Mr. Speaker, whether supporting homeowners to retrofit their homes, get into an electric vehicle or ride an electric bus, working together at all levels to green our lifestyle will save us money, build a stronger economy and protect the planet we cherish.
Last week, I was ecstatic to hear that Infrastructure Canada’s zero-emission bus strategy is reaching my community. An MOU was signed by the Canada Infrastructure Bank and Durham Region that will see as many as 100 battery electric buses purchased by 2027. This investment of $68.2 million is repayable low-interest financing and builds on the previous investment by our government of $43 million to fund the rapid bus transit route to better connect our region. The replacement of the current diesel-powered fleet will reduce operating costs and save 8,000 tonnes of carbon emissions per year.
To date, the Canada Infrastructure Bank has invested over $1.5 billion toward more than 5,000 zero-emission buses across Canada. That is progress.