Hi, everyone.
First off, I do want to acknowledge that there has been a lot of progress on this file and that we welcomed the investment last year, both on the greener homes grant and on investments through the Canada Infrastructure Bank. They are unprecedented investments, but the reality is that the scale of the climate crisis demands a much higher rate of action.
To give you some numbers, our retrofit industry in Canada needs to be able to decarbonize 600,000 homes each year to 2040, in addition to 30 million square metres of commercial space per year to 2040. This is an incredibly high number, but it's achievable; however, it is not achievable with the current programming, despite the positive aspects of that programming. Homeowners and business owners are going to have to invest $20 billion a year on top of their normal maintenance costs in order to achieve these goals.
The good news is that if we do this, it's also going to generate an additional $48 billion in GDP per year, create 200,000 long-lasting, well-paid jobs in Canada and significantly reduce our scope 1 and scope 2 emissions from buildings by 90% to 2050. This is a win-win file if we invest the right money into buildings. We've proposed investing $10 billion to $15 billion per year for 10 years. It sounds like a lot, but as I mentioned, when you're looking at the high payback in terms of both jobs and GDP, this investment is more than worth it.
In particular, what we're looking at right now is that often homeowners are able to apply to these types of programs only if they already have a relatively high income. Often, the program does not necessarily allow a home dweller—just because of how much is available and how much individual homeowners can put in—to deep-retrofit their home. In order to meet our 2050 targets, we need to reach deep retrofits of all homes and buildings, not incremental retrofits. More funding will also help to make sure that this is accessible for low-income and racialized communities.
I'll leave it there in case the member has any questions.