Mr. Speaker, climate change is an urgent and existential threat that poses significant risks to the well-being of Canadians and ecosystems. The Intergovernmental Panel on Climate Change has stated that increases in global warming reaching 1.5°C would cause unavoidable increases in multiple hazards and present significant risks to ecosystems and humans. At current rates, global warming of 1.5°C will likely be reached between 2030 and 2052, and it is only with deep reductions in greenhouse gas, or GHG, emissions that global warming can be limited to below 2°C.
The science is clear, accelerated efforts to reduce GHG emissions rapidly by 2030 and to achieve net-zero emissions by 2050 are necessary in order to avoid the worst impacts of climate change. As a result, in 2021, Canada increased its 2030 Nationally Determined Contribution, its NDC under the Paris Agreement to 40-45% reductions below 2005 levels by 2030, from 439 to403 megatonnes. This target represents a reduction of GHG emissions by 293 to 329 megatonnes from 2005 levels. In 2021, Canada enshrined into legislation its commitment to being net-zero by 2050 through the Canadian Net-Zero Emissions Accountability Act. Under the Act, the Government of Canada is required to set progressively more ambitious emissions targets for 2035, 2040, and 2045, supported by emissions reduction plans.
As you know, in March 2022, the Government released the 2030 Emissions Reduction Plan, the ERP, which shows a credible pathway to achieving Canada’s enhanced 2030 target. The Plan highlights the emissions reduction potential for all economic sectors to reduce emissions by 2030 and includes concrete action that the Government will take to reach our target. The 2030 ERP builds on the foundation set by Canada’s existing climate actions with a suite of new mitigation measures and strategies and $9.1 billion in additional investments.
More recently, in December 2023, Canada released its first progress report for the 2030 Emissions Reduction Plan. The 2023 Progress Report provides an update on progress toward the 2030 target, based on Canada’s most recent inventory of historical emissions and recently updated emissions projections. The 2023 Progress Report indicates that we are on a solid path toward our 2030 target. Canada is on pace to surpass our previous target of 30% below 2005 levels and is currently tracking to exceed our interim objective of 20% below 2005 levels by 2026. Between previously announced measures and the additional actions to be explored that are included in the Progress Report, Canada remains firmly on track to meet our ambitious but achievable 2030 target.
The Government of Canada does not currently conduct the level of analysis sought in your inquiry; however, it does know that Canada is already experiencing the impacts of the changing climate, and the costs will continue to climb the longer we postpone climate action. A 2020 report by the Canadian Climate Institute found that the average cost per natural disaster has jumped 1,250% since the 1970s. Over the last decade, the average yearly cost of weather-related disasters and catastrophic losses has risen to the equivalent of 5-6% of Canada’s annual Gross Domestic Product growth.
This past year is on track to being one of the costliest given the extent of climate-related disasters across Canada, including flooding and the worst wildfire year on record. The growing clean economy is building the net-zero industries of tomorrow. It will also create and maintain well-paying jobs for Canadians and businesses in Canada. Clean energy jobs are estimated to grow to 2.68 million by 2050, according to modelling by independent experts from Clean Energy Canada and Navius Research. Taking climate action now is a critical economic opportunity that will maintain and create Canadian jobs and make our economy more resilient and more competitive.
The Government of Canada recognizes that affordability and cost-of-living is top of mind for many Canadians right now. Making life more affordable for Canadians is a key objective of Canada’s climate action. The 2030 Emissions Reduction Plan helps to reduce energy costs for our homes and buildings; makes it easier for Canadians to make the switch to electric vehicles; and creates good, middle-class jobs in every province in the country.
Canada’s climate plans use an optimal mix of incentives and regulations to address climate change ensuring that our workers and business fully benefit from the economic opportunities as investors and consumers in Canada and around the world increasingly look for environmentally sustainable products and resources. Canada’s federal carbon pricing system is flexible and carefully designed to ensure it remains affordable. Under the federal system, the Government will continue to provide support to Canadians and businesses as the carbon price rises to ensure that carbon pricing remains affordable, and most households are better off. Any province or territory can choose the federal pricing system or can design its own pricing system tailored to local needs.
The Government of Canada is committed to supporting a whole-of-government and whole-of-society effort to reduce emissions, create clean jobs and address the climate-related challenges communities are already facing, and we are working closely with industry and provinces and territories for all sectoral contributions in a way that creates economic opportunities in every sector. We will also reach those ambitions through investment, which we are doing through investments in clean technology, in the auto sector, and greener buildings, as an example. However, given the economic interdependencies and interactions within and between sectors, the exact areas for emissions reduction potential may shift in the future as Canada further decarbonizes and flexibilities will exist. For example, creating a clean electricity grid will go a long way towards supporting our zero-emission vehicles goals. The Government of Canada is always exploring new and innovative approaches to drive ambition toward its climate objectives. That is why the 2030 Emissions Reduction Plan is an evergreen plan that will evolve as Canada moves toward its 2030 and 2050 targets.
More information on our climate plans, our progress and our investments is available at https://www.canada.ca/en/services/environment/weather/climatechange.html.
The Government of Canada will continue to work tirelessly for the health and wellbeing of Canadians, and for a cleaner, more resilient, and prosperous world for this and future generations.