Madam Speaker, it is always a pleasure to rise and speak as the member of Parliament for Vaughan—Woodbridge on behalf of the residents of my riding as their strong voice in Ottawa. I know first-hand how important the issue of climate change is to Vaughan residents.
Our government has adopted a whole-of-government approach, partnering and consulting with industry and stakeholders to tackle climate change and ensure not only a healthy environment but a strong economy for generations, including for my two young daughters, Eliana and Natalia, and all youth across the country.
It is great to speak today and continue the debate on Bill C-12, the Canadian net-zero emissions accountability act, which would provide for the implementation of national targets and plans for the reduction of greenhouse gas emissions, with the objective of attaining net-zero emissions by 2050. Fighting climate change is most certainly about reducing or lowering greenhouse gas emissions, but it is also about a stronger Canadian economy and strengthening our middle class while helping those working hard to join it.
Many of my colleagues know that I am a champion of the private sector. I have increased linkages between countries through trade, investment and, most importantly, wealth creation. Our economic system has brought with it a high standard of living and has lifted literally billions of individuals out of poverty despite the current setback caused by the pandemic.
On climate change, industry and the private sector are again leading the charge. We see and hear about this every day. There are technological advances on many fronts, including right here in Canada, where electric buses are engineered, manufactured and assembled. There are announcements by automotive companies to produce electric vehicles here in Canada, made by the hard-working individuals at Ford's Oakville plant, Stellantis's Windsor facility and GM's operation in Ingersoll. My Vaughan—Woodbridge riding is home to a Tesla dealership where Canadians are able to purchase and pick up their electric vehicles. It is less than two kilometres from my constituency office.
The feedback from leading private sector stakeholders on Bill C-12 has been unequivocally positive. Allow me to quote from the Business Council of Canada's statement “Transparency around net-zero emissions targets is essential, business leaders agree”. In it, the council said, “Greenhouse gas (GHG) emissions targets are important, as is the process to assess progress against those targets.... Clear guidelines, a predictable policy framework and a supportive investment environment will help them get there faster.”
The Canadian Association of Petroleum Producers, or CAPP, represents an industry that is the largest exporting sector of the Canadian economy, with over $100 billion in export proceeds. The energy sector directly and indirectly employs nearly 900,000 Canadians. As CAPP noted:
The Canadian Association of Petroleum Producers is committed to working with the Canadian government to meet emissions reduction objectives, which includes the ambition to achieve net-zero by 2050.
By working together, we can further accelerate innovation and develop technology that reduces emissions while delivering responsibly produced energy to meet global energy demand.
We all welcome the new leadership in the United States, as our neighbour to the south has rejoined the Paris climate accord. The Biden administration will once again join with the Conservative U.K. Prime Minister, the European Union and all 195 countries that have signed it, 190 of which have ratified it. Canadians expect no less than leadership, and that is what we are delivering through Bill C-12.
I wish to return briefly, in my remaining time, to a company that I mentioned in my first opportunity to speak to Bill C-12. I wish to dive a little deeper into it, as it is indicative of where the private sector is going and leading on climate change.
Enel is Europe's largest utility and the world's largest renewable energy provider, with nearly 100 million end-users across 33 countries. For years, Enel has been recognized as a leader of sustainable development in its work to reduce greenhouse gas emissions. We know this is a global issue and will require global leadership.
Speaking at the 2020 Bloomberg Green Summit, Enel CEO Francesco Starace laid out why the company for years has pursued policies in line with the United Nations sustainable development goals. As noted by the CEO, “We’re looking at sustainability, not just green energy—it’s a little larger. As the world evolves more and more into a circular and sustainable economy, it makes sense that financial instruments are tailored to that direction.”
In fact, in 2020, the United Nations Global Compact galvanized chief financial officers of global companies responsible for over $14 trillion of investments, which compares with the size of the Canadian economy of $2 trillion, by establishing a task force to help close the gap in funding for a sustainable and green future. Enel is the task force's patron sponsor and co-chair. Quite innovatively, the company issued its first sustainable development green SDG-linked bonds, denominated in U.S. dollars and euros, as part of its sustainable future.
The future is now. Innovation is driving the transition to a carbon-neutral economy. Yes, it will take time, but we know that Canada and Canadians are ready and excited for this future.
Bill C-12 provides the framework, the certainty and the rigour for Canada to achieve its goal of net zero by 2050. The bill requires the tabling and publication of targets, plans, progress reports and assessment reports. The initial target of 2030 must be set by the Minister of Environment within six months of the coming into force of this act, along with an emissions reduction plan. Notably, a progress report must also be tabled by 2027.
Bill C-12 is a dynamic document. In addition to having a robust parliamentary accountability mechanism, the commissioner of the environment and sustainable development, supported by the Office of the Auditor General, must examine and report on the government's implementation of the measures aimed at mitigating climate change within five years of the coming into force of this act and every five years thereafter.