Climate change is real and the path forward is clear. To protect our planet—and to build a stronger economy—we must do even more on climate action.
The climate crisis is more urgent than ever. Canada is already experiencing an increase in heatwaves, wildfires, and heavy storms. These impacts—and the economic and health repercussions that come with them—will continue to accelerate if we do not act now.
Since 2015, the federal government has invested more than $100 billion to help lead the way in fighting climate change and protecting the environment. We have introduced a world-leading price on pollution, and on March 29, 2022, the federal government unveiled its Emissions Reduction Plan, which set out an ambitious and achievable plan to reduce greenhouse gas emissions by 40 percent by 2030 compared to 2005 levels and puts Canada on a path to reach net-zero emissions by 2050.
Budget 2022 will further help Canada continue to lead in global efforts to fight climate change, protect our nature, and build a clean economy that will create the good-paying middle-class jobs of today and tomorrow.
Through major investments since 2015, the federal government has announced a range of important programs and initiatives that will support Canada’s efforts to fight climate change and protect the environment, such as:
- Establishing a world-leading price on pollution that puts money back in the pockets of Canadians;
- Issuing Canada’s inaugural, $5 billion green bonds to help finance investments in green infrastructure and other projects that will fight climate change;
- Investing $8 billion for the Net Zero Accelerator to support projects that reduce greenhouse gas emissions;
- $4.4 billion to help homeowners save on their energy bills through energy-efficient home retrofits under the Canada Greener Homes Loan Program;
- $2.3 billion to protect nature and wildlife;
- $976.8 million to help protect 25 percent of Canada’s marine and coastal areas by 2025;
- Planting two billion trees by 2031, 30 million of which have already been planted;
- $647.1 million to preserve wild Pacific salmon populations;
- $3.4 billion for the Disaster Mitigation and Adaptation Fund to make communities more resilient to the natural disasters caused by climate change;
- $476.7 million to renew the Chemicals Management Plan;
- $319 million to spur the development of carbon capture, utilization, and storage technologies;
- $385 million under the Agricultural Climate Solutions program;
- $165 million under the Agricultural Clean Technology program;
- Working with provinces and territories toward a goal of zero plastic waste by 2030, including the elimination of certain single-use plastics; and,
- Cutting tax rates in half for businesses that manufacture zero-emission technologies.
Budget 2022 plans to provide incentives to support the purchases of zero-emission vehicles, while also building a national network of electric vehicle charging stations.
Moreover, we plan to help businesses switch to Medium- and heavy-duty zero-emission vehicles by providing $547.5 million over four years, starting in 2022-23, to Transport Canada to launch a new purchase incentive program for medium- and heavy-duty ZEVs.
Budget 2022 will establish an investment tax credit of up to 30% focused in clean technology, while also making sure that ZEVs (Zero Emission Vehicles) are more affordable for Canadians, the federal government has offered purchase incentives of up to $5,000 for eligible vehicles since 2019.