Mr. Chairman and honourable committee members, thank you for inviting the Green Budget Coalition to speak to you today.
The Green Budget Coalition, active since 1999, is unique in bringing together the expertise of 21 of Canada's leading environmental organizations, collectively with over one million members, supporters and volunteers. The Green Budget Coalition's mission is to present an analysis of the most pressing issues regarding environmental sustainability in Canada and to make a consolidated annual set of recommendations to the federal government regarding strategic fiscal and budgetary opportunities. We appreciated the opportunity to meet with the Deputy Prime Minister in February.
As the clerk mentioned, I'm pleased to be joined today by two of my expert colleagues to help answer your questions: one of the coalition's co-chairs, David Browne, with the Canadian Wildlife Federation, plus the coalition's lead on climate, Tom Green, with the David Suzuki Foundation.
The Green Budget Coalition made five feature recommendations for budget 2022 addressing three feature objectives of net-zero emissions by 2050, full nature recovery by 2050 and environmental justice. Specifically regarding the renovation wave, they address fossil fuel subsidies and public finance, freshwater management, protected areas and a new office of environmental justice and equity.
The Green Budget Coalition much appreciated the major federal funding announcements advancing climate and nature progress in the April 7 federal budget and the preceding emissions reduction plan. We particularly appreciated the funding for building retrofits for fresh water and for incentives in infrastructure for electric vehicles, including medium- and heavy-duty vehicles. We also appreciated funding for clean electricity, nature-based climate solutions, oceans protection, improving the environmental impacts of agriculture and expanding tax credits to apply to more clean technologies.
At the same time, we were disappointed by the gap on fresh water between the amount announced and the funding necessary, as outlined in our recommendations and committed in the Liberal platform. We were also disappointed by the lack of progress on phasing out fossil fuel subsidies, on permanent funding for protected areas and on the office of environmental justice and equity. Green Budget Coalition members expressed particular concern about the new tax credit for carbon capture, utilization and storage, which is estimated to cost $2.6 billion over the next five years.
Given that I have a couple of minutes left, I would like to turn to Tom Green with the David Suzuki Foundation to add an extra comment or two on climate change in the budget.