Madam Speaker, as I have said many times before in the House after debating with the hon. member of Parliament for Victoria, and generally, with any non-Conservative member who would like to talk about fighting climate change, lowering our emissions and reducing our reliance on fossil fuels, it is heartening to be able to discuss how we fight climate change, not if we fight climate change.
It does seem, however, that the Conservatives are hell-bent on increasing our emissions. Indeed, the failed former leader of the Conservative Party, the member of Parliament for Regina—Qu'Appelle, seems to believe that Canadian emissions are actually superior, that they are better than emissions from other places. He often says a CO2 molecule does not have a passport. That is true. That means one emitted in India, Canada or China is relatively equivalent in that manner, so we need to be focusing on global solutions as well as our carbon footprint here at home.
We have proven measures to lower our carbon emissions here in Canada. It is true that Canada is about 0.5% of the global population, with a little bit more than 40 or 41 million people. Out of 8 billion, that is 0.5%. However, we are responsible for more than 1.5% of global emissions. That means, through basic math, that a Canadian is unfortunately responsible for three times the global average. That is because we are a developed country, and we are an oil and gas-producing country. We are rather wealthy. We heat our homes in the winter, and we cool them down in the summer. We know that all of those activities need to change over time. That is why our government is bringing forward a taxonomy for the sustainable finance of the future.
Back in 2021, Canada signed the Glasgow statement, where we committed to end new and direct support for the international unabated fossil fuel energy sector. We are also the first oil and gas producing nation in the world to put a cap on oil and gas emissions. We are taking huge steps forward on conservation, committing to 30% of Canada's land mass to be conserved by 2030. Just recently, a little bit more than a year ago, in July 2023, the Government of Canada released the inefficient fossil fuel subsidy assessment framework and its guidelines, which will ensure that all federal government subsidies provided to any fossil fuel industry align with the climate agenda.
Oftentimes, the NDP likes to paint all fossil fuel subsidies or any kind of support for the energy sector with the same brush. That is not just simplistic, but it is also the wrong approach. Some oil and gas subsidies go to clean up orphan wells, and others make sure that we have energy, sovereignty and solutions in the far north. Those things are important. However, we are also at the same time taking concrete action to eliminate those inefficient fossil fuel subsidies. That is not all we are doing. Over the past couple of years, the government has worked to transform Canada's financial sector and provide the enabling conditions to align private capital with our sustainability goals.
In budget 2022, the federal government committed to moving towards mandatory reporting of climate-related finance risks across the Canadian economy. As the member knows, because we sit at the environment committee together as colleagues, this includes new requirements for federally regulated financial institutions to disclose climate-related risks. Our government believes that big polluters should be held responsible for their actions. In line with that commitment, effective fiscal year-end 2024, the Office of the Superintendent of Financial Institutions, which is OSFI, published its guidelines for the management of those climate-related risks. I am happy to say that, in a very short time, we are going to have what is called a taxonomy, so a list, a glossary of terms for the sustainable finance of the future.