Madam Speaker, once again, Bill C-12 is a ground-breaking piece of legislation for Canada, establishing a legal framework for Canada to achieve net-zero greenhouse gas emissions by the year 2050 and help the globe avoid the worst consequences of climate change.
There are many years before 2050 and we know that our actions in emissions reductions in those intervening years are just as important as where we are in 2050. That is why Bill C-12 requires the government to set emissions reduction targets at five-year intervals starting in 2030 all the way until 2050, and it will also require the government to report on its progress toward achievement of those targets throughout. Of course, the requirement to develop emissions reduction plans is also an important component of the legislation.
With respect to a near-term target, a new provision was added during committee review to require the inclusion of an interim GHG emissions objective for 2026. Adding an interim objective provides a mid-point check-in between now and 2030. The 2026 objective will offer an opportunity to have a more detailed look in terms of whether we are still on track for 2030 or not, and do the course correction accordingly.
Understandingly, the previous emissions reduction commitments made by signatories to the Paris Agreement are not enough to hold global warming below 1.5°C. There has been a global call for increased ambition and climate action. Canada heard this call, and in April at the Leaders Summit on Climate, announced an enhanced emissions reduction target of 40% to 45% below 2005 levels by 2030. I am pleased to announce that because of amendments adopted by the House of Commons and the committee, this target will be embedded directly in the text of the bill.
To conclude, the measures contained in the Canadian net-zero emissions accountability act would ensure that there is a clear process in place for setting targets, as well planning and reporting on progress, including in the key period between now and 2030.
Finally, along with the reporting requirements under the United Nations Framework Convention on Climate Change, the act would ensure that the Government of Canada is committed and accountable for all the years to come in charting Canada's path to net-zero emissions by 2050.