First of all, it's nice to see all of you.
I really appreciate your question. Not only are we going to lose our GDP because of the impact of climate change, but there's also an added pressure on local governments to pay for the adaptation cost of increased flooding, for example. Our city will need close to $1.6 billion in additional resources to upgrade the drainage and stormwater infrastructure over the next number of years.
I believe the federal government is serious about being net-zero by 2050, but I also believe that the federal government will not be able to achieve that if municipal governments are not seen as partners, because that's where the emissions are. Emissions are in municipalities: 30% of a city's emissions are in transportation, and another 20% are in buildings.
If you are not greening municipal infrastructure, and if you are not helping to convert old buildings into better and more efficient buildings by retrofitting them to be more energy-efficient, the federal government will never meet that target. We can all talk about it, but I think it's very important for the federal government to see municipalities as equal partners and to work directly with us in implementing some of those choices and strategies that will help to reduce emissions and create jobs.
I'll give you an example. We have a very ambitious plan of retrofitting homes, commercial buildings and industrial buildings, but we need close to $100 million of annual investment in order to do that. We need to facilitate investment from the private sector and the public sector. We cannot do that on our own, so that's why it is important that clause 2 include municipalities as partners, so that we are given better tools in order to achieve those targets.