The strategic innovation fund, an $8-billion fund, and the net-zero accelerator are providing funding to support projects to accelerate decarbonization on a very large scale. We're seeing the benefits of this tool on an almost daily basis when we look at the work that my friend and colleague, the Minister of Innovation and Economic Development, Mr. Champagne, has done in the process of transforming Canada's auto industry. Right now, we're seeing the largest investment in the history of the auto sector for decarbonization and for pivoting this sector from producing internal combustion engines to electrification.
Even President Biden was singing the praises of the Volkswagen announcement that was made a couple of weeks ago. More specifically, the transfer of funds via this memorandum of understanding will support a number of activities at Environment and Climate Change Canada, including conducting technical reviews, the assessment of GHG-reduction potential, and alignment with NZA—the net-zero accelerator—objectives, for a statement of interest.
Basically, what the department does is provide technical and GHG result-monitoring expertise during the due diligence process and project implementation phases, as well as contributing to ad hoc policy regulatory and technical discussions impacting project approval and implementation.
We're working very closely with our colleagues from Industry to ensure that the projects that are chosen have the most impact, obviously from an economic perspective but also from a greenhouse gas reduction perspective.