Madam Speaker, certainly, renewable energy is a large part of the Government of Canada's plan to address climate change.
We owe it to future generations to take action on climate change and to take that action now. That is why in early 2007 the Government of Canada announced its eco-energy initiatives to support the objective of reducing Canada's greenhouse gases by 20% by 2020.
At the same time, we have to balance the needs of our environment with the needs of our economy. Energy production is the backbone of Canada's economy. It has long contributed significantly to the quality of life of all Canadians.
Before the economic downturn, Canada's energy production was approximately $100 billion annually. However, the reality is that energy production and use are also the sources of most of Canada's air pollution and greenhouse gas emissions.
The task at hand is twofold: to clean up the production and use of fossil fuels, and to increase the use of clean energy by helping Canadians use energy more efficiently, boost renewable energy supplies and develop cleaner energy technologies.
The $3.6 billion eco-energy initiative that this government launched in 2007 provides a suite of programs designed to do just that. Our eco-energy programs are focusing on energy production, industry, business, transportation and, most importantly, homeowners. These programs have been tremendously successful, especially in the area of renewable energy.
I am pleased to have this opportunity to highlight a few examples. The eco-energy for renewable power program is investing nearly $1.5 billion to develop clean renewable energy sources, such as wind, low-impact hydro, biomass, geothermal, solar, photovoltaic and ocean energy.
To date this program has committed $934 million, representing over 2,884 megawatts of clean renewable electricity. This year we will see even greater success. There is still $498 million that will be allocated by the eco-energy for renewable power program, and many of the applications are still being reviewed.
Ultimately, this initiative will encourage the production of 14.3 terawatt hours of new electricity from renewable energy sources. That is enough electricity to power about 1 million homes.
Through our eco-energy for renewable heat program, we are supporting the uptake of renewable energy by industry, business and institutions. It is extending the use of renewable energy for space heating and hot water.
Our government is also encouraging Canadians to install renewable energy technologies in their homes by providing eco-energy grants to homeowners for the installation of solar hot water systems, ground or water source heat pumps to ensure that as homeowners they can contribute to the bigger picture of what needs to happen.