'Capital is impatient': Timelines key as federal budget promises billions for green transition GabeFriedz
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Finance Minister Chrystia Freeland proposed $20 billion of investments in Canada’s electric infrastructure through the Canada Infrastructure Bank over the coming years, and a policy known as “carbon contracts for differences,” or CCfDs, to ensure its carbon tax remains relevant for years to come. Article content
The budget said the program would be implemented through a $15 billion Canada Growth Fund, which itself was announced in last year’s budget. Many of the details of how CCfD’s will be implemented are set to be rolled out over the course of the year.Article content“We look forward to further implementation details on the Canada Growth Fund and a better understanding of the government’s intentions for carbon contracts for difference,” Dilling said in a statement.
Michael Bernstein, executive director of Clean Prosperity, a Toronto-based green economy think-tank, noted that the U.S. is offering production tax credits to spur investment in various corners of the green economy. Though simple and widely accessible, he said the costs remain unquantified and have not yet been widely debated.
Bernstein said the budget fleshed out hydrogen production tax credits that had previously been announced and he called the move to put forward a CCfDs policy in the coming year encouraging. Already, the details that the government has revealed about its proposed CCfDs program is drawing protests from some as far too generous of a subsidy to industry: the Liberals signalled they intend to set a fixed price for carbon credits — rather than the carbon tax.
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