Mr. Speaker, I would like to congratulate the member for Kitchener Centre on his election to Parliament. I had a chance to meet with him at the all-party climate caucus meeting, and I am looking forward to working with him on these important issues about climate change and the environment.
It is important to remember that the emissions reduction fund was launched in response to the COVID crisis as a way to help workers and communities. It came at a time of record low, and at times negative, energy prices, and our government needed to help workers and communities that were reeling over these events. Canadians expected us to do that, and that is what we did, but we also had a policy objective to ensure that the industry continued to act on methane reduction.
I will note that, to date, this program is anticipated to reduce 4.6 megatons of greenhouse gas emissions, and those reductions are being tracked carefully. This is like taking one million cars off the road today, providing immediate environmental and health benefits for Canadians.
I would also like to draw the member opposite's attention to correspondence that we received from the Pembina Institute and the David Suzuki Foundation. Both organizations recognize the fund's success in reducing methane emissions and suggesting improvements. The Pembina Institute said, “During the pandemic, the emissions reduction fund has been one of the few programs around the world that addresses the economic impacts of the ongoing health crisis, while creating jobs and contributing meaningfully to reducing emissions in the oil and gas sector. This program has helped to drive Canadian leadership in methane abatement technology that will be in greater demand as the rest of the world increasingly acts on methane, and it will continue to do so if renewed.”
The letter from the David Suzuki Foundation noted, “when your department announced the results from intakes one and two, we were pleased to see that 97% of the emissions reductions came from projects that eliminated intentional routine venting and flaring of methane, outcomes that go beyond 2023 methane regulations and that were achieved for less than $20 per tonne of CO2. This is a notable achievement.”
Those are two important statements about this program. We are carefully considering the commissioner's report, and will consider a broad range of perspectives. We are carefully considering all of the pieces that go into this, and I would urge members to consider a broader context and to take into account our bold actions to meet these ambitious climate targets. Take, for instance, our recent commitment to place a cap on emissions from the oil and gas sector. This is something no other oil-producing nation has done, at least so far, and there is more.
Consider that we have one of the highest prices on carbon in the world. Our government is also in the process of phasing out unabated coal-fired electricity by 2030, and we have signalled to the auto industry and Canadians that starting in 2035 all light-duty vehicles sold must be zero emitting.
These are big steps, and there are others, such as the upcoming clean fuel standard. That is why we are continuing to work to take these necessary steps.