Thank you, Mr. Chair.
Canada has committed to working together to reduce its greenhouse gas emissions by 40 to 45% by 2030, and to achieving net zero by 2050. It has also promised, through a series of international commitments, to end fossil fuel subsidies. Canada must reach this goal to retain its credibility on the international stage and do its fair share to deal with the climate crisis. It's about the consistency of Canadian climate policy, both at home and abroad.
As you know, time is running out. The most recent IPCC report demonstrates that we must stringently reduce our greenhouse gas emissions, and that that won't happen if we continue to support the fossil fuel industry—the main problem is that sector.
Fossil fuel subsidies simultaneously create three major issues with respect to addressing climate change.
First, no matter what you care to call them, subsidies support the production of greenhouse gases. If Canada supports this sector, it can't adequately curb its GHG emissions.
This in turn limits funding to low-emission energy. It slows the emergence of renewables, as subsidies to the fossil fuel sector prevent the real cost of the pollution generated by that sector from being attributed to it, to the detriment of renewables.
Finally, this hinders the energy transition. It provides additional funding for the problem, not climate change solutions. For example, redirecting oil and gas subsidies to the just transition rationale, whether to workers affected by the transition or to more vulnerable communities, would accelerate the transition and move the country away from its dependence on oil and gas.