Mr. Speaker, I thank the hon. member for her question.
Of course, our government is always ready to listen to Canadians, and of course, budgets are always moment-in-time documents. We did engage with Canadians in our pre-budget consultation, and the insights gathered through these consultations and online submissions played a vital role in shaping the budget. This is a plan to build major infrastructure, homes and industries. We need to grow our economy and create lasting prosperity.
It also supports durable climate action and understands that climate action is an economic necessity. As we know, the world's economy is undergoing a historic transformation towards low-carbon energy and clean technology. In 2024, global investments in clean energy reached $2 trillion U.S., nearly double the level of investment in fossil fuels, and the global clean technology market is expected to triple by 2035.
At the same time, the Canadian Climate Institute estimates that climate disruption, if left unchecked, could cut median Canadian household income by nearly 20% by the end of the century from where it would otherwise have been, impacting many segments of our economy, from food supply chains to financial markets. This means that to compete internationally, Canada will need to reduce its carbon intensity to meet the growing demand from global markets for products with low associated greenhouse gas emissions. Buyers of Canadian resources are increasingly looking for low-carbon sourcing.
Canada is well positioned to take advantage of growth opportunities. For example, our electricity grid, which is one of the cleanest in the world, guarantees access to clean power that businesses around the world are looking for in sectors ranging from aluminum and steel to AI. In conventional energy, too, Canada is one of very few large-scale suppliers committed to strong environmental, social and governance standards. We have reduced emissions intensity, but more importantly, we have reduced emissions by 6% over the last 10 years, and that was while Canada's population grew by 15%. It is not enough, but it is a significant start, and it is turning the curve in a way that other oil-producing jurisdictions simply have not been able to wrap their heads around.
We know that Canada's natural resources, workforce and commitment to climate change adaptation will position us to surpass economies that fail to adapt, and we are moving forward on that understanding. We will build new infrastructure and capitalize on projects that further Canada's standing as a clean energy superpower. We will explore initiatives such as nuclear energy, electricity, grid interties and investments in low-carbon fuels. With the federal tax supports being delivered through our suite of clean economy investment tax credits, Canada will get the investment that will be absolutely necessary in order to build the economy that will take us to net zero. It is much more than just a slogan; it is something that is essential for ourselves, our children and our children's children.
Improving the effectiveness of industrial carbon pricing will ensure that every dollar spent delivers maximum impact, because industrial carbon pricing rewards innovation and spurs investment in cleaner technologies, helping Canada's industrial sectors to grow and compete. This means that as our government moves decisively to build major nation-building projects and millions more homes, we will be doing so while reducing emissions and growing our economy.
We must get to net zero. I believe budget 2025 supports durable climate action that will withstand the changing of governments and the turmoil we have in the world right now. It also identifies that it will require massive investment to get to net zero, and the old tools can only get us so far. Budget 2025 provides new investment tools that will allow us to capitalize on those investments to build the green economy of tomorrow.