Madam Speaker, I am happy to rise today on this important debate. Before I start, I would like to advise I will be sharing my time with the member for Niagara Centre.
I know that our government welcomes this opportunity to to hear from all parties in the House.
In many ways, Teck Resources' decision to abandon the Frontier project based on its own economic and operational interests has highlighted two of the biggest challenges of our time. The first is to ensure that our natural resources, including our oil reserves, continue to provide Canadians with jobs and opportunities. The second is to honour our commitments, both at home and abroad, to combat climate change.
Our government has been dealing with these two challenges since taking office. Canada is the fourth-largest oil producer in the world. Our oil industry continues to be a source of jobs and prosperity for the entire country. We also know that in this century of clean growth, economic prosperity and environmental protection must go hand in hand.
We have therefore taken a balanced approach. This approach uses revenue from our oil resources to invest in clean energy and the technologies of tomorrow. We know that, in the medium term, the world will not give up oil as an energy source. In fact, we expect demand for oil to increase in the coming decades.
Our goal is to make sure Canada produces the cleanest petroleum in the world, and we have already taken huge strides. Our petroleum producers have cut the intensity of their emissions by 28% since 2000. Many companies have committed to achieving net-zero emissions, including Canadian Natural Resources Limited, MEG Energy and Shell.
This indicates that major energy companies know the importance of establishing Canada's brand as the cleanest supplier of resources anywhere. We see the same thing happening with natural gas, where LNG plants are making greater use of electricity. One project, LNG Canada, will have “best in class” emissions. Other smaller projects will be even cleaner, with emissions as much as 90% below the global average.
Canadian innovators are also leading the way on removing carbon from the atmosphere and storing it safely. In fact, four of the largest-scale demonstration projects in carbon capture, use and storage are in Canada.
We have also put a price on pollution, we are phasing out coal by 2030, we are focused on helping remote communities move off diesel and we are making generational investments in clean energy, clean technologies and green infrastructure. That infrastructure includes a nationwide network of charging stations for electric vehicles and incentives for people to buy these vehicles.
Canada already generates more than 80% of its electricity with no emissions, and our goal is to get to 90% by the end of this decade. Those efforts are complemented by significant new investments in smart grids right across the country.
Two other areas where we see great potential are hydrogen and small modular reactors. We are in the process of developing a hydrogen strategy to grow production for use in transportation, mining and industry. Small modular reactors, as the name implies, are smaller in size and output than traditional nuclear facilities. Some can be transported on the back of a truck, making them ideal for remote areas. Because they are modular, they can easily be added to one another to meet changing demand. Best of all, they produce absolutely no pollution, making them a key tool in the transition to a net-zero economy.
All of these efforts, and more, are aimed at achieving net-zero emissions by 2050, making Canada one of some 77 countries to set that ambitious goal.
We are also active on the global stage through the G7 and G20 as well as through Clean Energy Ministerial and Mission Innovation, which Canada was proud to host last year. As part of Mission Innovation, Canada has pledged to double its investments in clean energy research and development from $387 million to $775 million this year alone.
We are also involved in the International Energy Agency, COP and the International Energy Forum. We are also engaging with international partners to position Canada as a player in establishing secure and sustainable global supply chains for the minerals that are powering many clean energy technologies, minerals that are in growing demand around the world. Recently, for example, we finalized a joint action plan to collaborate with the United States on critical minerals.
All of these actions are aimed at ensuring that we balance resource development with our environmental commitments. In its announcement withdrawing its application for Frontier, Teck Resources made it clear that it understands the need for that balance. As the president and chief executive officer of Teck Resources, Don Lindsay, said:
There is an urgent need to reduce global carbon emissions and support action on climate change....We support strong actions to enable the transition to a low carbon future. We are also strong supporters of Canada’s action on carbon pricing and other climate policies such as legislated caps for oil sands emissions.
We agree with Mr. Lindsay and other leading industrial groups that all levels of government must come together now to take climate action that will enable us to achieve net zero by 2050. It is time to make this objective a reality. In the days and weeks to come, our government will continue to work with our provincial and territorial partners, indigenous communities and all those who wish to join this discussion with open minds and open hearts.
In doing so, we will be guided by the principles that Canadians expect of us. We will be responsible for reducing greenhouse gas emissions to meet and exceed our Paris targets as we move towards net-zero emissions by 2050. We will enhance our competitiveness and the health of the economy to create jobs. We will collaborate by strengthening partnerships with the provinces and territories, indigenous peoples, municipalities and youth. We will be inclusive, by ensuring fairness and by preparing the workforce of tomorrow. We will ensure that our decisions yield affordable results for industry, families and the middle class.
Those are the values that have guided our government since 2015. They are the values and principles that will guide our efforts to develop a real climate action plan. Canadians ask no more than this. They deserve no less.