“It is a lot of money” but Carney says Canada is already spending it

Carney stated that this investment would “help build our economy as it improves our defence,” adding that “we’re not at a trade-off.” 

The breakdown of the NATO target, reported by BNN Bloomberg, allocates 3.5 percent of GDP toward core military needs such as jets and weapons, and the remaining 1.5 percent toward defence-related infrastructure.  

Canada signed onto the target—along with all NATO allies except Spain—at the alliance’s leaders’ summit in The Hague, with a review scheduled for 2029. 

Carney told CNN that reaching the full target by 2035 will be “a lot of money,” but stressed that some of the costs are already covered by existing or planned measures.  

He did not offer an estimate for what the 3.5 percent core military spending portion would look like in 2035, citing the unpredictable threat environment.