Madam Speaker, before I begin my prepared statement, I would like to point out that one of the arguments that unpin what I just heard was a suggestion that we are forcing something onto the provinces. In fact, we have been clear from the very beginning that we are working with the provinces and territories that do come forward with a responsible plan of their own. I will note in particular that the plan in Nova Scotia may be very different from the plan in Quebec, or Alberta and British Columbia.
We are taking action on the environment and the economy in ways that will move both forward. This is what Canadians asked in 2015 when they elected our government, and it is the plan we are implementing. We know that putting a price on pollution is widely recognized as the most efficient and transparent way of reducing greenhouse gas pollution. It also helps create a sustainable clean growth economy. Pollution already has a significant cost today, such as the effects of smog, floods and wildfires. Putting a price on pollution lets everyone see the cost so we can do something about it. Unlike the Conservative Party, whose plan is to make pollution free again, we are making life more expensive for polluters and more affordable for Canadians.
There is evidence that pricing pollution and economic growth do go together. If I look at the example of British Columbia, I see that the price on pollution helped it reduce its greenhouse gas emissions and, at the same time, the provincial economy grew faster than the rest of Canada's. B.C.'s growing clean-tech sector now brings in an estimated $1.7 billion in annual revenue.
Across the world, industries are turning to cleaner and more sustainable options. Canada must not, and will not, be left behind. Pricing pollution provides incentives to reduce energy use through conservation and efficiency measures while also driving innovation that will give Canada an edge in the clean growth economy. This is going to make Canada's businesses more innovative and profitable and create more jobs from coast to coast to coast.
The pan-Canadian approach to pricing pollution gives provinces and territories the flexibility to establish a system that best suits their circumstances. Revenues raised from those jurisdictions—and I know this is important to the people of Saskatchewan—remain in the jurisdiction of origin. Even Stephen Harper's former director of policy has said that this policy will leave Canadian families better off than they are today.
Our plan to put a price on pollution will help protect the environment, grow the economy and put more money in the pockets of Canadians, including the constituents of the member opposite. The cost of inaction, quite frankly, is greater than the cost of addressing the problem. We know that by 2020, the anticipated cost of climate change to the economy will exceed $5 billion. We need to do something about this.
On the flip side of the same issue, the challenges posed by climate change create a significant opportunity for economic growth. If we demonstrate the political will to fight pollution, we are going to create jobs at the same time. We can expect to trigger economic growth and enhance environmental and social outcomes through strategic investments in the green economy, in public transit, and protecting nature as well as our oceans.
In 2015, Canadians made their voices heard. We are a country and a people who care very deeply about the environment. Our government was elected on a commitment to protect the environment and grow the economy at the same time, and just because the Conservatives could not do either, does not mean we will not do both.