth projects is contracts for difference. These contracts can backstop the future price of, for example, carbon or hydrogen, providing predictability that helps to de-risk major projects that cut Canada’s emissions. Contracts for difference allow companies to plan ahead, supporting the growth of Canada’s clean economy by making clean projects more cost-effective than more polluting projects.
Relatedly, budget 2023 announced that the government will consult on the development of a broad-based approach to carbon contracts for difference that aims to make carbon pricing even more predictable, while supporting the investments needed to build a competitive, clean economy and help meet Canada’s climate goals. This would complement contracts for difference offered by the Canada growth fund. Notably, the Canada growth fund assets will be separate and managed independently of the pension assets of PSP Investments. However, it will maintain the market-leading reporting framework for public transparency and accountability that the government committed to in the 2022 fall economic statement.
I also mentioned earlier that Bill C-47 proposes to establish the Canada innovation corporation as a new Crown corporation with a mandate to increase Canadian business expenditure on research and development across all sectors and regions of Canada. Currently, Canada ranks last in the G7 in R and D spending by businesses. I think we can all agree that this has to change.
Solving Canada’s main innovation challenges, including a low rate of private business investment in research, development and the uptake of new technologies, is key to growing our economy and creating good jobs. Canadian companies need to take their new ideas and new technologies and turn them into new products, services and thriving businesses, and they need support to do that.
The mandate of the Canada innovation corporation will be to promote the improved productivity and growth of Canadian firms, which would contribute to a strong and innovative Canadian economy. It would work proactively with new and established Canadian industries and businesses to help them make the investments they need in order to innovate, grow, create jobs and be competitive in the changing global economy.
It would do this by offering needed support to transform new ideas into new and improved products and processes. It would also support them in developing and protecting intellectual property and in capturing important segments of global supply chains that will help drive Canada’s economic growth and create good jobs.
I would like to stress that the CIC will not be just another funding agency. It is intended to be a market-oriented innovation agency with private sector leadership and expertise. The CIC would operate with an initial budget of $2.6 billion over four years, and with the passage of Bill C-47, it is expected to begin its operations in 2023.
Overall, these measures from Bill C-47 are just part of the government’s plan to build a stronger, more sustainable 21st-century economy. They build on budget 2023's transformative investments to build Canada's clean economy, fight climate change and create new opportunities for Canadian businesses and Canadian workers.
With our made-in-Canada plan, our budget would ensure that Canadians have more money in their pockets and are meeting the challenges of today and tomorrow, while building a Canada that is more secure, more sustainable and more affordable for people from coast to coast to coast. Key measures in the budget implementation bill include, one, an automatic advance for the Canada workers benefit; two, the doubling of the deduction for tradespeople's tools; three, improved registered education savings plans; four, banning cosmetic testing on animals; five, strengthening Canada's supply chains and trade corridors; and six, continuing our efforts in supporting Ukraine by taking action against Russia.
I encourage all hon. members to support Bill C-47 and to contribute to this effort.
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