Mr. Speaker, I will be splitting my time with the member for Humber River—Black Creek.
Throughout Canada, from the far north to our urban centres and smaller communities, Canadians expect their government to show true leadership in dealing with the greatest challenge of our time, and that is climate change.
Our path to prosperity, our vision for energy, the economy and security, cannot and must not come at the expense of our planet, our children, or our duty to act with courage and conviction to reach net zero. That is why the memorandum of understanding recently signed between Canada and Alberta is so important. It is proof of our commitment to building Canada while reducing our greenhouse gas emissions.
Canada must provide the energy the world needs with environmental rigour and by advancing unwaveringly towards a prosperous and sustainable economy. While Canada and Alberta work together in a renewed spirit of collaboration, as evidenced by the MOU, we are creating the conditions for projects that will strengthen our economy while fighting climate change. Together, we are moving forward on the Pathways Plus project, the largest carbon capture and storage initiative in the world. The Pathways Plus project will help cut emissions in our conventional energy sector to make it more competitive globally while generating significant economic benefits, including investments of more than $16 billion and the creation of more than 18,000 jobs.
That is what happens when we collaborate: We have the opportunity to shape a future where Canada's energy leadership and its climate ambitions move forward together. As long as the world is using oil and gas, we must ensure that the oil that Canada provides is produced with the lowest carbon emissions possible. Technologies such as carbon capture and storage will help Canada produce some of the lowest-emitting oil and gas in the world. These initiatives will strengthen Canada's industrial and climate competitiveness, support the development of Canadian clean technologies, and move us closer to our goal of becoming a clean and conventional energy superpower while achieving net zero.
Furthermore, our industrial carbon pricing system is pushing industries to adopt clean technologies and develop clean energy. The MOU signed with Alberta is clear: Alberta's industrial carbon price has to increase from $25 to at least $130. According to a report by Clean Prosperity, a minimum price of $130 in Alberta could reduce carbon emissions by 70 megatonnes a year and unlock more than $90 billion in clean tech and energy investments.
Consistent industrial carbon pricing guarantees a sustainable and predictable financial incentive for reducing emissions, investing in clean tech and decarbonizing supply chains. Industrial carbon pricing deserves credit for the largest emissions reduction in our climate plan. The MOU with Alberta is strengthening industrial carbon pricing while building a national consensus in support of it. It is one example of how co-operation and technological innovation can work together to achieve real progress. The MOU clearly states that growth in the conventional energy sector will have to include some of the largest, measurable reductions in greenhouse gas emissions in the world, along with concrete measures for fighting climate change.
These are the facts: The MOU reaffirms the commitments made by Canada and Alberta to achieve net-zero emissions by 2050. That is a section that was left out of the Conservative Party's motion. This is not just a dream. This commitment is based on measures to reduce emissions from oil production through Pathways Plus, a carbon capture and storage project, as well as through robust industrial carbon pricing and through methane emissions reductions.
Indeed, the MOU sets the path for Alberta and Canada to reduce methane emissions. It aims for a 75% reduction in methane emissions from the sector by 2035 compared with 2014 levels. In short, resource development and climate leadership will advance together, ensuring that growth is directly linked to real, verified greenhouse gas emission reductions. These are not generic targets. The MOU sets a goal for Canadian heavy oil to achieve excellence in carbon emissions reduction and reach net-zero emissions by 2050. To achieve these results, the MOU links progress to key investments in transformative technologies.
The MOU supports and promotes rapid growth in the clean energy sectors. By integrating new interconnections between provinces and promoting the expansion of renewable energy production in western Canada, the MOU enables system-wide decarbonization. This is not just about reducing emissions from oil production, but also about building a clean electricity grid.
We cannot call on other countries to cut their emissions while failing to demonstrate that prosperity can go hand in hand with the fight against climate change. Our world-class record in terms of emissions, the rights of indigenous peoples and consultation is precisely what makes Canada an attractive energy supplier for our allies that care about reliability, security and environmental progress. By setting ambitious greenhouse gas emission targets in all sectors, investing in low-carbon technologies and encouraging innovation through a predictable and robust industrial carbon pricing system, Canada sends a clear signal to investors and its trade partners that Canada will influence global trends in the fight against climate change.
There is no trade-off between prosperity and the fight against climate change. There is only leadership and collaboration. The government's goal is to work with provinces, territories and indigenous people to build Canada. A collaborative approach is the very foundation of our Confederation. One of the next steps in the implementation of the agreement will consist in engaging in immediate trilateral discussion with British Columbia and Alberta. Some constructive conversations with British Columbia have already taken place.
Indigenous rights must also be respected by engaging in meaningful consultation and encouraging participation and partnership with indigenous peoples. We have made it clear that shared ownership with indigenous communities is an essential requirement for any prospective pipeline project. That is one more thing that was left out of the Conservative motion.
Canada stands ready to lead with bold action, striking a balance between growth and responsible stewardship and showing the world that prosperity uplifts people and the planet. We are ready to lead by example and to build.