The time has come for us to be decisive about pushing Russian oil out of the world market. That Russian oil is quite literally funding Putin’s war machine. We’ve taken significant steps to push that Russian oil out of the world market. Now, we need to move further and work harder. And I believe, Canada believes, that now is the moment to undertake that work with our allies. And I’m glad to be saying that to you here at UCC Alberta because Canada as an energy power, Alberta as an energy power, has a real voice and a real role to play in making it possible for us, as the G7, to really push Russian oil out of the global market.
We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.
We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression. Our economy shrank by 17 per cent and it’s been tough getting out of that. In recent weeks, we’ve had some good news. What we’ve been seeing is light at the end of the tunnel. We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.
Today, we issued an additional $2 billion in green bonds. That brings our green bond issuance in total to $11 billion. We are finding there is high demand for Canadian green bonds. It’s a space where we’re going to continue to be active.
Today, I will tell you about the new measure our government is taking to build new housing. Minister Jean-Yves Duclos (Minister of Public Services and Procurement) will tell you about the latest additions to the Canada Public Land Bank, a very important program that continues. And after that, Minister Terry Beech (Minister of Citizens’ Services) will tell you about the impact of these measures for Canadians.
