Madam Speaker, at the get-go, I want to recognize the member's objectives. What he is trying to accomplish with the legislation is fairly admirable, but I have a number of concerns with respect to the legislation as proposed, which I can maybe break down into two or three areas.
The first, and I made reference to this in my comments, has to do with the overall revenue that comes to the Government of Canada, even if we break it down in terms of percentages, and how that budgetary process actually works. In a situation like the one being proposed in Bill C-269, I would feel far more comfortable if it had been incorporated as a part of the overall budget, part of the budget planning.
It is important to recognize that a great deal of pre-budget effort is put into where and how best to implement tax credits, in whatever form. Looking at corporate taxes, I believe the member made reference to about $90 billion. I believe it is somewhere in that ballpark, let us say $85 billion to $100 billion. A lot depends on the overall performance of the economy, economic conditions, growth and so forth, and budgetary policies. All of these are factors. Cumulatively, we are looking into millions of dollars that could be used to provide incentive, and that is the essence of what often takes place.
When a government wants to encourage investment, what we try to do is use taxation policy as a way to encourage that. In the last federal budget, there were a number of policy initiatives or tax breaks to encourage and promote capital investment. That is something that governments in the past have done. Something that this Prime Minister and government are very much focused on is how we can use taxation policy to enhance job opportunities for Canadians and, in this particular case, to look at ways we can not only enhance job opportunities but also improve our environment. That is how I see the specific bill being brought forward.
I can recall, for years, driving by the community of Regina and seeing those gigantic flames coming from the refineries. The member made reference to cement plants and other industries, where we have actually seen significant improvements over the years. Technological advancements have enabled industries with a lot of heat generation that would have escaped and could be used in other forms of energy the mechanisms to capture that and convert it into another energy source. We have seen a great deal of technology being used over the past number of years to improve the conditions, but is there more? The short answer to that is yes, there is more out there.
I believe that with the right type of capital investment, when looking at Canadian technology we will in fact see more energy efficiency. We will see more capturing of heat then being put into a place where it generates energy. There is a role for the government to play in that. When we look to the last national budget produced by the government, we see there are a couple of initiatives in there that promote and encourage the use of technology, its expansion and the investing in capital to make things more energy efficient. Those are the types of things that can really make a difference. That is why, in part, the private member's bill that the member has put before the House today needs to look at the bigger picture.
Most politicians inside the House of Commons today will recognize the importance of dealing with gas emissions, the greenhouse impact, and how, as policy-makers, we can have a favourable response in comparison with other countries in the world while at the same time looking at attracting investment and building on Canada's energy. Both are very much deliverable, so that when we talk about the year 2050 and having zero emissions, we take the issue of greenhouse gas seriously. One way we can do that is by looking at ways we can modernize, using technology, and promote and encourage capital investment in industries, particularly industries that really contribute to the greenhouse effect. That is how I am going to read the legislation that has been brought forward.
However, as a government, it is difficult for us to support the legislation for the simple reason that within the budget, there are already initiatives that no doubt would address, at least in part, what the member is bringing forward, which then risks duplication in areas where we do not necessarily intend to move. Canadians have expectations in regard to the whole issue of taxation, the $500 billion plus in revenue, of which $85 billion or $90 billion is in corporate tax. The government has the right to have different forms of revenue, but there is an expectation that there is a sense of fairness and that some goals or objectives are established and put into place so that when we start spending the money that we raise, it is spent in a transparent and accountable fashion, and the revenues we generate are also perceived as being fair.
This is why I always find it interesting that some members of some political parties will say that we are subsidizing certain industries excessively. Well, there are also certain industries that contribute to the tax base excessively. There needs to be a balanced approach to dealing with things. That is why when I look at the issue before us today, I think of the accelerated capital cost allowance, as an example. The government has talked about the productivity superdeduction, which is an accelerated investment. These funds include, in part, clean energy generation and also, in part, energy conservation equipment.
The bottom line is that as much as the member's objectives are admirable, I would suggest that many of the concerns that the member has brought forward are actually dealt with in the national budget. In part of those budgetary processes, there are many different stakeholders, in particular within our energy sector, that we have been working very closely with. The Prime Minister has been very clear. We want to make Canada a superpower on energy. In doing that, we have to make sure we have the proper taxation laws to support that.
In essence, Canada is, arguably, the most competitive country for new business investment in the G7 today. We need to have a balanced approach, and that is something on which our Minister of Finance and Prime Minister are working with not only the national caucus but the many different stakeholders, including reviewing legislation such as what the member has brought forward.
The bottom line is that, I believe, what we currently have in place would meet the needs of where we are today.