It's absolutely important to have national legislation that enshrines our long-term climate goals as well as a climate governance regime. That being said, while it's not being respected, communication around why that legislation is not being respected is absolutely paramount. We are not getting that kind of honest and transparent communication with Canadians.
I certainly would not recommend repealing this legislation. I, in fact, am here to stand up for this legislation. It is absolutely critical. As I mentioned, we are not a front-runner country when it comes to having this legislation. We were 59th to pass a climate law, so already we were out of step with many of our global peers. Eliminating a climate law, particularly when we announced a climate emergency in 2019, would just make us embarrassing on the global stage.
When it comes to the damages that Canada is experiencing from climate change, according to the studies of the Canadian Climate Institute, by 2025, the Canadian economy was being slowed by $25 billion annually because of climate impacts. It is a huge impact to the Canadian economy and it's not something we can ignore, nor can we ignore the shrinking market share that Canada has in the global clean energy economy, which is only growing.