Mr. Speaker, I thank my colleague across the way for her interest in this important issue. I want to assure her that our government takes the challenge of climate change very seriously.
Under the Copenhagen accord, Canada committed to a 17% reduction in greenhouse gas emissions compared to 2005 levels by the year 2020. This target matches that set by the United States. The North American economy is integrated to the point where alignment of certain climate change policies is necessary in order to maintain competitiveness for Canadian industries.
To reach our target, we are implementing a regulatory approach that will systematically address all major sources of emissions. Performance standards are being developed to drive investments in new clean energy technologies and industries, while at the same time generating reductions in emissions.
In August our government released Canada's Emissions Trends 2012. In this document the government has been very clear about what we are doing to address climate change and the expected impact of our actions. This report presents projections of greenhouse gas emissions in Canada to 2020 and explains how current federal and provincial government actions are having a significant impact on emissions reductions.
This report shows that taken together the measures of Canada's federal and provincial governments, combined with the efforts of consumers and businesses, are projected to reduce emissions by about half of the reductions needed to achieve the 2020 target.
Our commitment to addressing climate change is demonstrated by the fact that we have already taken action on two of Canada's largest sources of emissions: transportation and electricity.
This week the Government of Canada took further action to tackle greenhouse gas emissions from passenger automobiles and light trucks, issuing proposed regulations that build on existing regulations for the 2011 to 2016 model years. These new regulations will address the 2017 and later model years.
As a result of the government's light-duty vehicle regulations, vehicles in 2025 will emit about half as many greenhouse gases as 2008 models. Not only will this help us in addressing climate change, but will result in up to $900 per year, per car in fuel cost savings for Canadians.
In August our government announced the final regulations for Canada's coal-fired electricity sector. These regulations will impose stringent GHG performance standards on new coal-fired electricity generation units and on units that have reached the end of their economic life. The regulations will encourage Canada's transition toward lower or non-emitting types of generation, making our world-leading clean electricity supply even cleaner.
Having begun with transportation and electricity, we are now moving to address emissions in other major emitting sectors of the economy, including oil and gas.
This government has a comprehensive climate change plan that is designed to reduce emissions, while maintaining economic growth and job creation, and it is working.