Thank you.
I would walk you through those six markers that I gave you.
Spend what it takes to win. I was starting to get at that with the other question. We're not there yet. Sir Nicholas Stern says we should be spending about 2% of GDP to tackle the climate emergency. In the Canadian context that would be about $56 billion a year. If you were to tally up our spending now on climate infrastructure and climate action, generously it clocks in at about $12 billion a year. We're not a little off. We're off by a fourfold to fivefold order of magnitude.
Create new institutions to get the job done. I mentioned how C.D. Howe created these 28 Crown corporations. By the way, C.D. Howe was no lefty. He was on the right wing of Mackenzie King's cabinet. Part of what I try to do is apply the same logic by which this fellow said when we actually needed a Crown enterprise to intervene in order to drive change, and then map that same logic onto the present. I can give you a three-page list of what I think those Crown enterprises might be.
The point about mandatory measures is really important. The fact is that we're still stuck trying to incentivize our way to victory. I mentioned carbon pricing. In recent budgets, so much of what we're trying to drive now in the way of clean technology is a 50% corporate income tax cut. The most recent fall financial statement has now offered up a further tax credit for capital. All of these will have some impact. I'm not saying they're not valuable—