Madam Speaker, I will be sharing my time with the member for Kings—Hants.
I am pleased to participate in the debate on Bill C‑47, an act to implement certain provisions of the budget tabled in Parliament on March 28, 2023, which will help build a clean economy.
Today, the world's largest economies are making incredible strides not only in fighting the climate crisis, but also in restructuring, seizing the opportunities that this industrial shift represents for them and building clean industries. For that reason, budget 2023 includes innovative and substantial investments in building that economy right here in Canada.
Fighting the climate crisis is clearly the main objective of all major economies. However, by building a strong and inclusive economy by seizing these opportunities and using Canada's incredible resources to achieve great success in the economy of tomorrow, we are also investing in Canadian businesses, Canadian talent and Canadian workers.
Our Canadian plan uses a variety of useful measures to invest in this new clean economy. We have already spoken at length about certain clear and predictable investment tax credits. We are also providing strategic financing in sectors such as critical minerals and clean energy. By investing in these sectors, Canada will truly build its economy and increase opportunities for all Canadian workers. We are also investing in some more targeted sectors and projects of national and international significance, as we saw with the wonderful announcements about Volkswagen.
By making such significant investments for Canada, we are ensuring that we are not left behind. Currently, while all the other major global economies are investing massively in these sectors, the worst thing that could happen would be for Canada not to seize these opportunities and never have the chance to re-enter the race ever again. We must invest in transforming our economy, but also in these opportunities.
Budget 2023 truly ensures that a green Canadian economy is also a source of prosperity and jobs for the middle class, but also for more dynamic communities across the country. We cannot do it alone, however. This is going to require investment at the government level and beyond. I would like to take this discussion to the Canada growth fund. We know there are trillions of dollars in private capital waiting for these opportunities, waiting to be spent on building the clean global economy. Canada does have some rivals. We are all trying to attract the best capital from the private sector.
The recent enactment of the U.S. Inflation Reduction Act posed a major challenge for our budget. To be competitive within the North American economy, we really have to invest in our industries, since they will drive the clean economy. To succeed, we had to meet two challenges. The first was to encourage companies to take risks and invest in clean technologies, advanced technologies, here in Canada. The second was to keep up with the growing list of nations that are also using public funds to attract private capital, including the United States and the European Union. As we saw, the list does not stop there. Australia was also in the race, along with many other countries.
In budget 2022, we announced the government's plans to create the Canada growth fund, a $15‑billion arm's-length public investment vehicle that will help attract private capital to build Canada's clean economy.
The thought behind that was to use investment instruments that absorb certain risks. This is all about attracting and encouraging private investment in some of the riskier projects, in new technologies, in companies, but also in low-carbon supply chains.
The 2022 economic statement announced more details on how the Canada growth fund would work, and this new investment vehicle was created in December.
The legislation introduced last week introduces amendments to the Public Sector Pension Investment Board Act to allow the board, also known as PSP Investments, to provide investment management services for the Canada growth fund. As a significant part of the government's plan to decarbonize the economy, the Canada growth fund requires an experienced, professional, independent investment team to make important investments. That is why we are pooling those services.
PSP Investments is already established as a federal Crown corporation, and it already has $225 billion in assets under management. It will be able to add assets for investments in the clean economy of tomorrow. Canada growth fund assets will be managed by PSP Investments, a separate and independent corporation. We like it that way.
The Canada growth fund will make investments that will catalyze substantial private sector investment in businesses and projects in Canada to help bring about that transformation I was talking about earlier, to grow the economy and to compete in the global net-zero energy market. Canada growth fund investments will help Canada achieve its national economic and climate strategy goals.
I see that time is running out. I talked about the Canada growth fund, which will be very important and strategic for both meeting our targets and capitalizing on these opportunities. However, I also wanted to talk about a problem we have in Canada. Canadian companies are not investing enough in R and D, and not at the same level as their peers. To meet this challenge, the budget proposes a new approach and creates the Canada innovation corporation. This was announced in budget 2022, but now several sectors are being brought together and the Canada innovation corporation's mandate is being expanded.
I do not have time to talk about it in detail, but the modernization of the National Research Council is very important too. It is another tool in the tool box that will help us achieve those objectives, which are to seize those opportunities and to join the global march toward a greener economy and a healthier planet.
Clearly, we have made smart investments that are good for Canadian workers, for businesses, for the Canadian economy and for our planet. I hope that all members in the House will join me in supporting the passage of this crucial piece of legislation.