Quebec Budget Speech Quebec budget speech highlights
How many times can you say electrification in one speech, apparantly quite alot!
Introduction
1. Building a green economy
Getting back on track
A major undertaking
A $6.2-billion financial framework
Giving priority to electrification
Challenges to be met head on
The government has chosen to meet the challenges of wealth creation and greenhouse gas emission
reduction head on.
Fighting climate change provides an opportunity to transform and propel the Qubec economy forward
so that it can serve tomorrow’s markets and transition to a green economy.
Through our second budget, we will create more wealth by building a green economy,
focusing on electrification.
1. Building a green economy
The Premier made the announcement a few weeks ago. With its second budget, the government is breaking
ground on a major, ten-year undertaking.
We want to build a green economy by initiating an ambitious project involving electrification, greenhouse gas
emission reduction, and climate change adaptation.
My colleague the Minister of the Environment and the Fight Against Climate Change
will be releasing the electrification and climate change framework policy soon.
The policy is Qubec’s roadmap for achieving the aggressive targets we have set ourselves.
A major undertaking
The goal of the major undertaking we are initiating in this budget is to reduce the emissions projected for 2030
by 29 million tonnes of CO2 equivalent in order to achieve Qubec’s target of reducing greenhouse gas
emissions by 37.5% relative to 1990.
We will do that through the carbon market, the cap-and-trade system for greenhouse gas emission
allowances, which covers nearly 80% of Qubec’s total greenhouse gas emissions.
However, the carbon market is not a guarantee that greenhouse gas reductions will be achieved in Qubec,
and some sectors of the economy are not covered by the system.
We need to go further, and we will do that with the electrification and climate change framework policy.
Giving priority to electrification
We are mobilizing these impressive means primarily to electrify the economy, giving priority to transportation.
A logical priority
Giving priority to electrification is logical.
Thanks to our hydroelectricity, we are lucky to have an abundant, clean source of electric power that
is competitively priced. This is an undeniable asset in a time of climate change.
We intend to take full advantage of this asset to increase our wealth while also fighting climate change.
By 2030, the transportation sector alone will account for an estimated 57% of the potential for greenhouse
gas emission reduction across our economy. Therefore, roughly 70% of the resources allocated to the
first implementation plan for the framework policy will be earmarked for the transportation sector.
Vehicles
That is why I am announcing that nearly $1.4 billion over six years is going to the Roulez vert program.
This sum will support the electrification of vehicles thanks to rebates granted on the acquisition of
electric vehicles and the installation of charging stations. With this budget, the Roulez vert program is
being funded over the entire period covered by the financial framework for the first time.
Public transit
The government is simultaneously planning to invest heavily in public transit, with the same goal
of electrifying the economy and reducing greenhouse gas emissions.
Public transit investments totalling $15.8 billion are included in the 2020-2030 Qubec Infrastructure Plan..
We intend to carry out structuring public transit projects in six cities and regions. These projects will offer
an electric mode of transport in Qubec, Gatineau, Montral, Laval, Longueuil and Montrgie.
The Qubec government will invite several of its partners to contribute to the projects’ funding.
The major transportation electrification undertaking that we are initiating is an excellent growth and
development opportunity for all of the industries concerned.
For tramway and light train projects, the government will use the leeway afforded in trade agreements to
support the development of Qubec's rail industry.
Development of critical and strategic minerals
Natural resource development is an important lever for economic prosperity for several Qubec regions.
The large-scale electrification project we are launching will drive demand for minerals such as lithium.
For that reason, I am announcing that the government is earmarking $97 million over the next five years
for the development of critical and strategic minerals as well as public land.
cheers