Madam Speaker, I will be splitting my time with the member for Winnipeg Centre, which will obviously happen after question period.
It is not every day that we have the privilege of having our policy so nicely summarized and advocated in a motion by an hon. member of the opposition. I would like to thank the hon. member for his motion and also for his membership on the environment and sustainable development committee. He is a new member. We very much enjoy his contributions on the committee.
We are already taking action. We are making investments that are empowering Canadians with the skills and technologies to transform their lives and their economy toward a greener, cleaner, and more prosperous future that benefits all.
We are supporting the transition to a cleaner economy by putting a price on carbon pollution and by putting an end to the counterproductive and obsolete fossil fuel subsidies. That is what I would like to talk about specifically in my speech today. This activity is already well under way.
In June of 2016, our government, along with the United States and Mexico, committed to phasing out inefficient fossil fuel subsidies by 2025 and called on other members of the G20 to do the same. We are working in a leadership capacity to make this goal a reality for Canada and our partners.
In recent years, Canada has made significant progress introducing measures to phase out a number of tax preferences that support the production of fossil fuels through the extraction of oil and gas and coal. This included the phase-out of the accelerated capital cost allowance for tangible assets in oil sands projects. That was in budget 2007, and its implementation was completed in 2015.
It included lowering the deduction rates for intangible capital expenses in oil sands projects to align with the rates for conventional oil and gas. That was in budget 2011, and its implementation was completed by 2016.
It included the phase-out of the Atlantic investment tax credit for investments in the oil and gas and mining sectors. That was in budget 2012 and was implemented and completed last year, in 2017.
It includes the phase-out of the accelerated capital cost allowance for tangible assets in mines, including coal mines. That was in budget 2013, and its implementation is to be completed by 2021.
It includes the lowering of the deduction rate for pre-production intangible mine development expenses, including for coal mines, to align with the rates for the oil and gas sector. That was in budget 2013, and implementation is to be completed in 2018.
It includes our government's action to allow the temporary accelerated capital cost allowance for liquefied natural gas at LNG facilities to expire, as scheduled, at the end of 2024.
It includes our budget 2017 decision to rationalize the tax treatment of expenses for successful oil and gas exploratory drilling. Its implementation is to be completed by 2021.
It includes our budget 2017 action to phase out the tax preferences that allow small oil and gas companies to reclassify certain development expenses as more favourably treated exploration expenses. That implementation is to be completed by 2020.
It is important to bear in mind that these actions are being taken gradually to avoid disruptive changes for the fossil fuel industry while supporting Canada's broader environmental objectives. At the same time, our government is currently evaluating non-tax measures to identify any that might be considered inefficient fossil fuel subsidies in the context of meeting our G20 commitments. While there is no commonly held definition, there has been a general understanding that fossil fuel subsidies can go beyond direct tax provisions to encompass things such as price controls, cash subsidies, and tax preferences.
Environment and Climate Change Canada officials are leading an interdepartmental review of federal non-tax measures. Our government will be acting on all findings in moving toward meeting our G20 commitment to phase out inefficient fossil fuel subsidies by 2025.
Like Canadians, we know that pollution is not free. Its costs are incurred through droughts, floods, smog, wildfires, and the effects it has on water, food, and the air we breathe. The price we pay is in our health and our future. The financial costs are also very real. Climate change alone is expected to cost our economy $5 billion by 2020.