Thank you, Mr. Chairman. Thank you to the members for the opportunity to address your committee.
Reliable electricity has become indispensable to a competitive economy and a high quality of life. Moreover, our sector is over 80% GHG-free, making it one of the cleanest sectors in the world. But we're not done yet, as electricity can help further power Canada's clean energy transition through the electrification of other industrial processes.
Electrifying the Canadian economy will be neither easy nor cheap. The Conference Board of Canada estimates that our sector's electrification will need an investment of $1.6 trillion by 2050 if we are to meet Canada's climate and clean growth objective.
On behalf of our members, our pre-budget submission offered four specific program recommendations and two broad policy recommendations that we hope will be addressed by budget 2019. I will recap, as it relates to the former: one, recapitalize oversubscribed NRCan funding programs; two, allocate funding for a zero-emissions vehicle strategy; three, expand investments in northern energy infrastructure; and four, allocate funding for the development of a national electrification strategy.
With respect to the two more macro proposals, first, if we are to attract clean energy investment and for our companies to sustain their health and viability, Canada must ensure a competitive fiscal environment. We're pleased that the theme for the upcoming budget will focus on competitiveness and growing the economy. Second, Canada's burdensome regulatory environment must be urgently addressed, as it has become dangerously heavy and remains uncoordinated among the three senior levels of government.
I believe that Canada's business sectors are united in expressing concerns regarding the current Canadian investment climate. These concerns stem in part from a growing competitiveness divide with the U.S., and an uncertain regulatory process for approving large capital projects in the country. This climate is also exacerbated by the uncertainty surrounding the NAFTA negotiations, and the imposition of various U.S. trade protectionist measures.
Obviously this also impacts our sector. For example, this year, seven of the top 10 largest infrastructure projects come from the electricity sector. As well, our members are investing some $20 billion annually towards renewing our aging infrastructure. Every single cent of these monies must be approved by the regulator, and therein lies the political risk.
This energy transition, and positioning Canada to be a global clean energy leader, will require additional and sustained investments from the federal government in both infrastructure and innovation support mechanisms. In this regard, while electricity is provincially regulated, the federal government does play a significant role in its development, since some 34 federal departments and/or agencies are involved in the electricity space. That's one reason we need governments to complete the Canadian energy strategy, so we can strategically leverage all of our energy assets for the benefit of all Canadians in all regions.
In closing, the work of nation building, as you know, never stops. Building transformative and resilient infrastructure is our obligation to the next generation. Throughout our history we have met this challenge. Think of the great railroads of the 19th century; the highways, seaway, and broadcasting systems of the 20th; or the Canadian arm that extended mankind's reach into space. These transformative accomplishments, I would suggest, were all made possible because Canadians knew the importance of thinking ahead. It is now imperative that governments work together, make wise investments and earn the trust of Canadians and industry if we are to succeed in another great moment of transformation.
Thank you.