<
https://www.politico.com/news/2023/03/29/canada-u-s-clean-energy-ira-00089284>
"OTTAWA — The Canadian government has unveiled its answer to the Biden
administration’s Inflation Reduction Act with a federal budget that offers
billions of dollars for investment in the transition to a low-carbon economy.
Prime Minister Justin Trudeau’s Liberal government is announcing C$80 billion
in tax credits for clean technology over the next decade, including C$25
billion for investments in clean electricity.
“Our friends and partners around the world — chief among them, the United
States — are investing heavily to build clean economies and the net-zero
industries of tomorrow,” Finance Minister Chrystia Freeland said Tuesday, as
she presented the budget in the Canadian Parliament.
That, along with the attempt of many Western democracies to reduce their
“economic reliance on dictatorships,” Freeland said, “represent the most
significant opportunity for Canadian workers in the lifetime of anyone here
today.”
Canadian business leaders have long pushed the federal government to mount a
competitive response to the U.S. Inflation Reduction Act, which pledged up to
$369 billion in clean growth incentives.
“Without swift action, the sheer scale of U.S. incentives will undermine
Canada’s ability to attract the investments needed to establish Canada as a
leader in the growing and highly competitive global clean economy. If Canada
does not keep pace, we will be left behind,” the budget document reads. “We
will not be left behind.”
A senior government official told reporters the budget attempts to put Canada
on roughly equal footing with the U.S. by reducing the cost of investment in
clean technology. Canada needs about C$100 billion a year in clean tech
investment to meet the government’s goal of achieving net-zero emissions by
2050 — up from current investments of C$15 billion to C$20 billion, the
official said.
The budget unveils two new refundable tax credits, including the 15 percent
credit for non-emitting electricity generation. The Liberal government has
promised Canada will achieve a net-zero electricity grid by 2035, while demand
for clean electricity is projected to double by 2050.
The government is also announcing a 30 percent tax credit on manufacturing
equipment for renewable and nuclear energy projects, zero-emission vehicles and
critical mineral extraction and recycling, expected to cost C$11 billion
between now and 2035."
Via
Future Crunch:
<
https://futurecrunch.com/good-news-river-restoration-malaria-kenya-teen-pregnancy-new-zealand/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
