Madam Speaker, I want to thank the hon. member for being a very thoughtful and constructive member of the Standing Committee on Environment and Sustainable Development, which I have the good fortune to serve on. However, I am not sure his question is so constructive tonight.
Canadians know taking ambitious climate action today is not just a scientific imperative but an economic one as well. That is why Canada set an ambitious and achievable emissions reduction target of 40% to 45% below 2005 levels by 2030 and net-zero emissions by 2050.
Reaching our climate goals will also help ensure the conditions are right to build a strong, resilient economy for generations to come, with environmental gain and economic gain.
Since 2016, the Government of Canada has taken swift and ambitious action to fight climate change, grow the economy and keep life affordable for Canadians. The 2030 emissions reduction plan is Canada's road map to meet achievable greenhouse gas emissions reduction targets to fight climate change and create a sustainable, strong economy for the future.
With investments of over $9 billion, the 2030 emissions reduction plan, or the ERP, includes concrete actions across every sector of the economy. Many of these measures will reduce emissions while addressing affordability for Canadians. The Royal Bank of Canada, for instance, suggests the clean economy could create between 235,000 and 400,000 new jobs in Canada by 2030. That is economic gain.
Today there is a major market evolution taking place, and Canada has the opportunity to be a world-class leader in clean, net-zero options. Further, the 2030 ERP commits billions of dollars to make life more affordable for most Canadians through the climate action incentive, which puts money back in the pockets of families while ensuring homes and buildings are energy efficient to help Canadians save money on their monthly bills.
The plan commits $1.7 billion to extend the incentives for zero-emissions vehicles, which will make it easier for Canadians to purchase a zero-emissions vehicle and help keep the cost of fuelling their vehicles down. The plan also invests an additional $458.5 million in the Canada greener homes loan program to help Canadians reduce emissions and of course reduce their energy bills. I hope the hon. member will agree Canada's oil and gas sector has the potential to be the cleanest global producer, and the 2030 emissions reduction plan will help us get there.
In addition to support for workers and a plan to cap oil and gas sector emissions, the 2030 emissions reduction plan also announces a new tax credit for carbon capture, utilization and storage projects. I think it has support on that side of the House, and this is supported by an investment of $2.6 billion in budget 2022.
To counter one of the hon. member's statements, I would like to point out that since 2016, the Government of Canada's efforts have been able to reverse the upward trend of emissions. In 2015, Canada's emissions were on a steep climb because the Harper government did absolutely nothing for 10 years and were projected to be 12% above 2005 levels by 2030. According to the 2022 national inventory report, Canada's greenhouse gas emissions decreased—