Mr. Chair, Canadians revere nature and are recognized for that. Our desire to conserve, restore, and protect the natural environment is part of who we are, and with climate change upon us, we especially recognize the need to make significant investments in Canada's air, water, and wild spaces for our children and grandchildren.
We also recognize that creating a world-leading clean economy is the imperative of our time. Putting a price on carbon pollution is a foundational aspect of achieving a clean energy economy. The balance between the natural environment and building a cleaner, greener economy is our collective challenge. Therefore, our government has allocated $5.7 billion over 12 years in support of the implementation of the pan-Canadian framework on clean growth and climate change. This plan, developed with the provinces and territories and in consultation with indigenous peoples will build a healthy environment by supporting a strong, clean economy, fostering innovation, and creating good, well-paying jobs for the middle class.
In November 2016 the government also launched a $1.5 billion national oceans protection plan to improve marine safety and responsible shipping, protect Canada's marine environment, and unlock opportunities for indigenous people and coastal communities. Budget 2018 has proposed further investment to help grow a healthy and sustainable clean economy. Canada has committed to conserving at least 17% of its land and inland waters by 2020 through networks of protected areas and other conservation measures. Both protected and conserved areas will ensure healthier habitats for species at risk and improve biodiversity.
To that end, budget 2018 proposed a historic investment of more than $1.3 billion over five years, one of the most significant investments in nature conservation in Canadian history. This investment would contribute $500 million from the federal government to create a new $1 billion nature fund in partnership with corporate, not for profit, provincial, territorial, and other partners. Through this collaboration, the nature fund would make it possible to secure private land, support provincial and territorial species protection efforts, and build the capacity of indigenous peoples to conserve land and species for our benefit and that of future generations.
The government is also investing $1 billion over five years to establish better rules for the review of major projects that will protect our environment, fish, and waterways; rebuild public trust; and help create new jobs and economic opportunities. This is an example of delivering on a promise to protect the environment, restore public trust in federal environmental assessment and regulatory processes, and provide predictability for businesses.
Budget 2018 proposed even further investments to help grow a healthy and sustainable clean economy. We are advancing efforts to better protect, preserve, and recover endangered marine life in Canada, with an investment of $167 million over five years. This includes funding for research to help us better understand the factors affecting the health of endangered whale species, as well as actions we can take now to help address threats arising from human activity. Whales are vital to healthy marine ecosystems and an important part of eco tourism in Canada's Pacific and Atlantic coastal regions and in the St. Lawrence estuary.
To keep people and communities safe we also need to improve the networks that collect data and monitor changes in weather, climate, water, ice, and air. Budget 2018 proposes to improve Canada's weather and water services with $120 million over five years to help protect people and communities from the devastating impacts of extreme weather events. These events, such as the wildfires and flooding we have unfortunately seen recently, are having and can have a devastating impact on people, communities, and our economy.
Therefore, another proposed measure of our government is our plan to extend for five years the existing accelerated deduction for clean energy generation and energy efficiency equipment to property acquired before 2025. The deferral of tax associated with this measure is expected to provide businesses with a benefit of approximately $123 million over five years.
Finally, to ensure that a price on carbon pollution is in place across Canada, we are developing a federal system that would apply in provinces and territories upon request, and also in those that do not have a pricing system in place that meets the federal standards, by the end of this year. The government is also supporting the federal carbon pollution pricing system with $109 million in new funding over five years for Environment and Climate Change Canada and the Canada Revenue Agency to develop, implement, and enforce the federal carbon pricing system.
As a member of Parliament from British Columbia and the former mayor of West Vancouver, I remember former British Columbia premier Gordon Campbell's leadership well. I know how British Columbia, as North America's first jurisdiction with an economy-wide pricing policy on carbon in 2008, has led and succeeded, and as a government, we know what British Columbia learned. Members can read all about it in a recent 2015 report I participated in. It is called “How to Adopt a Winning Carbon Price”.
Here are some key recommendations: one, a carbon tax and a thriving economy can coexist; two, strong leadership matters; three, start with a low price; four, commit to a schedule of price increases; five, revenue neutrality helps to address private sector concerns; six, a carbon tax is one component of a suite of climate policies; and finally, expect a clean environment, an enhanced reputation, and a thriving clean-tech sector.
The results of British Columbia's decade-old initiative to put a price on carbon are well understood. In 2012, at a tax rate of $30 a tonne, more than $1 billion a year is collected because of pricing carbon, and each year it is accompanied by an equal or greater tax cut. The opportunity created by pricing carbon pollution in British Columbia meant a reduction in tax rates for large and small businesses, a reduction in personal income tax rates, a climate action tax credit for low-income British Columbians, and an annual $200 benefit for rural and northern homeowners. These are the choices B.C. made.
Under our plan, the provinces, under the leadership of the Minister of Environment and Climate Change, may make their own choices too. When we began, the public supported pricing carbon by 54%. This steadily grew to 64% in 2012 as B.C.'s economy slightly outperformed the rest of Canada throughout. For the clean-tech sector, the shift has been positive.
In conclusion, our quality of life as Canadians and our present and future prosperity are deeply connected to the environment in which we live. The extraordinary beauty of Canada's nature, parks, and wild spaces are central to our identity as Canadians. As Canadians, it is a public trust.
We are forging ahead with determination and ambition toward a more prosperous future for all Canadians. Our government is making significant investments toward a strong and sustainable low-carbon economy, one that creates growth and good middle-class jobs while preserving our safety, security, and natural environment for future generations.
