We have been working for several months to create a Canada-wide transportation electrification alliance for the industrial supply chain. We see this as a historic opportunity. In 2009, when GM and Chrysler were on the verge of bankruptcy, the U.S. provided aid in exchange for investments in transportation electrification. The same was not done north of the border. In our view, a significant opportunity was missed.
Twelve years have passed since then and it is now 2021. In our view, the opportunity is there again, but there will not be another one. Right now, the electrification market is taking off around the world, including in China, Europe and the United States. A historic opportunity is presenting itself, and that's why we've been working for months to bring together major players, including Propulsion Québec. We will soon be announcing the participation of other players, including workers, auto parts manufacturers and mining companies. We want everyone to sit down at the same table to begin a discussion with the federal government in order to act as effectively and quickly as possible. Indeed, the next few months will be critical.
When comparing electric vehicle subsidies with fossil fuel subsidies, one thing is often overlooked. A Health Canada report released a few weeks ago reveals that the cost of air pollution is $120 billion a year. Yet 31% of black carbon emissions, 33% of carbon monoxide emissions and 40% of nitrogen oxide emissions come from transportation. This means that the electrification of transportation will not only reduce greenhouse gas emissions, but will also reduce health care costs for Canadians. It will save thousands of lives, because air pollution causes 15,300 deaths a year—about eight times the number of deaths caused by traffic accidents. And it will save billions of dollars. So electrification of transportation is desirable for economic reasons, but also for health reasons.