Mr. Speaker, I will begin by saying that it may not be often that we find ourselves in agreement, but I thank the hon. member for her statements of support for the government's direction at the beginning of her remarks.
I am pleased to address an issue that is important to Ontario and New Brunswick, and indeed the entire country. The timing of this question could not possibly be better.
We are contemplating the building of a low-emissions energy future for our entire country. We need energy systems that are reliable, secure, clean and affordable for Canadians. They have to be competitive as well, with the potential to attract investment, as financial markets are increasingly looking toward jurisdictions that value strong environmental, social and governance principles, also known as ESG.
This is where small modular reactors fit in, an emerging technology that holds the potential to deliver the baseload power that can pull more renewable electricity into our energy mix and help us move away from conventional coal and fossil fuel power generation. This is the context in which our government launched an action plan for small modular reactors in December. It is an initiative that involves a range of partners, including industry and provincial and territorial governments.
This action plan builds on our support for an industry that sustains more than 76,000 Canadian jobs. As the member opposite knows, Canada is among an elite group of nations that have the full spectrum of nuclear capabilities, from building reactors to the manufacturing of fuel to conducting world-class research and development in establishing long-term solutions to radioactive waste. We also happen to be the world's second-largest source of uranium, and our regulatory system is internationally respected for its commitment to evidence-based decision-making that places safety at its core. All of this contributes to our global brand, making us ideally placed to tap into a vast market, one expected to be worth $150 billion to $300 billion annually by 2040, delivering $19 billion in economic benefits to Canada between the years 2030 and 2040 and creating in the process over 6,000 Canadian jobs annually. Demand is driven by the growing need for smaller and affordable nuclear energy sources to generate electricity with zero emissions, to power resource extraction in remote places, to desalinate water, to replace coal and to offer clean alternative sources of light and heat in indigenous, rural and remote communities.
For Canada, SMRs could help us meet our Paris targets, all while creating good middle-class jobs and continuing to advance reconciliation with indigenous peoples at the same time.
We are making significant progress. I think back to 2018, when we hosted our first international conference on SMRs, where we launched our SMR roadmap. We now have more than 100 partners in the nuclear industry and in other sectors of the economy, including petroleum and mining, and among indigenous leaders, universities, labour groups, civil society and most provincial, territorial and municipal governments. They know Canada has what it takes to be a world leader.
I want to cite just a few examples of our progress.
First, we announced a $20-million investment in SMR development by Terrestrial Energy. This funding will help the Oakville, Ontario-based company reach a new milestone in the exciting development of its generation IV reactor project. Second, the Canadian Nuclear Safety Commission is focusing as I speak on a number of SMR vendor design reviews, including Terrestrial's. This will allow commission staff to provide feedback early on a company's design process to ensure it is on the right track.
I will conclude by sending my thanks to two people in particular. One, the member for Saint John—Rothesay, I will thank for his advocacy for SMRs in his home province of New Brunswick. Second, thanks go to my former physics professor at St. Francis Xavier University—Go, X, Go—Michael Steinitz, who continues to provide advice to me in my own community on energy policy and what the future may look like for Canada 10, 20 or 50 years from now.