Canada wants to keep active in the auto industry. But competing with U.S. incentives for just two EV battery plants could cost roughly $40-billion, according to a recent report
Imagine for a moment what would happen if Canada’s auto industry was sucked away into the United States. Tens of thousands of jobs and a big chunk of the $19-billion a year the sector contributes to Canada’s gross domestic product would slip away. How much would a Canadian government pay to stop that?
If you look closely at a recent report on green-technology incentives by Clean Prosperity and The Transition Accelerator, it provides an idea of how much it would cost to compete with U.S. incentives for two EV battery plants: roughly $40-billion. These are massive sums. And the thing is, it’s not just about one battery plant, or the auto sector. The incentives in the U.S. Inflation Reduction Act and the U.S. CHIPS and Science Act include massive subsidies for all kinds of green technology and advanced manufacturing. The Biden administration has embarked on a massive effort to “reshore” manufacturing to the U.S. and transform industry for a low-carbon future.
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