Building a clean Canadian power grid at the scale and the pace that is necessary is an enormous undertaking. It is a nation-building project that is as great in terms of scale and importance as any that we have undertaken in our history.
We are all very proud that 83% of our grid right now comes from zero-emission sources. We need, though, a much bigger and ultimately 100% clean grid. We need to double or more the electricity generation capacity in this country by 2050.
A clean electricity grid is an enormous economic advantage for Canada as our largest trading partners increasingly look to forge trade relationships that favour low-carbon exports and imports like low-carbon steel and low-carbon aluminum. While it isn't yet clear, I think, to the Conservative Party, the rest of the world knows a clean, reliable and affordable electricity grid is key to building a strong, clean economy. It's necessary to position our country for opportunity in the centuries ahead.
We are focused on doing the work that is necessary to seize this generational opportunity. This is a race that we cannot afford to lose.
In budget 2023, we announced over $40 billion for the development of a clean grid, including measures like the clean electricity investment tax credit to help provinces and territories build out the grid they need, as well as the CCUS investment tax credit and the clean hydrogen tax credit.
In budget 2023, we also had $3 billion to recapitalize the fund we used for renewable energy projects and for a new smart grid program. We announced the Canada Infrastructure Bank will invest at least $10 billion through its clean power priority area.