Madam Speaker, I believe the question originated as talking about carbon pricing, but I am really happy if we are going to talk about the cap on emissions from oil and gas instead.
I would like to begin with the point that emissions in Canada are on their way down. That is a good thing. When the Liberals first formed government, emissions were tracking upward and there was no path to bring them down. Today, our emissions are lower than they have been in almost three decades.
That is real progress and that is what our young people want to see from us, as do our next generations. They know if we do not take action on climate change, we are going to see more and more natural disasters and we are also going to lose the economic opportunities we have here in our country to provide energy, know-how and innovation that we are creating right here. In fact, we see time and time again that we are developing that important know-how.
If we want to look at examples of how we are supporting great energy projects right here in our country, we do not have to look any further than the Oneida battery project with Six Nations not far from Toronto. It is kind of in southern Ontario. It will be one of the largest battery projects in all of North America.
It was created with the help of the Canada Infrastructure Bank and the federal government. It ensures we are working as a partnership. It is a question of reconciliation but it is also about how we create that battery storage for the days the member opposite was bringing up, where maybe there is less sun and less wind. We do have those other solutions and the world is looking for those other energy solutions.
That is why we have worked with Newfoundland and Labrador, and Nova Scotia to develop an offshore wind industry. We have created changes in the Atlantic accords to make that happen. That is what they were looking for from us. Time and time again, we are working to make sure that Canada is at the forefront of fighting climate change and that we are on track to meet our targets. We are, by the way, on track to meet our interim targets for 2026. The oil and gas emissions cap will help us to be on track to meet our further targets.
We need to take these actions. We need to do it for our economy. We need to do it for our planet.