Thank you, Mr. Speaker. Mr. Speaker, we all know that climate change is turning the North into a different world but sometimes we forget that the rest of the world has been dramatically shifting, too, in terms of energy systems, infrastructure, and the global economy. In order to avoid being left behind with dinosaur technologies and costs we cannot bear alone, we have to change with the times. And that means taking more responsibility and leadership in terms of our carbon emissions and setting a climate target of net-zero emissions by 2050.
Previously, we had set a target of reducing emissions by 30 percent by 2030. So what's wrong with that? It sounds ambitious enough, right? But that path we were on meant that we could do virtually nothing and just wait for Diavik mine to close. Do we really want our climate strategy to simply be let the diamond mines close? Do we want that to be our economic strategy? The thing is that Rio Tinto has already committed to a net-zero climate target across its global operations by 2050. De Beers has committed to net-zero by 2030. For the critical minerals sector, both private financing and federal government dollars are increasingly dependent on net-zero targets.
Lazy climate targets are not helping industry. Lagging behind on clean energy makes the NWT one of the least attractive jurisdictions for modern mining. If we see mining as a big part of this territory's future, then we have to embrace a net-zero future. Both the federal government and the majority of Canadian provinces and territories, including the Yukon, have already committed to net-zero by 2050. Increasingly federal funding is being tied to net-zero targets so if we don't set ourselves on this clean energy path, we are missing out and we're isolating ourselves. We desperately need ways to bring down the cost of power, and the NWT needs to commit to a net-zero power system by 2035 for the NWT Power Corporation to benefit from a new federal tax credit.
Back in June, this government committed as part of budget negotiations to set a net-zero target by 2050. This means we have to confront head-on the challenge of facilitating clean energy solutions for transportation, heavy equipment, and industry. Mr. Speaker, I ask for unanimous consent to conclude my statement.
---Unanimous consent granted
Thank you, Mr. Speaker. So as I was saying, we need to confront head-on the challenge of facilitating clean energy for transportation, heavy equipment, and industry, which together make up 84 percent of the territory's emissions. There are solutions, and I will continue to push this government to pursue them. We can do this, and we must do it. Thank you, Mr. Speaker.
Thank you, Member. Next on my list I have is the Member from Monfwi.
