Mr. Speaker, I am prepared to answer the member's questions to the minister regarding carbon capture and storage. I would be glad to answer her further questions in the appropriate venue, but I want to answer her first question about carbon capture and storage.
Carbon capture and storage is a promising technology for reducing greenhouse gas emissions. Canada has played a pioneering role in its development. The Weyburn carbon dioxide monitoring and storage project in Saskatchewan has shown this. More than seven million tonnes of carbon dioxide have been injected and stored. The first phase of the project completed in 2004 demonstrated that this natural geological setting is suitable for long-term carbon dioxide storage.
It is time to move beyond the research phase and apply this new technology widely. All the G8 members are headed in this direction and have committed to support the launching of 20 large-scale carbon capture and storage demonstration projects by 2010 with a view to begin broad technology deployment by 2020. This technology is key to large-scale decarbonization of fossil fuel-based sectors on the global stage.
The Government of Canada has a target to reduce total greenhouse gas emissions in Canada by an absolute 20% by 2020. Transformative technologies such as carbon capture and storage will be key to meeting that objective.
In light of the current economic downturn and the opportunities offered by other developments in the United States, such as the recent election of the new President Barack Obama, we are reviewing our previous regulatory approach and determining what the best path forward is on climate change. We need to ensure that actions we take do not further harm struggling industries.
In addition, the re-engagement of the United States on climate change provides an opportunity to put in place a North American cap and trade system that will benefit all parties. We believe that a cooperative bilateral approach to the environment and to energy will spur economic recovery and renewal.
Our budget commits to investments that allow us to protect our environment and for research into how to best conserve natural resources. Our investments include $1 billion over five years to clean energy R and D and demonstration projects, including carbon capture and storage. This includes $150 million over five years for research and $850 million over five years for the development and demonstration of promising technologies. This support is expected to generate a total investment in clean technologies of $2.5 billion over the next five years.
I want to thank the member for her question and look forward to her supporting our budget which includes green technologies.