1 00:00:01,200 --> 00:00:06,040 Speaker 1: Welcome to zero. I'm Ashati this week a man her 2 00:00:06,120 --> 00:00:23,720 Speaker 1: plan Canada. On Tuesday, I was invited to interview the 3 00:00:23,760 --> 00:00:27,200 Speaker 1: Prime Minister of Canada, Justin Trudeau, at an event organized 4 00:00:27,240 --> 00:00:31,080 Speaker 1: by the Canadian Climate Institute and the Net Zero Advisory Body. 5 00:00:32,040 --> 00:00:35,120 Speaker 1: Trudeau was elected in twenty fifteen, just before the Paris 6 00:00:35,120 --> 00:00:38,280 Speaker 1: Agreement was signed. He's been in office for seven years 7 00:00:38,440 --> 00:00:41,560 Speaker 1: and has won three election on a climate mandate against 8 00:00:41,560 --> 00:00:45,400 Speaker 1: a climate skeptic Conservative party. It's still a very real 9 00:00:45,440 --> 00:00:48,760 Speaker 1: political debate in this country. There are still people who 10 00:00:48,800 --> 00:00:55,680 Speaker 1: are hellbent on reversing our approach on fighting climate change 11 00:00:56,240 --> 00:00:59,520 Speaker 1: and repealing a price on pollution, a price on pollution 12 00:00:59,600 --> 00:01:04,120 Speaker 1: that history is relying on to track their costs. It 13 00:01:04,319 --> 00:01:08,200 Speaker 1: is not a done debate. Trudeau pitches Canada as a 14 00:01:08,240 --> 00:01:11,160 Speaker 1: climate leader, one that has installed a series of bold 15 00:01:11,200 --> 00:01:15,199 Speaker 1: climate targets and policies in recent years, but a quick 16 00:01:15,240 --> 00:01:18,840 Speaker 1: scan of Canada's greenhouse gas emissions tells a different story, 17 00:01:19,480 --> 00:01:23,480 Speaker 1: one of little actual progress. Canada has the second highest 18 00:01:23,480 --> 00:01:26,560 Speaker 1: per capita's CEO TOO emissions in the G twenty and 19 00:01:26,760 --> 00:01:31,000 Speaker 1: its emissions remain persistently high at COP twenty six in 20 00:01:31,040 --> 00:01:34,679 Speaker 1: Glasgow last year Trudeau promised Canada would reduce its emissions 21 00:01:34,760 --> 00:01:38,800 Speaker 1: by forty five percent by twenty thirty. Meanwhile, Canada's oil 22 00:01:38,800 --> 00:01:42,120 Speaker 1: and gas production has soured and according to the government's plans, 23 00:01:42,440 --> 00:01:45,760 Speaker 1: will keep rising to the end of this decade. Twenty 24 00:01:45,800 --> 00:01:48,680 Speaker 1: thirty is only eight years away, and I really wanted 25 00:01:48,680 --> 00:01:51,680 Speaker 1: to understand from the Prime Minister when the country's emissions 26 00:01:51,680 --> 00:01:55,800 Speaker 1: will fall for Rio. Our conversation was recorded live in 27 00:01:55,840 --> 00:01:58,000 Speaker 1: front of an audience at the National Arts Center in 28 00:01:58,080 --> 00:02:02,279 Speaker 1: downtown Ottawa. Focuses on how Canada can achieve its climate 29 00:02:02,280 --> 00:02:06,280 Speaker 1: pledges this decade when it's economy and politics remains so 30 00:02:06,480 --> 00:02:18,000 Speaker 1: tigh to all in gas. No, thank you Prime Minister 31 00:02:18,120 --> 00:02:20,800 Speaker 1: for making the time. This is my first time in 32 00:02:20,840 --> 00:02:23,639 Speaker 1: North America at this time, and the colors are beautiful, 33 00:02:23,680 --> 00:02:25,880 Speaker 1: so thank you for putting on a show as well. Yes, 34 00:02:26,080 --> 00:02:30,320 Speaker 1: like the environment is federal responsibility, particularly these days in Canada, 35 00:02:30,480 --> 00:02:33,880 Speaker 1: so we're glad to put on a proper show. Now, 36 00:02:33,919 --> 00:02:37,960 Speaker 1: you guys got that. That's good. So in preparation for 37 00:02:37,960 --> 00:02:39,959 Speaker 1: this interview, we asked a lot of people to send 38 00:02:39,960 --> 00:02:42,120 Speaker 1: in questions and we're gonna try and get through as 39 00:02:42,200 --> 00:02:46,440 Speaker 1: many of them as possible and So let's start. Under 40 00:02:46,480 --> 00:02:50,480 Speaker 1: your watch, Canada's economy has grown eight percent and emissions 41 00:02:50,520 --> 00:02:54,160 Speaker 1: have largely remained flat. That seems like good news. But 42 00:02:54,400 --> 00:02:57,120 Speaker 1: if you compare yourself to any other G seven nation, 43 00:02:57,960 --> 00:03:00,639 Speaker 1: they have grown their economy and reduced emissions at the 44 00:03:00,639 --> 00:03:04,639 Speaker 1: same time, why have you failed. I'm going to start 45 00:03:04,680 --> 00:03:07,720 Speaker 1: off with the good questions. Then I think there's a 46 00:03:07,720 --> 00:03:10,640 Speaker 1: few things to understand about Canada. We are a country 47 00:03:10,680 --> 00:03:15,440 Speaker 1: of natural resources. We are a significant producer of fossil fuels. 48 00:03:15,960 --> 00:03:17,600 Speaker 1: We've been that way for a long time and that 49 00:03:17,639 --> 00:03:20,760 Speaker 1: has been one of the reasons why success of governments. 50 00:03:20,760 --> 00:03:24,800 Speaker 1: And we're also a big country, a cold country that 51 00:03:25,240 --> 00:03:30,240 Speaker 1: has real challenges around adapting to the transforming energy mix 52 00:03:30,320 --> 00:03:34,400 Speaker 1: that we're facing. But Canadians also know how important it 53 00:03:34,440 --> 00:03:37,800 Speaker 1: is to prepare for things that are coming, and we 54 00:03:38,000 --> 00:03:41,120 Speaker 1: know preparing for winter. We know that as the world 55 00:03:41,200 --> 00:03:43,760 Speaker 1: is changing, as the climate is shifting, we need to 56 00:03:43,800 --> 00:03:45,280 Speaker 1: prepare for it and we need to figure out how 57 00:03:45,280 --> 00:03:48,560 Speaker 1: to lead our way through it. And unfortunately, over many decades, 58 00:03:48,680 --> 00:03:51,640 Speaker 1: different parties put forward, including my own party, put forward 59 00:03:51,720 --> 00:03:55,480 Speaker 1: plans on fighting climate change or targets around fighting climate change. 60 00:03:55,480 --> 00:03:58,960 Speaker 1: It didn't relate necessarily to concrete plans. So in twenty 61 00:03:58,960 --> 00:04:01,440 Speaker 1: fifteen we decide to turn that around and we put 62 00:04:01,440 --> 00:04:04,240 Speaker 1: forward not just targets, but a plan to reach those 63 00:04:04,280 --> 00:04:07,760 Speaker 1: targets that included for the first time, a broad based 64 00:04:07,800 --> 00:04:11,000 Speaker 1: price on pollution that continues to be one of the 65 00:04:11,040 --> 00:04:12,760 Speaker 1: strongest in the world and is going to continue to 66 00:04:12,800 --> 00:04:15,960 Speaker 1: increase all the way to twenty thirty. Now, as people know, 67 00:04:16,600 --> 00:04:19,839 Speaker 1: having that take place is first of all, a political 68 00:04:19,920 --> 00:04:23,680 Speaker 1: challenge and a challenge in sending the right signals into 69 00:04:23,720 --> 00:04:26,280 Speaker 1: the economy, and it's taking a while, but I can 70 00:04:26,360 --> 00:04:29,160 Speaker 1: say that we are now on a track to reach 71 00:04:29,240 --> 00:04:31,919 Speaker 1: forty to forty five percent reduction by twenty thirty, and 72 00:04:31,960 --> 00:04:34,640 Speaker 1: we're going to be hitting that net zero by twenty fifty. 73 00:04:34,680 --> 00:04:37,600 Speaker 1: And we're going to do it not just because it's 74 00:04:37,640 --> 00:04:40,520 Speaker 1: the right thing to do for the planet, but because 75 00:04:40,560 --> 00:04:43,440 Speaker 1: we know, as everyone in this room knows, that's the 76 00:04:43,440 --> 00:04:46,920 Speaker 1: competitive advantage, that's the ability for us to create good 77 00:04:47,000 --> 00:04:50,719 Speaker 1: jobs and a strong future for all Canadians. Doing that 78 00:04:50,920 --> 00:04:53,520 Speaker 1: has required a lot of heavy lifting over the past 79 00:04:53,520 --> 00:04:56,200 Speaker 1: seven years. Quite frankly, we spend a lot of time 80 00:04:56,240 --> 00:04:59,600 Speaker 1: talking about the imperative of fighting climate change, the challenge 81 00:05:00,080 --> 00:05:03,719 Speaker 1: fighting climate change, and it is only more recently that 82 00:05:03,839 --> 00:05:07,400 Speaker 1: the opportunities we talked about that would come seven years ago, 83 00:05:07,960 --> 00:05:10,479 Speaker 1: we're starting to see as the world is shifting in 84 00:05:10,520 --> 00:05:13,359 Speaker 1: a much stronger way, as if positive feedback loops are 85 00:05:13,440 --> 00:05:17,520 Speaker 1: kicking in, as people are realizing, investors around the world 86 00:05:17,520 --> 00:05:21,520 Speaker 1: and citizens are realizing, both with the example of extreme 87 00:05:21,520 --> 00:05:25,000 Speaker 1: weather events but also the examples of good jobs and 88 00:05:25,080 --> 00:05:29,279 Speaker 1: solid investments in forward facing industries, that that shift is 89 00:05:29,360 --> 00:05:32,960 Speaker 1: here and it's coming. So there's always more work to do. 90 00:05:33,800 --> 00:05:37,320 Speaker 1: What we're serious about decarbonizing our energy mix. We're serious 91 00:05:37,320 --> 00:05:40,240 Speaker 1: about reaching net zero and we have concrete plans to 92 00:05:40,279 --> 00:05:43,799 Speaker 1: do that. And Cambon pricing is certainly a challenging policy 93 00:05:43,839 --> 00:05:46,559 Speaker 1: to pull off, especially at a federal level, and there's 94 00:05:46,600 --> 00:05:48,520 Speaker 1: no doubt that you've been able to pull it off 95 00:05:48,520 --> 00:05:51,320 Speaker 1: in a way that's starting to work. But if you 96 00:05:51,480 --> 00:05:54,800 Speaker 1: look at a comment from Jerry the Marco, Canada's Commissioner 97 00:05:54,920 --> 00:05:57,680 Speaker 1: off the Environment and Sustainable Development, who said last year 98 00:05:57,839 --> 00:06:00,560 Speaker 1: and I quote, Canada was once a leader and fighting 99 00:06:00,720 --> 00:06:04,320 Speaker 1: climate change. However, after a series of missed opportunities, it 100 00:06:04,440 --> 00:06:07,240 Speaker 1: has become the worst performer of G seven nations since 101 00:06:07,760 --> 00:06:12,039 Speaker 1: the Paris Agreement. Of course, you were elected just before 102 00:06:12,040 --> 00:06:15,120 Speaker 1: the Paris Agreement. Now you are legally bound to reach 103 00:06:15,160 --> 00:06:18,400 Speaker 1: forty five percent reduction by twenty thirty. In what year 104 00:06:18,520 --> 00:06:22,640 Speaker 1: will Canada's emissions start to fall at the pace required 105 00:06:22,760 --> 00:06:25,919 Speaker 1: for your plan? We have already seen a bending of 106 00:06:25,920 --> 00:06:28,360 Speaker 1: the curve of missions. We're already seeing the kinds of 107 00:06:28,400 --> 00:06:31,520 Speaker 1: investments that are going to get us to forty to 108 00:06:31,640 --> 00:06:35,200 Speaker 1: forty five percent reduced. We have a path to doing that, 109 00:06:35,240 --> 00:06:39,919 Speaker 1: and that's what we needed to get to, because it's 110 00:06:40,000 --> 00:06:44,520 Speaker 1: not just about preparing and bringing in the price on 111 00:06:44,600 --> 00:06:49,360 Speaker 1: pollution and sending the supports to Canadians that let us 112 00:06:49,360 --> 00:06:52,080 Speaker 1: do because quite frankly, you sort of glossed over a 113 00:06:52,080 --> 00:06:55,160 Speaker 1: little bit the challenges are bringing in a price on pollution. 114 00:06:55,560 --> 00:06:58,360 Speaker 1: Bringing in a broad based price on pollution was a 115 00:06:58,520 --> 00:07:02,000 Speaker 1: massive challenge, and quite frank we're now leading at top 116 00:07:02,040 --> 00:07:05,160 Speaker 1: twenty seven, sorry, top twenty six. In Glasgow. We were 117 00:07:05,200 --> 00:07:08,320 Speaker 1: pushing the Global Carbon Pricing Initiative, which is trying to 118 00:07:08,360 --> 00:07:11,520 Speaker 1: get sixty percent of global emissions under a price on pollution. 119 00:07:11,520 --> 00:07:13,640 Speaker 1: We're a long way from that. And no matter how 120 00:07:13,680 --> 00:07:15,680 Speaker 1: many times I go around and saying, look, you can 121 00:07:15,760 --> 00:07:19,000 Speaker 1: do it. I won two reelections on putting a broad 122 00:07:19,000 --> 00:07:22,480 Speaker 1: based price on pollution. People still think that it's a 123 00:07:22,560 --> 00:07:26,960 Speaker 1: real challenge, and unfortunately, people who are small c conservative 124 00:07:27,040 --> 00:07:30,200 Speaker 1: market based people are the ones who thought up the 125 00:07:30,240 --> 00:07:33,600 Speaker 1: idea of putting a price on pollution including externalities. Unfortunately, 126 00:07:33,600 --> 00:07:36,800 Speaker 1: it tends to be conservative politicians that are most resistant 127 00:07:37,120 --> 00:07:41,040 Speaker 1: to this straightforward mechanism, looking instead of bringing in heavy 128 00:07:41,080 --> 00:07:44,400 Speaker 1: regulations or doing other way, trying to do other ways 129 00:07:44,400 --> 00:07:47,200 Speaker 1: around it, when a price on pollution is the cleanest 130 00:07:47,240 --> 00:07:49,480 Speaker 1: way to do it. What we chose to do though, 131 00:07:50,120 --> 00:07:53,720 Speaker 1: was ensure that that price on pollution actually returns to 132 00:07:53,800 --> 00:07:57,840 Speaker 1: the average family more money than they can be expected 133 00:07:57,880 --> 00:08:01,360 Speaker 1: to spend with the cost of that price on pollution. 134 00:08:01,640 --> 00:08:05,680 Speaker 1: And that combines both support to families as we're fighting 135 00:08:05,680 --> 00:08:12,200 Speaker 1: climate change and clear signals to investors and to businesses 136 00:08:12,440 --> 00:08:15,640 Speaker 1: that things are going in that direction. Just on Wednesday, 137 00:08:15,720 --> 00:08:18,960 Speaker 1: I was at one of Canada's largest steel manufacturing plants, 138 00:08:19,240 --> 00:08:24,120 Speaker 1: our Slomitals to Fasco in Hamilton, and they're making it. 139 00:08:24,160 --> 00:08:26,880 Speaker 1: They made a four hundred million dollar investment in a 140 00:08:26,960 --> 00:08:32,400 Speaker 1: billion dollar project last year to get off coal fired 141 00:08:32,800 --> 00:08:37,160 Speaker 1: thermal steel and move onto carbon electric. Makes sense in 142 00:08:37,200 --> 00:08:39,680 Speaker 1: Canada because our grid is already eighty percent and anomitting, 143 00:08:40,440 --> 00:08:44,960 Speaker 1: so they're moving that. It's great for competitiveness. But what 144 00:08:45,080 --> 00:08:48,160 Speaker 1: I also highlighted was that price on pollution was going 145 00:08:48,200 --> 00:08:51,920 Speaker 1: to be hundreds of millions of dollars in penalties for 146 00:08:51,960 --> 00:08:55,880 Speaker 1: them by twenty thirty. And knowing that they could make 147 00:08:55,920 --> 00:09:00,320 Speaker 1: this investment and massively reduce the cost of producing their 148 00:09:00,360 --> 00:09:04,360 Speaker 1: steels otherwise was a big incentive. And making sure we're 149 00:09:04,440 --> 00:09:07,000 Speaker 1: laying out those incentives for people to move forward on 150 00:09:07,040 --> 00:09:10,359 Speaker 1: the right way is what's sending that signal to investors 151 00:09:10,360 --> 00:09:12,720 Speaker 1: that we're seeing now all over the world saying Okay, 152 00:09:13,040 --> 00:09:15,760 Speaker 1: Canada is not just getting it, but they're actually giving 153 00:09:15,840 --> 00:09:19,560 Speaker 1: us the rationale and the supports to do it. The 154 00:09:19,559 --> 00:09:22,120 Speaker 1: total cost of the plant Trudo is talking about is 155 00:09:22,160 --> 00:09:26,360 Speaker 1: actually one point eight billion dollars. The government's grant of 156 00:09:26,440 --> 00:09:30,480 Speaker 1: four hundred million dollars allows steel giant Arcellar Methal to 157 00:09:30,520 --> 00:09:33,680 Speaker 1: convert a steel plant that uses coal and iron ore 158 00:09:33,880 --> 00:09:37,679 Speaker 1: to one that uses crap metal, electricity and natural gas instead. 159 00:09:38,760 --> 00:09:41,840 Speaker 1: This transformation will cut some emissions and readiate for a 160 00:09:41,920 --> 00:09:45,400 Speaker 1: net zero future where natural gas can be replaced by hydrogen. 161 00:09:46,080 --> 00:09:48,559 Speaker 1: But while Trudeau says that the price and pollution was 162 00:09:48,600 --> 00:09:52,120 Speaker 1: the reason to do it, government advises also say that 163 00:09:52,160 --> 00:09:55,480 Speaker 1: without this subsidy, the plant would have shut down and 164 00:09:55,600 --> 00:10:00,200 Speaker 1: thousands of jobs would have been lost. So when we 165 00:10:00,240 --> 00:10:03,480 Speaker 1: talk about the path we have to hitting our targets 166 00:10:03,480 --> 00:10:07,240 Speaker 1: of twenty thirty and moving on towards net zero and fifty, 167 00:10:07,320 --> 00:10:14,520 Speaker 1: it's not just politicians talking. It's actual investments, it's actual deliverables. 168 00:10:14,559 --> 00:10:20,079 Speaker 1: It's actually showing that we have this path that is 169 00:10:20,160 --> 00:10:22,480 Speaker 1: no longer a political debate in this country. I mean, 170 00:10:22,720 --> 00:10:24,920 Speaker 1: let's be clear, there are still people who are trying 171 00:10:24,920 --> 00:10:28,080 Speaker 1: to debate it, and the new leader of the Conservative 172 00:10:28,080 --> 00:10:31,760 Speaker 1: Party is doubling down on saying that the price on 173 00:10:31,800 --> 00:10:34,120 Speaker 1: pollution is the wrong way to go. They don't have 174 00:10:34,160 --> 00:10:39,840 Speaker 1: an alternative. But the fact is, in the last three elections, 175 00:10:40,640 --> 00:10:44,720 Speaker 1: a majority of Canadians voted for parties that talked about 176 00:10:44,720 --> 00:10:47,280 Speaker 1: putting a price and keeping a price on pollution. That 177 00:10:47,360 --> 00:10:50,640 Speaker 1: ship has sailed. Let's try and touch on other policies 178 00:10:50,679 --> 00:10:55,120 Speaker 1: beyond cambon pricing. Another stat for you, Canada has the 179 00:10:55,200 --> 00:10:58,280 Speaker 1: second highest per capita emissions in the G twenty, after 180 00:10:58,320 --> 00:11:02,600 Speaker 1: Saudi Arabia. But ahead of Australia and the two Canadian 181 00:11:02,640 --> 00:11:05,680 Speaker 1: provinces that matter most when it comes to missions is 182 00:11:05,760 --> 00:11:10,200 Speaker 1: Ontario and emissions are falling, and Alberta, where emissions are 183 00:11:10,320 --> 00:11:14,200 Speaker 1: rising really rapidly. Now, Alberta has a new premier and 184 00:11:14,360 --> 00:11:20,920 Speaker 1: let's just say she doesn't like your climate policies. So 185 00:11:21,080 --> 00:11:24,000 Speaker 1: what specifically are you doing to work with her government 186 00:11:24,240 --> 00:11:28,280 Speaker 1: to address the emissions problem. It's interesting because you see 187 00:11:28,320 --> 00:11:32,880 Speaker 1: a position in which conservative politicians in Canada are actually 188 00:11:32,960 --> 00:11:36,559 Speaker 1: distancing themselves from the positions of the industries they're supposed 189 00:11:36,559 --> 00:11:40,800 Speaker 1: to protect. The oil and gas industry in Canada has 190 00:11:40,840 --> 00:11:43,760 Speaker 1: made very strong declarations about needing to get to net 191 00:11:43,840 --> 00:11:48,440 Speaker 1: zero by twenty fifty, have made massive investments in decarbonization, 192 00:11:49,679 --> 00:11:54,640 Speaker 1: and quite frankly, if people are concerned about as we 193 00:11:54,679 --> 00:11:57,160 Speaker 1: all should be about not just the well being of 194 00:11:57,160 --> 00:12:01,280 Speaker 1: those companies, those big investors in multi nationals, but of 195 00:12:01,320 --> 00:12:05,840 Speaker 1: the workers in Alberta, Saskatchewan, Newfoundland and Labrador and another 196 00:12:05,960 --> 00:12:11,280 Speaker 1: energy producing areas, we should be making sure that we're 197 00:12:11,320 --> 00:12:13,800 Speaker 1: investing in the kinds of jobs that are going to 198 00:12:13,800 --> 00:12:18,080 Speaker 1: be there for the future. We know that the skills 199 00:12:18,160 --> 00:12:22,360 Speaker 1: involved in building an oil pipeline or a natural gas 200 00:12:22,960 --> 00:12:26,480 Speaker 1: refining plant. Are the same kinds of skills, construction skills 201 00:12:26,480 --> 00:12:29,960 Speaker 1: and operating skills that you use to run a hydrogen plant, 202 00:12:30,320 --> 00:12:37,520 Speaker 1: to run a CCUS mechanisms. The kinds of jobs that 203 00:12:37,600 --> 00:12:41,400 Speaker 1: will be there in the greener economy are going to 204 00:12:41,480 --> 00:12:47,200 Speaker 1: be there for Alberton's But there is a political impediment 205 00:12:47,760 --> 00:12:51,040 Speaker 1: for conservative politicians in Canada who've spent a lot of 206 00:12:51,080 --> 00:12:54,400 Speaker 1: time denying the climate change Israel as an imperative, are 207 00:12:54,440 --> 00:12:56,120 Speaker 1: trying to pretend that we can go back to the 208 00:12:56,160 --> 00:12:58,959 Speaker 1: way things used to be, that the world is not changing, 209 00:12:59,040 --> 00:13:03,439 Speaker 1: despite the floods and forest fires and tornadoes and locusts 210 00:13:03,480 --> 00:13:05,840 Speaker 1: and frogs and all the other plagues that seem to 211 00:13:05,840 --> 00:13:08,560 Speaker 1: be coming at us in extreme weather events. The fact 212 00:13:08,760 --> 00:13:15,080 Speaker 1: is the world is changing. Alberton families get that. Unfortunately, 213 00:13:15,880 --> 00:13:18,240 Speaker 1: their politicians are not on their side right now, and 214 00:13:18,280 --> 00:13:21,840 Speaker 1: that's where when we're drawing in investments into clean hydrogen, 215 00:13:21,920 --> 00:13:26,520 Speaker 1: we're putting forward massive tax credits to put research into CCUS, 216 00:13:26,559 --> 00:13:29,160 Speaker 1: which is going to be an important part of the solutions, 217 00:13:29,320 --> 00:13:33,880 Speaker 1: as the IEA has highlighted. The IA, or the International 218 00:13:33,960 --> 00:13:37,280 Speaker 1: Energy Agency, is an inter governmental body that reports on 219 00:13:37,400 --> 00:13:41,079 Speaker 1: energy production and used globally. And what it has highlighted 220 00:13:41,240 --> 00:13:44,240 Speaker 1: is the need for Canada to invest in CCUS, which 221 00:13:44,280 --> 00:13:48,400 Speaker 1: stands for carbon capture, use and storage. It involves capturing 222 00:13:48,440 --> 00:13:51,560 Speaker 1: carbon dioxide from industrial sectors and steering it so it 223 00:13:51,600 --> 00:13:55,520 Speaker 1: doesn't go into the atmosphere. As we continue to prepare 224 00:13:55,600 --> 00:13:59,840 Speaker 1: for the transition towards decarbonizing, so that the low car 225 00:14:00,040 --> 00:14:04,080 Speaker 1: and barrels can come from Alberta can come from Canada. 226 00:14:04,320 --> 00:14:07,040 Speaker 1: This is how we're going to ensure jobs for the future, 227 00:14:07,280 --> 00:14:10,439 Speaker 1: not by hiding our heads in the sand and ignoring 228 00:14:10,520 --> 00:14:14,920 Speaker 1: the fact that the world is decarbonizing, that investors are 229 00:14:14,920 --> 00:14:18,120 Speaker 1: looking for people with a plan, looking for countries that 230 00:14:18,160 --> 00:14:22,320 Speaker 1: are on track to actually create those solutions. It will 231 00:14:22,360 --> 00:14:25,080 Speaker 1: be useful not just here but everywhere around the world. 232 00:14:25,520 --> 00:14:29,640 Speaker 1: So listen, Alberta politicians will continue to say what they say, 233 00:14:30,120 --> 00:14:33,920 Speaker 1: what Alberton's are actually saying, what industry leaders are actually saying, 234 00:14:34,040 --> 00:14:36,400 Speaker 1: is how do we manage this together? How do we 235 00:14:36,440 --> 00:14:41,520 Speaker 1: get the pace right so we can decarbonize quickly while 236 00:14:41,720 --> 00:14:45,600 Speaker 1: still being there to provide the very real short term 237 00:14:45,720 --> 00:14:49,360 Speaker 1: energy needs that quite frankly, the Russian invasion of Ukraine 238 00:14:49,400 --> 00:14:52,160 Speaker 1: and the global instability is going to require in the 239 00:14:52,240 --> 00:14:55,960 Speaker 1: short term even as we accelerate the transformation of our 240 00:14:56,080 --> 00:14:59,760 Speaker 1: energy mix, so build the Russian war and Ukraine delay 241 00:15:00,080 --> 00:15:05,280 Speaker 1: Nada's energy transition. No, it's accelerating it. It is absolutely accelerating. 242 00:15:05,280 --> 00:15:10,920 Speaker 1: As people are saying, wow, we built an economic model 243 00:15:11,000 --> 00:15:13,360 Speaker 1: and a prosperity in some parts of the room floating 244 00:15:13,360 --> 00:15:18,720 Speaker 1: in Europe that was reliant on energy inputs from Russia. 245 00:15:19,120 --> 00:15:22,040 Speaker 1: As they have to get off of that, people are realizing, Okay, 246 00:15:22,080 --> 00:15:24,440 Speaker 1: getting off Russian and oil and gas means getting onto 247 00:15:24,720 --> 00:15:27,600 Speaker 1: more oil and gas to replace that from elsewhere. But 248 00:15:27,640 --> 00:15:31,800 Speaker 1: it's also showing okay, but we need to accelerate our 249 00:15:32,080 --> 00:15:34,680 Speaker 1: moves off of oil and gas, or our moves to 250 00:15:34,760 --> 00:15:38,960 Speaker 1: decarbonize the gas at least so that we can actually 251 00:15:39,240 --> 00:15:42,920 Speaker 1: not be reliant on Russia, but more than that, not 252 00:15:43,080 --> 00:15:49,200 Speaker 1: be reliant as democracies on autocracies. I mean, we spent 253 00:15:49,280 --> 00:15:51,080 Speaker 1: a lot of time since the beginning of the war 254 00:15:51,120 --> 00:15:56,040 Speaker 1: in Ukraine pointing out that democracies with freedoms rights, with 255 00:15:56,800 --> 00:16:01,520 Speaker 1: thoughtful capitalist models are the best solution for people around 256 00:16:01,520 --> 00:16:04,560 Speaker 1: the world. And yes, you should all become democracies, except 257 00:16:04,560 --> 00:16:08,480 Speaker 1: we're sort of avoiding the fact that underpinning those democracies 258 00:16:09,520 --> 00:16:12,840 Speaker 1: is a reliance on cheap energy and cheap raw material 259 00:16:12,920 --> 00:16:17,040 Speaker 1: inputs from countries that do not share our values or 260 00:16:17,080 --> 00:16:21,200 Speaker 1: our approach. Forget on democracy, on things like human rights, 261 00:16:21,200 --> 00:16:27,280 Speaker 1: on environmental responsibility, on sustainability, on labor standards. So we 262 00:16:27,400 --> 00:16:30,760 Speaker 1: can actually make a case that democracy is better for 263 00:16:30,800 --> 00:16:34,920 Speaker 1: the world, that our Western civilization in all its forms, 264 00:16:35,440 --> 00:16:40,960 Speaker 1: is better if it's reliant on authoritarian dictatorships. So that's 265 00:16:41,000 --> 00:16:43,920 Speaker 1: where Canada comes in, right, Yeah, where we actually have 266 00:16:44,040 --> 00:16:46,760 Speaker 1: the kinds of resources that you'll find in a Russia 267 00:16:46,880 --> 00:16:49,880 Speaker 1: or a China. But we have labor standards, we have 268 00:16:50,640 --> 00:16:55,360 Speaker 1: environmental standards, we have democracy, we have human rights. We 269 00:16:55,480 --> 00:16:58,400 Speaker 1: recognize our challenges and mistakes and we work to tackle them. 270 00:16:58,480 --> 00:17:03,200 Speaker 1: We have freedom of expression and political freedoms that actually 271 00:17:03,440 --> 00:17:08,320 Speaker 1: make us more reliable, more robust, more resilient as trading partners. 272 00:17:08,359 --> 00:17:11,359 Speaker 1: I mean, people have understood the precariousness of global supply 273 00:17:11,440 --> 00:17:15,080 Speaker 1: chains in a post COVID era and having a company 274 00:17:15,119 --> 00:17:20,240 Speaker 1: a country like Canada that's already incredibly clean in its grid, 275 00:17:21,240 --> 00:17:25,280 Speaker 1: responsible in its environment, being a purveyor of critical minerals 276 00:17:25,280 --> 00:17:28,080 Speaker 1: that the world needs. So we're not reliant on countries 277 00:17:28,119 --> 00:17:32,240 Speaker 1: like China or energy, so we're not relying on Russia. 278 00:17:32,280 --> 00:17:37,280 Speaker 1: And Canada's positioned to be the supplier of energy in 279 00:17:37,320 --> 00:17:40,280 Speaker 1: a net zero world with all the things we're doing. 280 00:17:40,440 --> 00:17:42,680 Speaker 1: That's the way we're going. And yes, as you say, 281 00:17:42,680 --> 00:17:44,640 Speaker 1: it takes a little time to get going, but we're 282 00:17:44,680 --> 00:17:47,400 Speaker 1: on our way. But let's take that. So, if you're 283 00:17:47,400 --> 00:17:50,439 Speaker 1: going to be the clean Russia, the democratic Russia, the 284 00:17:50,560 --> 00:17:54,480 Speaker 1: energy provider that Russia is Canada. But you know that's 285 00:17:54,480 --> 00:17:58,679 Speaker 1: just me. You're going to have to build LERG plants 286 00:17:58,680 --> 00:18:00,760 Speaker 1: on the ast coast. You're going to have to dig 287 00:18:00,840 --> 00:18:03,160 Speaker 1: up more oil from the Aisle Sands to be able 288 00:18:03,200 --> 00:18:05,679 Speaker 1: to supply that oil to the world. That's going to 289 00:18:05,720 --> 00:18:08,240 Speaker 1: increase your domestic emissions. Are you willing to do that 290 00:18:08,440 --> 00:18:11,800 Speaker 1: for Europe's desire? What we are saying, and what we 291 00:18:11,880 --> 00:18:14,560 Speaker 1: have been saying, is we're going to be accelerating the transition. 292 00:18:14,680 --> 00:18:18,840 Speaker 1: We've already increased our production by the three hundred three 293 00:18:18,920 --> 00:18:23,840 Speaker 1: hundred million sorry, yeah, three hundred thousand barrels a day 294 00:18:24,800 --> 00:18:27,800 Speaker 1: of natural gas to put into the global system to 295 00:18:27,840 --> 00:18:30,600 Speaker 1: try to try and balance out some of the impacts 296 00:18:30,640 --> 00:18:33,199 Speaker 1: on Russia and Europe. But we know and this is 297 00:18:33,240 --> 00:18:36,120 Speaker 1: where I was pleased to welcome Chancellor Schultz to Germany 298 00:18:36,160 --> 00:18:39,640 Speaker 1: just a few months ago, to Newfoundland where there are 299 00:18:41,359 --> 00:18:44,960 Speaker 1: a dozen or so new hydrogen projects starting up based 300 00:18:45,000 --> 00:18:49,359 Speaker 1: on offshore wind, where we have room and space in 301 00:18:49,400 --> 00:18:53,080 Speaker 1: our grid to be able to create offshore wind that 302 00:18:53,160 --> 00:18:55,879 Speaker 1: can build hydrogen that'll send it over to Europe to 303 00:18:55,920 --> 00:18:59,000 Speaker 1: help them decarbonized now, but we know as well that 304 00:18:59,359 --> 00:19:01,760 Speaker 1: hydrogen is much as we can send over, will also 305 00:19:01,800 --> 00:19:05,560 Speaker 1: be an essential input into Canadian industrial processes as gray 306 00:19:05,560 --> 00:19:07,920 Speaker 1: as it is to export hydrogen around the world, being 307 00:19:07,960 --> 00:19:11,240 Speaker 1: able to use hydrogen at home to create cleaner processes. 308 00:19:11,240 --> 00:19:14,840 Speaker 1: I was just at Rio Tinto's Serell facility last week 309 00:19:14,880 --> 00:19:19,160 Speaker 1: as well, where they're talking about using hydrogen to process 310 00:19:19,240 --> 00:19:23,240 Speaker 1: titanium in a way that is going to be massively 311 00:19:23,359 --> 00:19:27,679 Speaker 1: reducing their emissions in producing the kinds of minerals that 312 00:19:27,720 --> 00:19:30,640 Speaker 1: we're going to need for that transition. So we're not 313 00:19:31,080 --> 00:19:35,920 Speaker 1: focused on increasing emissions at all. We're focused on actually 314 00:19:36,119 --> 00:19:39,879 Speaker 1: reducing our emissions. Yes, right now in the coming years, 315 00:19:40,600 --> 00:19:42,520 Speaker 1: coming a couple of years, we're going to need to 316 00:19:42,560 --> 00:19:46,840 Speaker 1: continue with the mechanisms we have, but the move off 317 00:19:46,880 --> 00:19:50,800 Speaker 1: of fossil fuels, of undecarbonizing what we do have is 318 00:19:50,840 --> 00:19:58,320 Speaker 1: going to happen much faster because of Russia. After the break, 319 00:19:58,480 --> 00:20:00,679 Speaker 1: I asked the Prime Minister how Canada can be the 320 00:20:00,760 --> 00:20:14,280 Speaker 1: energy supplier to the world without increasing emissions. So the 321 00:20:14,320 --> 00:20:17,040 Speaker 1: emissions reduction plan that you do have out of twenty 322 00:20:17,080 --> 00:20:20,840 Speaker 1: thirty does see oil production increasing. Of course under your watch, 323 00:20:20,840 --> 00:20:23,480 Speaker 1: it's gone up twenty five percent. You're in Canada already. 324 00:20:24,600 --> 00:20:28,240 Speaker 1: If you take an example of a company, a large 325 00:20:28,240 --> 00:20:32,080 Speaker 1: company BP, it also hasn't had zero plan and so 326 00:20:32,240 --> 00:20:36,600 Speaker 1: there's Canada by twenty fifty, same plans. When it figured 327 00:20:36,600 --> 00:20:39,280 Speaker 1: out that it needs to reach its twenty thirty targets, 328 00:20:39,720 --> 00:20:42,720 Speaker 1: it found that there was no way around reducing oil production, 329 00:20:43,080 --> 00:20:46,080 Speaker 1: and that's what they've done. But you are on track 330 00:20:46,160 --> 00:20:49,480 Speaker 1: to increase oil production. So how is it that you 331 00:20:49,520 --> 00:20:52,360 Speaker 1: can do better than BP at being able to meet 332 00:20:52,400 --> 00:20:55,760 Speaker 1: your climate goals while increasing fossil fuel production. Well, I'm 333 00:20:55,800 --> 00:20:58,000 Speaker 1: not going to speak to BP, but Canada is a 334 00:20:58,000 --> 00:21:02,359 Speaker 1: country that is a federation, and we have a federal 335 00:21:02,400 --> 00:21:06,879 Speaker 1: government tools, we have different tools and the provinces have 336 00:21:07,480 --> 00:21:10,520 Speaker 1: we get to regulate the environment. We actually had to 337 00:21:10,720 --> 00:21:12,359 Speaker 1: fight all the way to the Supreme Court on our 338 00:21:12,359 --> 00:21:15,320 Speaker 1: ability to regulate environment and federal government one over the 339 00:21:15,359 --> 00:21:18,800 Speaker 1: provinces that didn't want to be pricing pollution, and we 340 00:21:18,920 --> 00:21:23,520 Speaker 1: actually got to a place where we have a plan 341 00:21:23,600 --> 00:21:28,480 Speaker 1: to cut and cap emissions. Now, if the companies can 342 00:21:28,480 --> 00:21:32,760 Speaker 1: cut emissions and reduce their emissions, then there is room 343 00:21:32,760 --> 00:21:36,680 Speaker 1: within that to increase production. But the goal is and 344 00:21:36,840 --> 00:21:40,960 Speaker 1: any further oil plants or any further energy production is 345 00:21:41,000 --> 00:21:43,800 Speaker 1: going to have to fit into our emissions reduction plans. 346 00:21:43,920 --> 00:21:46,960 Speaker 1: That's what we laid out when we approve the latest 347 00:21:47,160 --> 00:21:50,199 Speaker 1: Project EBID. In all so, carbon capture is crucial to 348 00:21:50,240 --> 00:21:52,600 Speaker 1: be able to reach these climate goals because that's the 349 00:21:52,680 --> 00:21:55,679 Speaker 1: lever that the oil gas industry can pull. After the 350 00:21:55,720 --> 00:21:58,840 Speaker 1: Inflation Reduction Act passed in the US, the incent is 351 00:21:58,880 --> 00:22:01,800 Speaker 1: that US companies going to get for common capture is 352 00:22:01,880 --> 00:22:04,880 Speaker 1: much higher than those that are available in Canada. Will 353 00:22:04,880 --> 00:22:07,760 Speaker 1: you be increasing the Canadian incentives to match the US offer? 354 00:22:07,800 --> 00:22:09,960 Speaker 1: And when will you do that? We're going to absolutely 355 00:22:09,960 --> 00:22:12,760 Speaker 1: stay competitive. That's been something that has always been important 356 00:22:12,760 --> 00:22:15,600 Speaker 1: for Canada to stay competitive. But one of the reasons 357 00:22:15,600 --> 00:22:18,119 Speaker 1: the US has to do so much more is they 358 00:22:18,160 --> 00:22:20,840 Speaker 1: don't have a price on pollution. They have to do 359 00:22:20,920 --> 00:22:26,760 Speaker 1: through regulations and incentives and subsidies. What we are already 360 00:22:26,840 --> 00:22:28,840 Speaker 1: doing a lot of heavy lifting around with a price 361 00:22:28,880 --> 00:22:32,520 Speaker 1: on pollution. But absolutely we are looking at we already 362 00:22:32,520 --> 00:22:37,080 Speaker 1: move forward on strong tax incentives on CCUS. We're always 363 00:22:37,080 --> 00:22:39,600 Speaker 1: going to look more on how to be competitive with 364 00:22:39,680 --> 00:22:42,879 Speaker 1: the IRA. It is raising the bar in a great way. 365 00:22:42,920 --> 00:22:45,080 Speaker 1: They're starting to catch up to where Canada is, which 366 00:22:45,119 --> 00:22:48,080 Speaker 1: is a good thing. But we still have advantages in 367 00:22:48,119 --> 00:22:51,280 Speaker 1: the price on pollution. We still have advantages in drawing 368 00:22:51,320 --> 00:22:53,879 Speaker 1: in investments from around the world. But about ninety percent 369 00:22:53,920 --> 00:22:56,320 Speaker 1: of the oil and gas emissions do not really get 370 00:22:56,359 --> 00:22:59,040 Speaker 1: covered under the price of pollution that you have right now, 371 00:22:59,400 --> 00:23:01,280 Speaker 1: so it's not really kicking in for the oil and 372 00:23:01,320 --> 00:23:04,840 Speaker 1: gas sector at all. So how are you making the comparison? Oh? 373 00:23:04,880 --> 00:23:07,639 Speaker 1: I think if you talk to the oil and gas sector, 374 00:23:07,680 --> 00:23:09,520 Speaker 1: they're very aware of the fact that we have a 375 00:23:09,520 --> 00:23:12,800 Speaker 1: price own pollution. It's continuing to rise until twenty thirty 376 00:23:12,840 --> 00:23:16,760 Speaker 1: and and they are changing their behaviors because it, and 377 00:23:16,760 --> 00:23:19,760 Speaker 1: they're being great partners on that. So I disagree with 378 00:23:19,800 --> 00:23:23,000 Speaker 1: your statement. Okay, let's take the inflation reduction and stick 379 00:23:23,040 --> 00:23:25,760 Speaker 1: with it. They're going to funnel hundreds of billions of 380 00:23:25,800 --> 00:23:30,040 Speaker 1: dollars in clean technologies. So who the US through the 381 00:23:30,080 --> 00:23:35,200 Speaker 1: Inflation Reduction Act? Now, Canada is a smaller economy, fewer people. 382 00:23:35,720 --> 00:23:39,040 Speaker 1: But if you take the comparable sums, do you think 383 00:23:39,160 --> 00:23:42,920 Speaker 1: you'll be able to put in as many billions of dollars? 384 00:23:42,920 --> 00:23:46,560 Speaker 1: Not hundreds, maybe tens to be competitive with your neighbor 385 00:23:46,680 --> 00:23:51,280 Speaker 1: and when we'll be here about those plants. Canada, over 386 00:23:51,320 --> 00:23:54,080 Speaker 1: the course of its existence, has always been very aware 387 00:23:54,080 --> 00:23:57,359 Speaker 1: of what the US has done. It's our largest trading partner. 388 00:23:58,080 --> 00:24:01,280 Speaker 1: When they took a jump in turn over the past 389 00:24:01,280 --> 00:24:03,000 Speaker 1: four years, we had to make sure that we were 390 00:24:03,040 --> 00:24:07,520 Speaker 1: staying competitive in all sorts of different ways with our taxes, 391 00:24:07,560 --> 00:24:12,720 Speaker 1: with our incentives for businesses. But we also know that 392 00:24:13,160 --> 00:24:16,960 Speaker 1: Canada has a lot more to offer than just trying 393 00:24:17,000 --> 00:24:20,560 Speaker 1: to compete on prices, and we will make sure we're competitive. 394 00:24:20,920 --> 00:24:24,400 Speaker 1: But for example, when we made an when we saw 395 00:24:24,440 --> 00:24:28,919 Speaker 1: an investment Monday Monday, I was out at a suburb 396 00:24:28,960 --> 00:24:33,399 Speaker 1: of Ottawa here in Canada making announcement that Nokia is 397 00:24:33,440 --> 00:24:36,800 Speaker 1: going to be creating one of its top five research 398 00:24:36,840 --> 00:24:40,280 Speaker 1: and development hubs in the world. Here in Ottawa of 399 00:24:40,320 --> 00:24:43,760 Speaker 1: all places, and it was a forty million dollar investment 400 00:24:43,960 --> 00:24:47,560 Speaker 1: by the federal government. Now that's that's real money. But 401 00:24:47,720 --> 00:24:50,159 Speaker 1: there's a lot of company countries that would have offered 402 00:24:50,359 --> 00:24:54,120 Speaker 1: for forty million dollars to be one of the central 403 00:24:54,200 --> 00:24:57,720 Speaker 1: research and development hubs for Nokia in the world. If 404 00:24:57,800 --> 00:25:01,320 Speaker 1: Nokia is choosing to come to Canada, it's not just 405 00:25:01,400 --> 00:25:04,360 Speaker 1: because we were able to offer them forty million dollars 406 00:25:04,359 --> 00:25:07,240 Speaker 1: on a two hundred and fifty five million dollar investment. 407 00:25:08,200 --> 00:25:14,960 Speaker 1: It's because the investment climate, the workers, the extraordinary well educated, 408 00:25:15,080 --> 00:25:18,360 Speaker 1: growing workforce in Canada that we have, the innovative scientists, 409 00:25:18,800 --> 00:25:23,480 Speaker 1: the support for new technologies, the support for innovation that 410 00:25:23,520 --> 00:25:25,760 Speaker 1: we're doing in Canada, the quality of life where people 411 00:25:25,880 --> 00:25:29,160 Speaker 1: come work here. There is a whole package of stability 412 00:25:29,359 --> 00:25:32,560 Speaker 1: an opportunity that Canada is offering that quite frankly, when 413 00:25:32,600 --> 00:25:35,680 Speaker 1: you look at the investments by Stilantis, by U mccore, 414 00:25:35,760 --> 00:25:38,760 Speaker 1: by GM in the auto industry, when you look at 415 00:25:38,800 --> 00:25:41,560 Speaker 1: Rio Tinto, when you look at Nokia, when you look 416 00:25:41,560 --> 00:25:44,080 Speaker 1: at all the other investments that we've been drawing in. 417 00:25:44,160 --> 00:25:48,320 Speaker 1: Because Canada has a better resilience and stability and climate 418 00:25:48,359 --> 00:25:53,879 Speaker 1: plan and predictability and track of investments. You see that 419 00:25:54,520 --> 00:25:57,840 Speaker 1: it's not just about who can offer the best cash 420 00:25:57,920 --> 00:26:02,040 Speaker 1: sweetener incentives. That's not necessarily companies. They'll look for that 421 00:26:02,119 --> 00:26:04,960 Speaker 1: and I'll take the money, but they're also looking for 422 00:26:05,119 --> 00:26:07,760 Speaker 1: where are those jobs and those workers going to come 423 00:26:07,840 --> 00:26:10,960 Speaker 1: from in the coming decades working in what's the quality 424 00:26:10,960 --> 00:26:13,239 Speaker 1: of life that they're offering to their employees, what are 425 00:26:13,240 --> 00:26:17,680 Speaker 1: the opportunities for families to be raised in successful global 426 00:26:17,720 --> 00:26:21,320 Speaker 1: places where, for example, we have a free trade deal 427 00:26:21,359 --> 00:26:23,720 Speaker 1: with every other the only G seven country with a 428 00:26:23,760 --> 00:26:27,200 Speaker 1: free trade deal with every other G seven country. There 429 00:26:27,240 --> 00:26:30,000 Speaker 1: are all these things that line up in favor of Canada, 430 00:26:30,080 --> 00:26:32,679 Speaker 1: things that we've been talking about for seven years that, 431 00:26:33,000 --> 00:26:36,520 Speaker 1: to be entirely honest, we're just starting to see really 432 00:26:36,640 --> 00:26:39,879 Speaker 1: click into place over the past couple of years. But 433 00:26:40,000 --> 00:26:44,760 Speaker 1: those pitches and those investments mean that we will always 434 00:26:44,760 --> 00:26:47,080 Speaker 1: be able to stay competitive with the United States. So 435 00:26:47,080 --> 00:26:49,879 Speaker 1: we're coming close to the end of our conversation, so 436 00:26:49,920 --> 00:26:51,720 Speaker 1: I've wanted to bring in a couple of questions I've 437 00:26:51,720 --> 00:26:54,960 Speaker 1: got from the audience. One is from ajitnir Engin and 438 00:26:55,040 --> 00:26:58,840 Speaker 1: he asked, kinda has the tenth highest historical contribution to 439 00:26:58,880 --> 00:27:02,160 Speaker 1: the climate problem ahead of France and Australia in total 440 00:27:02,280 --> 00:27:05,919 Speaker 1: zero two emissions cumulative that's set in the atmosphere today. Now, 441 00:27:06,000 --> 00:27:08,760 Speaker 1: under the Paris Agreement, Canada has a responsibility to be 442 00:27:08,840 --> 00:27:12,600 Speaker 1: able to compensate developing countries for the losses caused by 443 00:27:12,600 --> 00:27:15,080 Speaker 1: climate change. Just look at what happened in Pakistan over 444 00:27:15,080 --> 00:27:18,880 Speaker 1: the summer. The Environment Ministry told me that Canada is 445 00:27:19,520 --> 00:27:21,960 Speaker 1: arguing for loss and damage to be on the agenda 446 00:27:22,000 --> 00:27:26,760 Speaker 1: at COP twenty seven, and that's very welcome by developing countries. Now, 447 00:27:26,800 --> 00:27:28,840 Speaker 1: how much money will you be providing to the loss 448 00:27:28,840 --> 00:27:33,760 Speaker 1: and damage fund? We've moved forward with at Paris about 449 00:27:33,800 --> 00:27:37,720 Speaker 1: two point six billion dollars in climate financing. We've up 450 00:27:37,840 --> 00:27:42,120 Speaker 1: that at in Glasgow to five point eight billion dollars. 451 00:27:42,160 --> 00:27:45,760 Speaker 1: But also it was Canada with Germany that is pushing 452 00:27:45,800 --> 00:27:48,960 Speaker 1: hard to get to the one hundred billion dollars a 453 00:27:49,040 --> 00:27:52,040 Speaker 1: year in climate finance, and we've actually been living up 454 00:27:52,119 --> 00:27:55,520 Speaker 1: to that. What Trudo is talking about here is one 455 00:27:55,600 --> 00:27:58,600 Speaker 1: hundred billion dollars climate finance fund that was announced in 456 00:27:58,640 --> 00:28:01,440 Speaker 1: two thousand and nine. The idea is for developed countries 457 00:28:01,440 --> 00:28:04,720 Speaker 1: to provide money to developing countries to invest in projects 458 00:28:04,720 --> 00:28:08,400 Speaker 1: that cut emissions or help them adapt to a warming planet. 459 00:28:09,400 --> 00:28:11,920 Speaker 1: The question I asked was about a separate fund called 460 00:28:11,960 --> 00:28:14,880 Speaker 1: the Loss and Damage Fund, were developed countries with their 461 00:28:14,920 --> 00:28:19,240 Speaker 1: historical contribution to the climate problem compensate developing countries for 462 00:28:19,320 --> 00:28:23,320 Speaker 1: the damages caused by climate impacts. Denmark has provided some 463 00:28:23,359 --> 00:28:26,800 Speaker 1: money toward that fund already, but no other rich country 464 00:28:26,840 --> 00:28:30,520 Speaker 1: has yet stepped up. We're going to continue to be 465 00:28:30,640 --> 00:28:33,600 Speaker 1: part of all these conversations and make sure that we 466 00:28:33,680 --> 00:28:39,360 Speaker 1: are flowing capital to environmental initiatives, to resilient infrastructure initiatives, 467 00:28:39,360 --> 00:28:42,920 Speaker 1: to energy initiatives that are good for the climate around 468 00:28:43,000 --> 00:28:45,200 Speaker 1: the world. That's a part of the conversation we're going 469 00:28:45,200 --> 00:28:47,080 Speaker 1: to continue to have. But I'm not going to preclude 470 00:28:47,280 --> 00:28:49,400 Speaker 1: the conversations that I know will be happening at COP 471 00:28:49,440 --> 00:28:51,720 Speaker 1: twenty Well, let's stick with COP twenty seven though, because 472 00:28:51,920 --> 00:28:54,320 Speaker 1: last year when you came to Glasgow, you said Canada 473 00:28:54,400 --> 00:28:58,240 Speaker 1: must do more and faster, and it said since then, 474 00:28:58,560 --> 00:29:01,240 Speaker 1: you've been able to put out some policies that you're 475 00:29:01,240 --> 00:29:03,560 Speaker 1: going to implement, not all of them have been implemented. 476 00:29:03,880 --> 00:29:05,720 Speaker 1: With that in mind, what exactly are you going to 477 00:29:05,760 --> 00:29:10,600 Speaker 1: bring to this call. First of all, Canada continues to 478 00:29:10,640 --> 00:29:14,600 Speaker 1: step up on leadership on the Global Pricing initiative. More 479 00:29:14,680 --> 00:29:19,120 Speaker 1: countries need to be able to adopt pricing on pollution, 480 00:29:19,280 --> 00:29:23,720 Speaker 1: on carbon pollution if we're going to send consistent messages 481 00:29:23,760 --> 00:29:27,640 Speaker 1: around the world as we talk about carbon border adjustment challenges, 482 00:29:28,200 --> 00:29:30,960 Speaker 1: recognizing there are places around the world that do not 483 00:29:32,080 --> 00:29:34,920 Speaker 1: do anything to fight climate change, do not include any 484 00:29:34,960 --> 00:29:38,760 Speaker 1: of the externalities in their production processes, and companies in Canada, 485 00:29:38,800 --> 00:29:43,760 Speaker 1: in other responsible countries are unfairly competing against countries that 486 00:29:43,800 --> 00:29:48,240 Speaker 1: are free riding on everyone else. Carbon border adjustment mechanism 487 00:29:48,400 --> 00:29:51,120 Speaker 1: is just a fancy way of saying tariffs attached to 488 00:29:51,160 --> 00:29:54,520 Speaker 1: the emissions of important goods. This is a policy that's 489 00:29:54,520 --> 00:29:58,680 Speaker 1: currently being pursued in Europe. Let's understand it through an example. 490 00:29:59,600 --> 00:30:03,720 Speaker 1: China produces cheap steel in a common intensity out competing 491 00:30:03,840 --> 00:30:07,320 Speaker 1: cleaner European steel factories that have to pay for their pollution. 492 00:30:08,480 --> 00:30:11,680 Speaker 1: Europe is now proposing that China steel should have an 493 00:30:11,760 --> 00:30:14,960 Speaker 1: import direct placed on it unless it matches the common 494 00:30:15,040 --> 00:30:18,680 Speaker 1: in density of European steel. So we need to make 495 00:30:18,720 --> 00:30:22,440 Speaker 1: sure that we are accounting for the investments that we 496 00:30:22,480 --> 00:30:25,520 Speaker 1: are making to keep everyone safer by leading in the 497 00:30:25,520 --> 00:30:27,280 Speaker 1: fight on climate change, and that's a big part of 498 00:30:27,280 --> 00:30:30,000 Speaker 1: the conversation we're going to continue to have. We're also 499 00:30:30,560 --> 00:30:34,680 Speaker 1: moving forward this fall on hosting the Nature cop in Montreal, 500 00:30:34,760 --> 00:30:39,880 Speaker 1: and we know that protecting biodiversity and moving forward on 501 00:30:39,920 --> 00:30:42,760 Speaker 1: protecting nature is going to be unbelievably important, which is 502 00:30:42,760 --> 00:30:45,360 Speaker 1: why we world attracted protecting thirty percent of our land 503 00:30:45,400 --> 00:30:47,959 Speaker 1: and thirty percent of our coasts by twenty thirty and 504 00:30:48,000 --> 00:30:50,280 Speaker 1: that right, there's a lot of countries that have talked 505 00:30:50,280 --> 00:30:52,880 Speaker 1: about those sorts of things. We have the longest coastline 506 00:30:52,920 --> 00:30:55,880 Speaker 1: in the world. We are the second largest country by 507 00:30:56,040 --> 00:30:58,640 Speaker 1: geography in the world, and there's lots of smaller countries 508 00:30:58,800 --> 00:31:01,120 Speaker 1: that have committed to that. Having a big country to 509 00:31:01,280 --> 00:31:04,080 Speaker 1: it is going to move the dial significantly. Yeah, now 510 00:31:04,160 --> 00:31:06,640 Speaker 1: let's stick to the nature. So there's another question from 511 00:31:06,680 --> 00:31:09,960 Speaker 1: the audience about forests. This is from OSCAR and the 512 00:31:10,040 --> 00:31:12,400 Speaker 1: question is there was a recent study from the NRDC 513 00:31:12,600 --> 00:31:15,560 Speaker 1: that said if you take emissions from the logging industry, 514 00:31:15,680 --> 00:31:18,400 Speaker 1: they match the emissions from the oil sands industry. Now, 515 00:31:18,400 --> 00:31:20,240 Speaker 1: we've talked a lot about oil and gas, we've talked 516 00:31:20,280 --> 00:31:23,160 Speaker 1: about carbon capture. We've talked about technologies that need to 517 00:31:23,200 --> 00:31:26,960 Speaker 1: be deployed in that same time when the logging emissions 518 00:31:27,000 --> 00:31:30,400 Speaker 1: matched up with oil sands. In the last twenty years 519 00:31:30,400 --> 00:31:34,600 Speaker 1: seven of as you've been Prime Minister, the forests in 520 00:31:34,640 --> 00:31:37,400 Speaker 1: Canada have gone from being a carbon sink to being 521 00:31:37,400 --> 00:31:40,200 Speaker 1: a carbon source. So now you don't just have emissions 522 00:31:40,200 --> 00:31:42,560 Speaker 1: from the fossil fuel industry to account for, you also 523 00:31:42,600 --> 00:31:46,720 Speaker 1: have to reduce emissions from natural sources. With the cop 524 00:31:46,760 --> 00:31:49,680 Speaker 1: coming up, what is it that you're doing on forests 525 00:31:49,720 --> 00:31:52,120 Speaker 1: that will help? First of all, like I said, our 526 00:31:52,160 --> 00:31:56,120 Speaker 1: commitment to protect thirty percent of our land by twenty 527 00:31:56,160 --> 00:31:57,959 Speaker 1: thirty is going to go a long way towards that. 528 00:31:58,560 --> 00:32:01,680 Speaker 1: We're also going to be planned two billion more trees. 529 00:32:02,280 --> 00:32:05,000 Speaker 1: Canada already plants hundreds of millions of trees every year 530 00:32:05,120 --> 00:32:10,000 Speaker 1: within our forestry industry that has made huge strides in 531 00:32:10,040 --> 00:32:13,680 Speaker 1: reducing its emissions and being more environmentally responsible. At Canada's 532 00:32:13,680 --> 00:32:18,800 Speaker 1: forestry industries are among world leaders in forestry sustainable practices. 533 00:32:19,280 --> 00:32:21,520 Speaker 1: And on top of that, we're going to be moving 534 00:32:21,560 --> 00:32:27,000 Speaker 1: forward and protecting wetlands. In recognizing the important role that 535 00:32:27,080 --> 00:32:31,480 Speaker 1: our coastal and marine areas have in protecting climate change. 536 00:32:32,040 --> 00:32:34,640 Speaker 1: We know that protecting our oceans is one of the 537 00:32:34,680 --> 00:32:37,480 Speaker 1: most important things we can do in terms of protecting 538 00:32:37,840 --> 00:32:41,200 Speaker 1: protecting biodiversity in the future years, so we'll continue to 539 00:32:41,200 --> 00:32:44,920 Speaker 1: do that. Then, just the final question, because it's hard 540 00:32:44,960 --> 00:32:50,400 Speaker 1: to not hear what you're saying and realize that those 541 00:32:50,440 --> 00:32:53,920 Speaker 1: are all great things, but the emissions don't lie. The 542 00:32:53,960 --> 00:32:56,760 Speaker 1: emissions are rising in the oil and gas sector, emissions 543 00:32:56,760 --> 00:33:00,720 Speaker 1: are rising in the transport sector, emissions are rising in nature, 544 00:33:00,840 --> 00:33:04,800 Speaker 1: in the land use sector. And you've been Prime Minister 545 00:33:04,840 --> 00:33:07,520 Speaker 1: on a climate mandate for seven years, four more years, 546 00:33:07,520 --> 00:33:10,239 Speaker 1: you may have another election that to him, when do 547 00:33:10,280 --> 00:33:13,800 Speaker 1: you think emissions will actually start falling? Which year? Give 548 00:33:13,840 --> 00:33:18,440 Speaker 1: me a year. Emissions in a number of sectors are decreasing, 549 00:33:18,920 --> 00:33:22,080 Speaker 1: and let's just take a perfect example. One of the 550 00:33:22,080 --> 00:33:24,760 Speaker 1: things we're working on right now is getting a net 551 00:33:24,840 --> 00:33:27,960 Speaker 1: zero electricity grid by twenty thirty five. That's going to 552 00:33:28,040 --> 00:33:30,479 Speaker 1: be hugely important because even as we know people are 553 00:33:30,480 --> 00:33:33,960 Speaker 1: switching over to electric vehicles, we need to make sure 554 00:33:33,960 --> 00:33:37,160 Speaker 1: that they're charging those vehicles off of a net zero grid. 555 00:33:37,560 --> 00:33:39,920 Speaker 1: And what Canada is focused on in that is a 556 00:33:39,960 --> 00:33:43,400 Speaker 1: way of driving down emissions is not just producing the 557 00:33:43,440 --> 00:33:47,760 Speaker 1: critical minerals, but actually transforming the critical minerals, as we 558 00:33:47,800 --> 00:33:51,240 Speaker 1: saw at Rio Tinto just last week, in more environmentally 559 00:33:51,280 --> 00:33:55,800 Speaker 1: friendly ways. Developing the batteries. We have investments in battery 560 00:33:55,800 --> 00:34:00,320 Speaker 1: productions here, lithium batteries. We're moving forward on produce. Seeing 561 00:34:00,360 --> 00:34:03,760 Speaker 1: the evs in Canada, you know, the challenges with the 562 00:34:03,840 --> 00:34:06,120 Speaker 1: United States got fixed and we're now going to be 563 00:34:06,200 --> 00:34:09,319 Speaker 1: part of that market to build evs in North America. 564 00:34:09,560 --> 00:34:12,040 Speaker 1: On top of that, we're investing in charging stations. We 565 00:34:12,120 --> 00:34:17,319 Speaker 1: have incentives on percentages of zero mission vehicles that need 566 00:34:17,360 --> 00:34:20,320 Speaker 1: to be sold and lots across the country, and finally 567 00:34:20,840 --> 00:34:24,640 Speaker 1: supports for consumers on buying the evs. So we have 568 00:34:25,000 --> 00:34:29,919 Speaker 1: the entire arc of that and you cannot look at 569 00:34:30,760 --> 00:34:35,640 Speaker 1: different solutions in isolation. We have to look at the 570 00:34:35,680 --> 00:34:37,879 Speaker 1: map of where we're going as a country. And what 571 00:34:37,920 --> 00:34:43,400 Speaker 1: we've been doing consistently is recognizing that the jobs and 572 00:34:43,440 --> 00:34:46,520 Speaker 1: the stability of the future is going to come from 573 00:34:46,560 --> 00:34:50,799 Speaker 1: investing in fighting climate change, in growing our economy and 574 00:34:50,840 --> 00:34:54,160 Speaker 1: sustainable ways, and quite frankly, not just for our own sakes, 575 00:34:54,200 --> 00:34:56,680 Speaker 1: but creating those solutions that are going to be needed 576 00:34:56,920 --> 00:35:00,840 Speaker 1: for the world. And yes, you caught me. We still 577 00:35:00,840 --> 00:35:03,680 Speaker 1: produce oil and gas in this country, aren't you clever? Actually, 578 00:35:04,800 --> 00:35:09,879 Speaker 1: the fact is we are doing more to bend that 579 00:35:09,960 --> 00:35:13,520 Speaker 1: curve in more difficult circumstances than just about any other 580 00:35:13,880 --> 00:35:16,759 Speaker 1: stable democracy around the world. Of course, I say stable democracy, 581 00:35:16,800 --> 00:35:19,279 Speaker 1: I execute a whole bunch of countries these days. But 582 00:35:19,360 --> 00:35:24,440 Speaker 1: the reality is we are on a track to hit 583 00:35:24,840 --> 00:35:29,680 Speaker 1: our carbon reduction targets, to grow the number of jobs 584 00:35:29,920 --> 00:35:34,160 Speaker 1: and good careers for Canadians, and to get to net 585 00:35:34,239 --> 00:35:38,439 Speaker 1: zero by twenty fifty. And quite frankly, Canada, with its 586 00:35:38,520 --> 00:35:42,560 Speaker 1: natural resources, with its human resources, with its openness to 587 00:35:42,600 --> 00:35:47,080 Speaker 1: immigration and diversity, with the understanding of the resilience that 588 00:35:47,120 --> 00:35:50,279 Speaker 1: brings to our workforce and our investment climate, and our 589 00:35:50,320 --> 00:35:55,120 Speaker 1: political stability, Canada is one of those places where the 590 00:35:55,160 --> 00:36:00,400 Speaker 1: future is being built right now and Canadians are fully 591 00:36:00,480 --> 00:36:02,400 Speaker 1: in it to be along for the ride. And that's 592 00:36:02,480 --> 00:36:05,040 Speaker 1: what Canada gets to offer the world right now. Now. 593 00:36:05,160 --> 00:36:08,680 Speaker 1: I will get called out by security from the Parliament 594 00:36:08,680 --> 00:36:10,160 Speaker 1: if I don't let you go, but let me ask 595 00:36:10,200 --> 00:36:12,839 Speaker 1: you one question with a yes or no answer. So 596 00:36:13,080 --> 00:36:16,200 Speaker 1: Canada's first climate plan was implemented more than thirty years ago. 597 00:36:16,360 --> 00:36:19,160 Speaker 1: This is Prime Minister Brian mulroney, who set out a 598 00:36:19,160 --> 00:36:22,320 Speaker 1: plan to stabilize emissions at nineteen ninety levels by two thousand. 599 00:36:23,239 --> 00:36:26,920 Speaker 1: There have been eight climate plans since, yet Canada's emissions 600 00:36:26,920 --> 00:36:29,880 Speaker 1: today are twenty percent higher than they were in nineteen ninety. 601 00:36:30,719 --> 00:36:34,920 Speaker 1: Can you guarantee this time will be different? Yes? Wonderful? Yes, 602 00:36:35,280 --> 00:36:41,440 Speaker 1: because every other plan was faced on targets. Any politician 603 00:36:41,800 --> 00:36:45,600 Speaker 1: for the target, can you actually build a plan to 604 00:36:45,680 --> 00:36:49,080 Speaker 1: do it? Make the trade offs and fight for a 605 00:36:49,120 --> 00:36:53,640 Speaker 1: price on carbon pollution and make those shifts like we're seeing. 606 00:36:53,640 --> 00:36:56,040 Speaker 1: I mean, and I make light of the fact because 607 00:36:56,080 --> 00:36:58,360 Speaker 1: in this room people understand that this is where the 608 00:36:58,400 --> 00:37:02,160 Speaker 1: world is going. It's a very real political debate in 609 00:37:02,200 --> 00:37:05,319 Speaker 1: this country. There are still people who are hell bent 610 00:37:06,120 --> 00:37:12,759 Speaker 1: on reversing our approach on fighting climate change and repealing 611 00:37:13,040 --> 00:37:15,840 Speaker 1: a price on pollution, a price on pollution that industry 612 00:37:15,920 --> 00:37:20,319 Speaker 1: is relying on to track their costs. It is not 613 00:37:20,760 --> 00:37:24,640 Speaker 1: a done debate, and activists can poke holes and this 614 00:37:24,800 --> 00:37:28,080 Speaker 1: and that and everything else, sure, but how are we 615 00:37:28,120 --> 00:37:31,520 Speaker 1: actually going to get there? I mean, what I started 616 00:37:31,520 --> 00:37:34,279 Speaker 1: with was the point that you ended with that there 617 00:37:34,320 --> 00:37:37,400 Speaker 1: have been decades of people saying we're going to act 618 00:37:37,520 --> 00:37:40,080 Speaker 1: to fight climate change. And what we've seen over the 619 00:37:40,080 --> 00:37:44,680 Speaker 1: past seven years is it's hard to actually do it 620 00:37:44,760 --> 00:37:49,239 Speaker 1: because you get pushback from the right saying, oh, no, no, 621 00:37:49,320 --> 00:37:52,279 Speaker 1: you can't, you can't fight climate change, you don't need 622 00:37:52,320 --> 00:37:54,600 Speaker 1: to fight climate change, and you get pushback from the 623 00:37:54,719 --> 00:37:56,719 Speaker 1: left saying, oh, you're not doing enough, you're not doing 624 00:37:56,760 --> 00:38:02,040 Speaker 1: fast enough. Getting it actually done within a stable democracy 625 00:38:02,840 --> 00:38:05,480 Speaker 1: in a way that builds a path for the future, 626 00:38:05,520 --> 00:38:10,399 Speaker 1: that can actually give confidence and inspire Canadians that there 627 00:38:10,480 --> 00:38:12,560 Speaker 1: is room for them in the future, there's room for 628 00:38:12,600 --> 00:38:16,960 Speaker 1: their community, for their kids. That's the big challenge. That's 629 00:38:17,000 --> 00:38:19,280 Speaker 1: what we've been focused on, and that's what we're seeing 630 00:38:19,960 --> 00:38:26,319 Speaker 1: Canadians come to as we demonstrate that the leadership we've 631 00:38:26,360 --> 00:38:31,200 Speaker 1: shown on fighting climate change not without challenges, but the 632 00:38:31,280 --> 00:38:37,160 Speaker 1: steadfastness we've had on this is bringing in the investments, 633 00:38:37,480 --> 00:38:42,200 Speaker 1: the solutions and the innovations that are going to lead 634 00:38:42,320 --> 00:38:45,839 Speaker 1: not just Canada but the world economy in the coming years. 635 00:38:45,880 --> 00:38:47,960 Speaker 1: And that's what I'm excited about and that's why this 636 00:38:48,040 --> 00:38:50,600 Speaker 1: is such a good country to be serving. Thank you 637 00:38:50,640 --> 00:38:54,920 Speaker 1: so much for taking that the counts that were fun. 638 00:38:55,239 --> 00:39:07,600 Speaker 1: Thanks for the life. It was a privilege to have 639 00:39:07,640 --> 00:39:11,120 Speaker 1: this opportunity to sit down with the Prime Minister. I 640 00:39:11,160 --> 00:39:13,799 Speaker 1: did not get all the answers I wanted, but to 641 00:39:13,880 --> 00:39:16,560 Speaker 1: be fair, there aren't that many world leaders who can 642 00:39:16,600 --> 00:39:19,600 Speaker 1: grapple with the complexities of the climate challenge as well 643 00:39:19,640 --> 00:39:23,120 Speaker 1: as Trudo does. An extra special thanks to the Canadian 644 00:39:23,160 --> 00:39:26,880 Speaker 1: Climate Institute and the Net zero Advisory Body for inviting 645 00:39:26,880 --> 00:39:30,320 Speaker 1: me to this interview. Thanks so much for listening to Zero. 646 00:39:30,560 --> 00:39:33,520 Speaker 1: If you like the show, please rate, review and subscribe, 647 00:39:33,960 --> 00:39:37,520 Speaker 1: Tell a friend or tell a Canadian. If you've got 648 00:39:37,560 --> 00:39:39,880 Speaker 1: a suggestion for a guest or topic or something you 649 00:39:39,960 --> 00:39:42,239 Speaker 1: just want us to look into, get in touch at 650 00:39:42,320 --> 00:39:46,400 Speaker 1: zero pod at Bloomberg Dot. Net Zero's producer is Oscar 651 00:39:46,440 --> 00:39:50,200 Speaker 1: Boyd and senior producer is Christine riskoll. Our theme music 652 00:39:50,400 --> 00:39:54,000 Speaker 1: is composed by Wonderley. I took advice from many people 653 00:39:54,040 --> 00:39:58,200 Speaker 1: in preparation for the interview. A special thanks to Rick Smith, Katabreio, 654 00:39:58,640 --> 00:40:03,840 Speaker 1: Jerry the Marco, Gerald Bats, Daniel Boco. Theo argutis Brian Platt, 655 00:40:04,160 --> 00:40:08,480 Speaker 1: Sarah Herjie, Chris Stark, Fatima Saieth and all those who 656 00:40:08,560 --> 00:40:13,080 Speaker 1: can't be named. I'm Akshatrati Back next week,