Budget 2023 maps out a shrewd gameplan to keep Canada competitive
Accelerating the clean energy economy and upgrading Canada’s electricity systems will pay dividends for jobs, affordability, and growth.
The 2023 federal budget rolls out hefty new support to accelerate low-carbon growth and expand clean electricity supply across the country—underscoring the new reality thatIn fact, this is the most consequential budget in recent history for accelerating clean growth in Canada, and a shrewd response to the U.S. Inflation Reduction Act.
The budget builds on Canada’s existing policy strengths, such as carbon pricing and clean fuel regulations, and provides targeted support to attract the private capital required to drive new sources of clean economic growth. In particular,and the Canada Infrastructure Bank, will help mobilize additional investment in clean growth projects across the country, such as clean electricity, hydrogen, clean technology manufacturing, electric vehicles, and batteries.
Specifically, investment tax credits will help drive investment to new sources of economic growth and competitiveness. For example, a 30% refundable credit will support investment in new machinery or equipment used to manufacture or process clean technologies and extract, process, or recycle key critical minerals. Similarly, tax credits of 15-40% will support production of clean hydrogen and conversion to ammonia for transport.
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