Madam Speaker, in the latest budget, the Liberal government promises over $2 billion for carbon capture and storage projects for fossil fuel companies. That is more taxpayer dollars to companies that are doing very well. Imperial Oil is making more money than it has for 30 years. Suncor made a profit of almost $3 billion in the last quarter alone.
Again, is this an inefficient subsidy? Even if carbon capture projects can be developed that actually work, and there is a lot of evidence that most do not, using them to clean up an industry whose raison d'être is providing oil and gas for the world to burn to create more carbon dioxide is an highly inefficient way to wean the world off of fossil fuels.
What do Canadians get for this multi-billion dollar propping-up of oil and gas multinationals? They get record-high prices for gasoline. The oil barons are doing well, but ordinary Canadians are not. What Canadian families need is help during these times of increasing costs. We all need help transitioning to a low-carbon future. Let us imagine a future where our car, truck and home heating costs were not left to the vagaries of world markets and the international price of oil.
Canada has committed to reducing its greenhouse gas emissions to net zero by 2050. We cannot achieve this goal if we continue to pour 14 times the number of taxpayer dollars into the fossil fuel industry than we provide to the development of renewable energy.
The latest IPCC report had a stark warning. Either we take action now on mitigation and adaptation for climate change, or we risk suffering even more severe consequences from extreme weather events, wildfires and floods.
António Guterres, the UN Secretary-General, said some government and businesses have not entirely been truthful in claiming to be on track. In his words, he warned, “Some governments and business leaders are saying one thing but doing another...And the results will be catastrophic.”
Greenhouse gas emissions must be cut in half by 2030, and the good news from the IPCC report is that this can be done. The final cost of necessary actions will be minimal, but will require a massive effort by governments around the world.
Wayne Gretzky once said that a good hockey player plays where the puck is, but a great hockey player plays where the puck is going to be. For Canada's energy future, the puck is going to be with renewable energy. Canada is uniquely positioned for becoming a renewable energy superpower. Our nation is rich in hydro, wind, solar power and the rare earth minerals that are needed for that low-carbon future.