Prime Minister Trudeau announced Tuesday that Canada will spend $5 billion to help fight climate change, with a focus on “adapting our energy infrastructure to meet the changing needs of our climate.”
In addition, the Trudeau government will spend another $2.5 million on “adopt a national carbon tax,” which is “a carbon price and cap-and-trade program,” according to Trudeau’s office.
The government will also “open up the economy to innovation and entrepreneurship, and support job creation and economic growth by supporting innovative, low-cost technologies.”
The government said it will also invest $1.3 billion over five years in climate change resilience, including $400 million to support small business.
In addition to supporting climate change adaptation, the federal government will help with the deployment of renewable energy.
“This investment will help us to build a more resilient and sustainable economy,” Trudeau said.
“I am proud to have been a part of a Liberal government that is committed to climate action, which means we are all in this together.”
Canada is also pledging $20 billion in federal investments to help meet Canada’s carbon pollution reduction targets.
Trudeau will sign an executive order to establish the Climate Action Coalition, an alliance of business, philanthropy, and environmental groups.
Trudeau also announced a national emissions trading system to reduce emissions, including a carbon tax that will apply to gasoline, diesel, electricity, and natural gas.
“We can’t wait for the next generation to do the right thing,” Trudeau told reporters in Ottawa, where he will meet with Canadian Prime Ministers from the United States, Canada’s European Union, and other nations.
“It’s time to get the economy moving again, and that means investing in energy efficiency and clean, green energy.”
Trudeau’s government is also looking at a carbon levy on imported oil and gas to encourage oil and natural-gas exploration and production.
“Today, Canadians will be able to see the results of their hard work and hard work in their wallets,” Trudeau added.
“Canada will be putting an end to the use of fossil fuels and building a new energy economy that will create jobs, create prosperity and deliver clean, safe and secure energy to our country.”