Madam Speaker, it is always an honour and privilege to be a strong voice for the hard-working people of Mississauga EastâCooksville. I know first-hand just how devastating the impacts of climate change can be on their lives. My riding in the city of Mississauga has had to deal with some of the worst flash flooding in the country. Extreme weather events that used to happen every 40 years are now happening every six years. Canadian cities are facing two crises as they converge in a perfect storm, the combination of a rapid rise in extreme weather events, as a result of climate change, with growing deficits in sewer and storm-water infrastructure.
On that note, I want to thank our government for the millions of infrastructure dollars in assistance it has provided Mississauga to help mitigate future flood damage. Per year, there are now 20 more days of rain in Canada. That is up 12% since 1950. In 2012, the Federation of Canadian Municipalities estimated that replacement costs for Canada's sewer and storm-water infrastructure would be almost $55 billion.
In Mississauga, we are seeing floods. Across Canada, we are seeing more intense fires, floods, droughts, heat waves and hurricanes tearing through communities, ripping away lives and livelihoods, and having increasingly dire impacts on our public health.
I say all this to make it crystal clear that climate change is the greatest long-term threat that we face as a community, both locally and globally. It is also our greatest economic opportunity. Members may ask how great it is, and it is a massive $2.6-trillion opportunity. By taking bold climate action, we will create new jobs for the future, strengthen our economy and grow the middle class, while also ensuring clean air and water for our kids and grandkids.
Canada has become a global leader in clean technology, with 11 Canadian companies appearing on the 2021 global clean tech 100 list of the most innovative and promising clean technologies from around the world.
Our neighbour to the south, our greatest trading partner and friend, the United States of America, has resolved to take bold action on climate change as an opportunity to create millions of good-paying middle-class jobs. Going forward, Canada will continue to work closely with the United States and other countries to reach our ambitious climate goals, creating growth and improving the well-being of all people.
Members may ask how we will achieve all that. It is spelled out through our government's ambitious Bill C-12, the Canadian net-zero emissions accountability act. The question will be posed, and it is a great question. Let me explain.
Let us look at some of this government's most recent investments. Since October 2020, we have invested $53.6 billion to establish Canada's green recovery from the COVID-19 pandemic, create jobs and secure a cleaner future for everyone. On top of that, budget 2021, which was announced last week, also builds on that approach, including through a new investment in Canada's net-zero accelerator that will incentivize Canadian businesses and industry to develop net-zero technologies and build our clean industrial advantage.
Budget 2021 also includes new measures to make life more affordable and communities more livable by helping more than 200,000 Canadians make their homes greener and working toward conserving 30% of Canada's lands and oceans by 2030. These new measures will help Canada exceed its Paris climate targets, reduce pollution and reach net-zero emissions by 2050.
Since 2015, we have been committed to finding real solutions to help tackle the climate crisis while also creating jobs, strengthening our economy and growing the middle class and those working hard to join it. We have put a rising price on pollution that puts money back into the pockets of Canadians, made new investments in public transit and banned harmful single-use plastics to protect our oceans. Together, we will continue to take action in fighting against climate change and secure a better future for Canadians.
Canada has set an ambitious emissions reduction target under the Paris Agreement of 40% to 45% below 2005 levels by 2030. Bill C-12 brings the accountability and transparency that are required to achieve our goals. The bill has robust accountability and transparency included within it: a requirement to put in place a target and establish an emissions reduction plan, both to be tabled in Parliament within six months of coming into force of the act; a legally binding process for the federal government to set climate targets and bring forward an ambitious climate plan every five years between 2030 and 2050; a 2030 progress report, which must be tabled before the end of 2027; a 2030 assessment report, to be tabled within 30 days of the 2030 national inventory report data; an annual report detailing how the federal government is managing the financial risks of climate change and the opportunities; and a review by the Commissioner of the Environment and Sustainable Development within five years of coming into force of the bill.
The very structure of the Paris Agreement is based on the year 2030. Our plans in provinces like B.C. are to be commended, as well as Quebec and those around the world. Bill C-12 includes best practices that we have found around the world, such as the creation of an advisory body.
This is consistent with the undertaking we have seen by our peer countries, including the United Kingdom, Germany, New Zealand and France. An advisory body composed of up to 15 experts is established to provide the Minister of Environment and Climate Change advice with respect to achieving net-zero emissions by 2050. This advisory body would engage with experts, stakeholders, indigenous peoples and the public to make sure its advice is grounded in the priorities and ideas of all Canadians. The advisory body would submit an annual report to the Minister of Environment with respect to its advice and activities.
Bill C-12 would provide an opportunity to secure a prosperous and sustainable future. By taking this decisive action now, we are creating the industries of the future, creating good-paying jobs, advancing innovative technologies and protecting our country and the world from the utter destruction of climate change.
I encourage my fellow parliamentarians to support Bill C-12 and its speedy passage. They are voting for a bill that would set a strong foundation for a healthier environment, economic growth and possibilities for today and beyond.