Thank you.
Let me say, first of all, that it's great to be here on a panel of such distinguished guests. The Honourable Lisa Raitt was, I think, one of Canada's finest transport ministers. It's so great to be back before this committee.
I'll note that I got a summons to attend this committee. There was no summons needed. I'm happy to share how the Canada Infrastructure Bank has benefited the city of Brampton, and I brought notes from our Brampton Transit department.
I'll tell you why we were very interested in the Canada Infrastructure Bank. One of our finest residents in Brampton was former premier Bill Davis, who, sadly, passed away a few years ago. He created Ontario's first environment ministry. We've always taken our responsibilities under climate change seriously because it's in our DNA in Brampton. We set out a plan to reduce greenhouse gas emissions by 80% by 2050 in our city. With any climate change plan, everyone has good intentions, but how to hold yourself accountable for that plan and how to find the finances to deliver on that plan are always challenges.
We looked at where we have a large source of emissions. It is the transportation sector. We've been struggling with how to deal with that as Canada's fastest-growing big city. We have the fastest-growing transit system in Canada right now. Unfortunately, if we continue with the status quo, we're going to see emissions skyrocket, and that's not consistent with our own plan, or with Canada's environmental aspirations either.
We have an agreement with the Canada Infrastructure Bank. We're very grateful for the support of $400 million to allow us to have all our buses become electrified. This will save 57,000 tonnes of greenhouse gases. In other words, that's 12,396 passenger vehicles off the road each year. It's a quieter and more comfortable ride for transit users and lower maintenance costs. Because of this agreement.... We would never have had the financial capacity to purchase an entirely new fleet of buses. As one of our traditional diesel buses meets the end of its life, we're now, for every single one, purchasing an electric one. We would not have had that financial capacity. Municipal resources are limited to property tax dollars.
We know that, long term, this is a fundamentally important change for the city, and I would suggest that every city will go this way. Right now, Brampton and Ottawa are in a race. Who's going to be the first to have a fully electrified transit fleet? I believe that, at one point, we're going to see every big city with an electrified transit fleet, so this is critical. I think it is the way every big city needs to go.
The way the agreement works with the Canada Infrastructure Bank is.... This is not a grant to the city. It's a loan, and we pay back the loan based on the savings of fuel. I thought it was a clever way to use the additional financial capacity of the federal government and allow municipalities to transition to this format.
I only have praise for how the Canada Infrastructure Bank has been able to help the city of Brampton with a fundamental transition, and I want to say thank you. I hope this is an example of how the Canada Infrastructure Bank has been very helpful to municipalities. A lot of governments are not able to meet their outlined goals and emissions targets. Sadly, that's been the case in Canada for too long. I look at what we're doing right now in Brampton. We're actually going to meet our city's emissions reduction targets, and this is a huge component of it.
Thank you for having me here today. I brought all of my notes from our transit department, if you have any questions.