As you rightly point out, we are in the process of deploying more than $120 billion in investments to tackle climate change, restore nature and fight plastic pollution. These investments, along with policies, regulation, tax incentives and other measures taken since the adoption of the 2016 pan-Canadian framework, have enabled Canada to bend its GHG emissions curve downward.
In 2015, when we came in, the sky was the limit for emissions, so what we've worked on over the past few years is to bring that curve down. Now, in the 2022 national inventory report, the data shows that Canada's greenhouse gas emissions have decreased to 672 megatonnes. That's a 9.3% reduction below 2005 levels, the baseline against which Canada's climate efforts are measured.
Obviously, that's not enough. We need to do more. Emissions trends have remained consistent with previous editions of the Canada NIR, unfortunately, with emissions increases in the oil and gas and transportation sectors being offset by decreases in other sectors. Clearly, we need to work harder on every sector of our economy, but those two sectors—transport and oil and gas—represent more than 50% of our greenhouse gas emissions, so there is a specific targeted effort that needs to be done in these two sectors.