Madam Speaker, I rise to speak to Bill C-59, an act to implement certain provisions of the fall economic statement and certain provisions of the 2023 budget.
The last two years have not only tested our resilience but have also set the stage for an economic transformation, one that is responsible and forward-thinking. One million more Canadians are employed now compared to when the pandemic started. This remarkable recovery is not just a number. It represents families sustaining themselves and a nation moving forward.
Our unemployment rate at 5.8% is quite low by historical standards. After peaking at 8.2% in June 2022, the inflation rate is trending downward and was at 3.4% in December 2023. Wages have consistently outpaced inflation for many months, which is a trend that speaks volumes about our economic health.
On January 24, the Bank of Canada announced it would hold the key interest rate at 5%.
Governor Tiff Macklem said:
With overall demand in the economy no longer running ahead of supply, Governing Council's discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level.
With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025. As I have been saying for a long time, we can see the possibility of interest rate reversal starting mid-2024.
At the macro level, we are on the cusp of a new era, an era defined by rapid global changes particularly in how we address climate change. Today we stand at the brink of a global economic transformation driven by the shift to a clean economy. This is not just a change; it is an unprecedented investment opportunity. The transition to renewable energy, sustainable practices and green technologies is reshaping markets worldwide and unlocking new avenues for economic growth and innovation.
By 2030, the global market for clean technologies is projected to exceed trillions of dollars, offering vast potential for countries and investors that are proactive in this space. This shift promises not only environmental benefits but also substantial economic gains, with millions of new jobs expected. Embracing this change means positioning ourselves at the forefront of a green economic revolution, attracting international investment and establishing global leadership in a rapidly evolving market. This is an opportunity we cannot afford to miss.
As we pivot toward renewable energy sources, electric vehicles and energy-efficient technologies, we are tapping into a market that is rapidly expanding globally. On renewable energy, as we look toward the next decade, the global economic potential of renewable energy is immense and transformative.
According to the International Renewable Energy Agency, renewable energy could account for around 60% of the world's power by 2030, which is up from about 25% in recent years. This shift represents an investment opportunity of up to $10 trillion by 2050.
For Canada, the prospects are equally promising. The Canadian Renewable Energy Association predicts significant growth, with renewable energy potentially contributing up to 40% of Canada's electricity by 2030. This transition, which aligns with Canada's commitment to a net-zero economy by 2050, could stimulate billions in investment and create thousands of jobs, which would position Canada as a leader in the renewable energy sector.
This transition is expected to create millions of jobs worldwide, offering diverse opportunities in sectors like manufacturing, technology and services. Moreover, investing in a clean economy positions Canada as a leader in green technology, attracting global investment and fostering economic resilience.
As we embark on this journey, we are not just safeguarding our involvement but also fuelling a dynamic, future-oriented economy. Our economic plan is not just a response to this global shift but a proactive strategy to ensure that Canadian workers and businesses are not just participants but leaders in the clean economy.
Our plan is not just a blueprint; it is already yielding tangible results. In just over three years, we have initiated more than 90 clean-growth projects worth over $40 billion, including private investments. These projects span across Canada, bringing economic growth to every region and offering quality jobs to the middle class.
The world has taken notice of Canada's potential. The OECD ranking, which places Canada third globally for foreign direct investment in the first half of 2023, is a clear indicator of our competitive advantage. We have what it takes to thrive in the 21st century's clean economies from our rich natural resources, like critical minerals, to our competency in research and innovation, to our skilled and diverse workforce.
Our stable political and economic institutions further cement our position as a prime destination for global business. Canada's clean economy jobs plan is more than a policy. It is a commitment to leveraging our unique advantages. It is about attracting investment and creating jobs across the country, ensuring that every Canadian benefits from this economic shift.
I want to highlight a cornerstone of Canada's future: our critical minerals strategy. The demand for critical minerals, essential for low-carbon technologies, is set to skyrocket. Canada, a global leader in mining, is rich in these minerals. Our mining sector, with a presence in nearly 100 countries and a market capitalization of over $500 billion, is not just an economic powerhouse; it is a testament to our sustainable and responsible approach to resource management. Our critical minerals strategy is more than just an economic plan. It is a vision for sustainable growth and innovation.
Canada is uniquely positioned with abundant resources in critical minerals like lithium, cobalt and nickel; elements essential for the clean energy transition. Our approach is twofold: sustainable extraction and global leadership in supply chains for technologies like electric vehicles and renewable energy. We are not just extracting minerals; we are building partnerships, ensuring environmental stewardship and creating high-quality jobs. This strategy is an integral part of Canada's commitment to a greener future and economic resilience.
We are leveraging our natural wealth responsibly, ensuring that Canada plays a pivotal role in the global low-carbon economy. One of our most ambitious goals is building Canada's electric vehicle battery supply chain. The next decade heralds a transformative era for electric vehicles, marking a significant shift in both global and Canadian economies. According to BloombergNEF, the electric vehicle market is projected to grow to 54 million vehicles globally by 2040, up from three million in 2020. This surge represents a potential market value of $2 trillion.
In Canada, with government commitments to ban sales of new gasoline-powered cars by 2035, the electric vehicle market is expected to expand exponentially. As per Statistics Canada, the shift could generate over $3 billion in electric vehicle sales by 2026, stimulating job creation and technological innovation.
This electrifying transition not only signals a green future but also an economic catalyst for sustainable growth. As the world moves toward electric vehicles, Canada is uniquely positioned to be a leader in this industry. Our skilled workforce and comprehensive supply chain, from mineral extraction to battery manufacturing, set us apart.
To support this growth, the federal government has secured significant investments in the electric vehicle and battery supply chain. These investments, totalling over $34 billion since 2020, are not just about economic growth, they are about securing the future for Canada's auto supply chain workers and their families.
Major projects like Volkswagen and Stellantis-LG Energy Solution in Ontario, and Northvolt in Quebec, represent a new era for Canada's electric vehicle industry.
