Thank you, Chair, for your introduction.
I would like to begin by acknowledging that I'm speaking to you today from the traditional and unceded territory of the Algonquin Anishinabe people here in Ottawa.
I'm happy to meet with members of the committee today to discuss the clean tech study and, more broadly, the role that clean tech and innovation will have in meeting Canada’s 2030 and 2050 climate objectives.
As you all know, the 2030 emissions reduction plan was introduced on March 29, 2022. The plan provides a credible road map to enable Canada to achieve 40% to 45% below 2005 levels by 2030 and reflects input from provinces and territories, indigenous peoples, the net-zero advisory body, stakeholders and interested Canadians.
The emissions reduction plan emphasizes the role that clean tech and climate innovation will play in Canada, achieving both its 2030 and 2050 climate change objectives, with an entire chapter dedicated to the topic.
Reaching net zero will require significant effort to accelerate both the development and the deployment of clean tech. There is increasing global recognition that such technological transitions must be accelerated through ambitious action if the world is to avoid dangerous climate impacts. Last year, at COP26, over 40 countries, representing more than 70% of global GDP, committed to accelerating clean-tech innovation and deployment in line with transforming major sectors of the economy. This represents both an opportunity to drive down emissions and a chance to generate clean growth, with global clean-technology activity projected to reach $3.6 trillion by 2030.
With a highly skilled and educated workforce, abundant access to the natural resources and energy sources critical for a net-zero future, and a thriving clean-tech industry, Canada already has the building blocks in place to seize this opportunity. However, deployment of commercially available clean tech must move faster, and innovation must also be accelerated as up to 50% of global GHG emissions reductions by 2050 will need to come from technologies that are still in the early stages of development. The future of Canada's clean -technology industry and climate commitments rests on scaling up the adoption of commercially available clean solutions and readying emerging climate innovations. The choices that Canada makes today will determine both its GHG emissions trajectory and its place in the global clean-tech market for decades to come.
Going forward, the 2030 emissions reduction plan signalled its intent to advance key measures to position the clean-tech industry for success, drive emissions reductions and spur net-zero innovation. To achieve this, the emissions reduction plan committed to strengthening federal coordination on clean tech and climate innovation through a whole-of-government clean-tech and climate innovation strategy. The strategy—