The feds are betting on tax credits, subsidies and other infusions of public cash to grow the clean energy economy. Some fear it’ll be a washout
This big federal bet is merely one part of a huge new infusion of public funds, including tax credits for clean electricity investments, grants from the Strategic Innovation Fund and the Net Zero Accelerator initiative, more capital from something called the Canada Growth Fund, and financing from the Canada Infrastructure Bank.
The question is, does the Liberal government’s headlong sprint into the clean energy economy represent something new, or is it merely a revamp of old-school interventionist measures that were known, back in the day, as “industrial policy?” And, if the latter, are we setting ourselves up for a reprise of the exploding-cigar outcome of those efforts, like the time the feds poured hundreds of millions into Bombardier, only to see the company offshore its...
On a per capita basis, observes John Lester, a former Department of Finance tax policy official who’s now an executive fellow at the University of Calgary’s School of Public Policy, “we’re probably doing more than the Americans.
The drift away from the conventions of free trade and liberal economics, which is very much in evidence south of the border, is actually part of a bigger story about the ways in which different regions and political cultures practise capitalism.
Fast forward through countless free trade agreements, the 2008 credit crisis, the emergence of China’s “belt and road” initiative and Donald Trump’s love of tariff wars, and we all find ourselves in a world where the word “subsidy” no longer has the sting it once did.
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