What an incredible room to be in. You all represent countries and companies that span
the globe, and thank you for being here for the Fortune Most Powerful Women International
Summit, and welcome to Montréal. Yes, I’m in my hometown, so I’m going to be testing
some of your high school French throughout, but there is translation available for those
of you who need it. Many of you joined us in another great Canadian city,
Toronto, just last month, for the 2018 Fortune Global Forum. I’m glad to see that
you were so impressed that you decided to come right back to Canada. Because it does
make sense to gather the world’s business leaders here. After all, we have a pretty
great investment climate at the moment. In fact, I’d argue that the Canadian advantage
for companies and workers is stronger than it’s ever been.
Our economy is performing among the best of G7 countries. The unemployment rate is at
its lowest level in 40 years. And today, 600,000 more Canadians have a job compared to only
two years ago. Exports are at record levels. And importantly, we’re the only G7 country
with preferential access to European, Asia Pacific, and North American markets. Simply
put, we’re the only G7 country with a free trade agreement with every other G7 country.
So Canada now has preferred market access to two thirds of the global economy.
(Applause)
Needless to say, it’s a great time to be
doing business in Canada, whether you’re expanding into new markets, scouting a location
for your latest manufacturing plant, or searching for a new corporate HQ.
Now, I’m really looking forward to my discussion with Nina, but before we get into it, I want
to briefly tell you about two exciting new policies we’ve recently put forward as a
government, policies that will position us for the future, growing our economy, and providing
good jobs and stability for our people. I’m talking about putting a price on pollution,
and pay equity. Starting with our planet, maybe you’ve seen
the latest UN report. It basically says that we have twelve years to address climate change,
or else face devastating consequences. Well, here in Canada, we’ve implemented a whole
host of initiatives over the past few years to protect our oceans, phase out coal, invest
in public transit, and conserve our national parks. And, as a crucial cornerstone piece
of this larger plan, I announced a few weeks ago that we’ll be putting a price on the
pollution that causes climate change. The problem we face as a country and really, as
a world, is this: It’s free to pollute, and so we have too much pollution.
William Nordhaus has spent his life studying the economic impacts of climate change. He
concluded that the best way to reduce emissions is to put a price on pollution and encourage
people to pollute less. This approach would also contribute to growing the economy, because
businesses would be motivated to innovate, create new technologies and imagine the jobs
of the future. And indeed, Mr. Nordhaus recently received the Nobel Prize in economics for
his efforts and his work in this field. In Canada, we know that inaction is no longer
an option. Climate change is a huge global threat, but the opportunities are immense
for the companies and countries that choose to lead in this new economy. I’ve been known
to say, a time or two, that the environment and the economy can, and must, go hand in
hand. What’s good for the economy and what’s good for the environment are in this new era
very often the same things. For companies that want to reduce their carbon footprint
and position themselves as cutting edge economic leaders for this generation and the next,
Canada is your natural and enthusiastic partner. Just ask Shell, Petronas, Petro Canada, Petro
China, Mitsubishi, and COGAS, who last month announced a $40 billion liquid natural gas
project in Canada, the single largest private sector investment in our country’s history.
My friends, showing leadership on climate change is profitable, does create jobs, and
is quickly becoming the key to success in this world.
Now, another area that requires serious leadership by the people in this room and by governments
around the world, is pay equity. Equal pay for work of equal value. That’s a concept
that’s pretty hard to disagree with. You know it and I know it: real action on pay
equity is long, long overdue. When I was in Davos for the World Economic Forum last January,
I talked about pay equity as a fundamental piece in the economic empowerment of women.
And not just because it’s the right thing to do, it’s also the smart thing to do.
In Canada, greater gender equality in the workforce could add $150 billion to our economy
over the next decade. That’s an enormous opportunity that we will not let pass us by.
And I’m proud to say that just last week, to take concrete steps to address the gender
wage gap, our government introduced historic federal pay equity legislation.
(Applause)
This, coupled with other key investments in
things like childcare and parental leave, as well as our recently launched women entrepreneurship
strategy, will make a huge difference. Not just for Canadian working women, but for our
economic success as well. Now, inequality in the workforce isn’t new.
I’m sure that many of you, over the course of your impressive careers, have had to fight
for the pay, the work environment and the recognition that you deserve. You know it
now, and you knew it then; having your work undervalued, being underpaid simply because
you are a woman is unacceptable. Making real, important change is difficult. It takes courage,
and it takes leadership to do big things, but I know that this room is up to lead the
challenge. Many of you have already addressed the gender wage gap with your own corporate
advocacy and policies. For that, I thank you, and I vow to work with you in the months and
years ahead, to get better results for women everywhere.
The Most Powerful Women Summit, organized by Fortune, creates … plays an important
role in encouraging progress in this area and to developing a work plan not just for
women, but for workplaces and entire communities. Once again, thank you for being in Montréal.
I know that many of you have travelled a long way to be here, and we are happy to have you
with us today. Thank you all for coming from such a long
distance away, for many of you, to be here in my hometown, in Montréal, tonight.
I’m impatient to actually get chatting with Nina, so for now, we’ll pass to the next section.
Thank you very much. Thank you.