Honourable senators, imagine navigating a ship through dense fog. You can’t see the shoreline, but you know it’s rocky. You don’t have a GPS, and there are no channel markers. It’s nearly impossible to chart a safe course.

Now imagine that ship is our economy and the fog is the uncertainty surrounding greenhouse gas emissions.

Carbon accounting is our GPS. Carbon accounting shows us exactly where we are and where we must go, and it guides us through the complexities of the journey to net zero and, ultimately, to net negative.

Data are the bedrock of informed decision making, especially in our fight against climate change. This was reaffirmed in the Net-Zero Advisory Body’s recent report, which emphasized the importance of creating a national carbon budget for Canada and the regular accounting of our emissions.

To successfully create a sustainable environment for future generations, we require tools that accurately quantify the carbon we emit and the carbon that we sequester.

As usual, Canadian innovators are stepping up. Calgary-based Arbor is one such leader, developing cutting-edge tools that make carbon accounting broadly accessible, cost-efficient and reliable.

For most organizations, charting a path to net zero seems daunting. Arbor has simplified a crucial piece of the puzzle — carbon accounting — and their tools follow globally recognized standards like ISO 14067 and the Science Based Targets initiative, or SBTi. Users can measure their Scope 1, 2 and 3 emissions, create detailed reports and identify clear pathways to a reduced carbon footprint.

This means that Canadian businesses can track and reduce their emissions, which not only contributes to Canada achieving its national climate objectives but also enables these companies to gain a competitive edge in a global market that increasingly values sustainability. This is crucial to building a future in which economic growth and environmental responsibility go hand in hand.

Colleagues, just over two years ago the Senate committed to reaching a net-zero emissions target by 2030. Last year, we benchmarked our current emissions, and earlier this year we identified specific actions that will enable us to reduce our emissions by 45% by 2030.

However, to actually reach net zero, we must be able to confidently track and report on our progress with certainty and cost-efficiency. This requires innovation and underlines why we need to support Canadian innovators whose globally leading technologies and tools can help us all.

Colleagues, as Canada works to meet its national target of net zero by 2050, let’s prioritize the adoption of practical, cost‑effective and innovative Canadian solutions.

Thank you.