Mr. Speaker, when we left off for question period, I was talking about how Canada is uniquely positioned to become a renewable energy superpower. During the natural resources committee's study on critical minerals, we learned that Canada is the only nation in the western hemisphere with all of the minerals and metals needed to produce the advanced batteries, electric motors and wind turbine generators that will be needed in the low-carbon economy. The International Energy Agency's net-zero energy scenario estimates that the global value for select critical minerals will grow substantially over the next two decades, reaching today's level for coal market value of about $400 billion U.S. by 2040.
The opportunity is there for Canada to both reach net zero and prosper, but we cannot continue down the path that Liberal and Conservative governments have chosen when it comes to spending money on the oil and gas sector. Canada currently spends more per capita on those subsidies than any other developed country. We cannot keep paying companies to clean up their own pollution.
New Democrats know that public funds are best spent supporting the transition to renewable energy and helping Canadians struggling with the high cost of living, rather than on profitable oil and gas companies. Instead of spending billions on new oil pipelines, we should be building hydrogen infrastructure for heavy transportation hubs, stronger provincial interties to distribute clean electricity across Canada, and electric vehicle infrastructure and manufacturing, and we should be training and employing workers now working in the oil and gas sector in these new opportunities. They are opportunities that will last into the future.
This is where the puck is going.
We need to stop providing those subsidies to oil and gas companies, which delay climate action, and instead spend that money on climate action. Increasingly, we need to spend money on climate adaptation, since the effects of global warming are locked in. We have to talk about the cost of climate inaction, and that cost is rising every year.
Right now, Canadian governments, businesses and citizens spend more than $5 billion annually to fix the destruction caused by increased fires and floods. That is predicted to rise to over $40 billion by 2050. At the moment, the federal government puts up just over $300 million of that cost. It is past time that we faced up to the rising costs of climate change.
We must realign the disaster mitigation and adaptation fund to spend more on adaptation, so that we protect communities from disaster rather than rebuild them after the fact. Last year, British Columbia communities such as Lytton, Princeton, Merritt and many more, were badly impacted by fire and floods. Small communities such as these do not have the monetary resources to rebuild under present funding formulas.
We must have a clear strategy for the future that faces the facts of climate change, both limiting the extent of future changes and dealing with the changes that have already taken place. Canada's future is very bright, but first we must invest in that future, not in the past.