April 20, 2022 Edmonton, Alberta Employment and Social Development Canada
Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada is making targeted and responsible investments to create good jobs, grow our economy and build a Canada where nobody gets left behind.
Today, Minister of Families, Children and Social Development, Karina Gould, highlighted Budget 2022 investments in clean energy that will help fight climate change, reduce greenhouse gas emissions and build a strong economy for today and tomorrow.
Budget 2022 invests in Canada's future and the clean economy that will drive it. To help Canadians and Canadian businesses benefit from the global transition to a clean economy, Budget 2022 includes new incentives for the development of clean technologies and carbon capture, utilization and storage. The Government will invest more than $3 billion in funding to make zero-emission vehicles more affordable for Canadians and build and expand a national network of zero-emission vehicle charging stations, as well as make new investments in clean energy. In addition, Budget 2022 will make further investments to protect our land, lakes and oceans, including funding to renew and expand the Oceans Protection Plan and support the Great Lakes Fishery Commission.
Economic growth and innovation is key to Canada's long-term prosperity. New investments include launching the new world-leading Canada Growth Fund, which will attract tens of billions of dollars in private investment in Canadian industries and Canadian jobs, and a new innovation and investment agency that will help drive productivity and growth across our economy. The Budget also proposes to implement Canada's first Critical Minerals Strategy-one that will create thousands of good jobs and capitalize on a growing need for the minerals used in everything from phones to electric cars. Measures also include steps to build more resilient supply chains, and to cut taxes for Canada's growing small businesses.
Canada entered the pandemic with the lowest net debt-to-GDP ratio of all G7 countries-an advantage that has since increased relative to other countries. Canada has seen the best jobs recovery in the G7, and as of March 2022, has recovered 115% of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3%-the lowest rate on record since 1976.
With Budget 2022, Canada will maintain this leading position, and maintain its fiscally responsible approach to economic growth and to building an economy that works for everyone. Crucially, it upholds the Government's fiscal anchor-a declining debt-to-GDP ratio and the unwinding of COVID-19-related deficits, which will ensure that Canada's finances remain sustainable in the long term.
