Thank you, Mr. Simard.
The Minister of Environment and Climate Change and I are singularly focused on lowering emissions wherever and whenever we find them. I can see your point, but the fact of the matter is that the oil and gas sector is such an important, vital and predominant part of our country's economy that we cannot simply walk away from it. There is no avoiding the oil and gas sector in this country. We are the fourth-biggest producer of oil and natural gas in the world. We have to work with industry to lower emissions. We simply have to.
However, we are committed to phasing out inefficient subsidies by 2025. We said we would do it and we're on track to do it. With a new U.S. administration, there's even more alignment on this. In fact, they are following our lead on banning fossil fuel subsidies.
We've already eliminated eight tax breaks for the fossil fuel sector. We are working with Argentina on a peer review of fossil fuel subsidies, and this will help us determine what we need to do to meet our commitment next. Our government will keep working with Canadian industry to cut emissions across the economy in a practical and affordable way.
The feds committed $3.16 billion towards partnerships over the next 10 years, working with industry to reduce emissions because it's part of the energy mix for the foreseeable future.
I am not one to ignore a massive problem. It is a massive problem. I'm one to work with what is there, with the reality of the situation. The reality of the situation is that climate change is real and we are the fourth-biggest producer of oil and gas in the world.