Mr. Speaker, between the unprecedented floods, wildfires and storms we witnessed across the country this summer, there is no doubt that the impacts of climate change on Canada are quite real and serious. Just as we know that climate change is real, the path forward is clear. To protect our planet and to build a stronger economy, we must endeavour to do even more when it comes to climate action.
It is quite simple: Canada cannot afford to miss the boat. We must act and move forward with a green economy. That is why in budget 2023 we announced historic investments in clean technologies to ensure that Canada's economy can generate prosperous, middle-class jobs and more vibrant communities across the country. For example, we are implementing a set of clear and predictable investment tax credits, low-cost strategic financing, targeted investments and programming, where necessary, to respond to the unique needs of sectors or projects of national economic significance.
When it comes to the windfall tax, our government has been and remains committed to making sure everyone pays their fair share of taxes. We know that the programs and services that Canadians rely on are dependent on a robust national tax base and our actions speak for themselves.
Since 2015, we have pushed forward several measures to ensure that everyone pays their fair share. For example, we took actions to close loopholes, to crack down on tax avoidance and to ensure that the wealthiest pay their fair share. We moved forward with a permanent increase of the corporate income tax by 1.5 percentage points on the largest, most profitable banks and insurance companies in Canada and went ahead with the Canada recovery dividend of 15% on banks and insurance companies to help support Canada's broader recovery.
We are also raising the alternative minimum tax rate from 15% to 20.5% and further limiting the excessive use of tax preferences. This measure will generate an estimated $3 billion in revenue over five years, starting with the 2024 tax year. Tens of thousands of middle-class Canadians will benefit from a tax reduction, while the very wealthy will be targeted.
In addition, we also remain committed to phasing out or rationalizing inefficient fossil fuel subsidies that give fossil fuels an unfair advantage over cleaner solutions. Our government has committed to this phase-out by 2023. We know that eliminating inefficient fossil fuel subsidies and redoubling our focus on clean energy is a key step in building Canada's net-zero economy by 2050 and a strong future for workers in the industry.
Finally, we are no longer allowing expenditures related to oil, gas and coal exploration and development to be renounced to flow-through share investors for flow-through share agreements entered into after March 2023.