Mr. Speaker, I rise to participate in today's debate in support of Bill C-69, the budget implementation act.
Today, too many young Canadians feel as though the deck is stacked against them. They can get a good job and work hard, but far too often the reward of a middle-class life, a life that is secure, comfortable and prosperous, remains out of reach.
That is why we are taking action today to ensure fairness for every generation, and why we are stimulating the kind of economic growth that will allow every generation of Canadians to reach their full potential.
To ensure every Canadian succeeds in the 21st century, we must grow our economy to be more innovative and more productive. To do this, the government's economic plan is investing in the technologies, incentives and supports that are critical to increasing productivity, fostering innovation and attracting more private investments in Canada. This is how we will build an economy that unlocks new pathways for every generation to earn their fair share.
A competitive economy is a clean economy. What better proof could there be than the $2.4-trillion in net-zero investments made around the world last year? Canada is at the forefront of the global race to attract investment and seize the opportunities that come with a clean economy.
That is also why our government announced an economic plan to achieve net-zero emissions that includes investments of more than $160 billion. The plan includes an unprecedented package of investment tax credits to help attract investment with incentives totalling $93 billion by 2034-35.
In budget 2024, the government announced the next steps in its plan to attract major investment to Canada to create well-paying jobs and to develop and deploy clean energy and technology faster.
The important piece of legislation that I am here to discuss today delivers two investment tax credits: the clean hydrogen and the clean technology manufacturing investment tax credits. Passing these two tax credits into law will secure a cleaner, more prosperous future for Canadians today and tomorrow.
The clean hydrogen investment tax credit would support investments in projects that produce clean hydrogen through eligible production pathways. This refundable tax credit, which would be available as of March 28, 2023, could be claimed when eligible equipment becomes available for use, at a credit rate that is based on the carbon intensity of the hydrogen that is produced.
The clean technology manufacturing investment tax credit would be available as of January 1, 2024. This is a refundable investment tax credit equal to 30% of the cost of investments in machinery and equipment used to manufacture or process key clean technologies, and extract, process or recycle certain critical minerals essential to clean technology supply chains.
Now we are coming to one of my favourite subjects, which is the mineral exploration tax credit and critical minerals. Another piece of important legislation in this bill includes the one-year extension of the mineral exploration tax credit. The mineral exploration tax credit provides important support to junior mineral exploration companies working to unlock Canada's incredible mineral wealth, creating jobs and growing our economy. This extension is expected to provide $65 million to support mineral exploration investment.
Our country's abundant minerals and metals play a key role in the Canadian economy. Canada has the talented workforce, the infrastructure, the innovation and the environmental management capacity to develop these natural resources sustainably. As a result, Canada can create well-paying jobs that contribute to economic growth.
By investing in mining and exploration, the government, through its economic plan, is helping to promote sustainable resource development, create good jobs, grow the economy and foster indigenous economic participation.
We also plan on further advancing indigenous economic participation through the indigenous loan guarantee program. An economy that is fair for everyone is one where everyone is able to fully participate.
With budget 2024, we are taking action to ensure indigenous communities are able to share in Canada's prosperity and benefit from the new opportunities ahead. Bill C-69 would help launch the indigenous loan guarantee program, with up to $5 billion in loan guarantees to unlock the access to capital for indigenous communities, create economic opportunities and support their economic development priorities.
Under this program, successful applicants will be able to obtain loans from financial institutions at lower interest rates.
The budget also provides for an investment of $16.5 million over two years to Natural Resources Canada, including $3.5 million over two years to provide funding for capacity building in indigenous communities. This investment will help indigenous communities apply for the program and support its implementation.
Establishing the indigenous loan guarantee program is a very important step towards indigenous self-determination as well as reconciliation between Canada and indigenous peoples.
The measures I touched on today will support our efforts to attract investment, increase productivity, boost innovation and create good-paying, meaningful jobs.
We are at a pivotal moment: We can choose to renew and double down on our investment in the economy of the future, choose to develop a more productive and competitive economy, or risk leaving an entire generation behind.
Let us not take that risk. We owe it to our businesses, to our innovators and, most of all, to the upcoming generations of workers to make sure that the Canadian economy is positioned to thrive in a changing world.
I urge all members to support the speedy passage of this bill so we can implement these important measures to support Canadians. I am thankful for the opportunity to make this case today.