Thank you for that very important question. I think constituents in many ridings around the country are asking similar questions.
As you know very well, climate change is an existential threat to humanity, but it's also a massive economic opportunity for countries that move early and move aggressively. When our government took power five years ago, Canada's emissions were going the wrong way. They were on track to be 12% higher in 2030 versus where they were in 2005.
We developed Canada's first national climate plan. It will reduce emissions dramatically. In December, we brought forward a strengthened climate plan that provides a very detailed pathway for Canada to exceed its initial Paris Agreement targets. The plan represents one of the most detailed plans that exists in the world.
We knew we needed to do more. Science tells us that we need to do more to avoid catastrophic effects, so in April the Prime Minister announced the new target of 40% to 45% below 2005 levels by 2030. Just to put that in context, that's an increase of up to 50% over our previous target. That was made alongside our partners and friends in the United States, Japan, the European Union and the United Kingdom. Collectively, half of the world's GDP is now aligned with the goal of limiting temperature increase to 1.5°C. It is both ambitious and attainable, and puts us on a credible path to net zero.
This legislation is extremely important in ensuring that it continues.