Canada Announces Over $80 Billion Clean Tech & Energy Investments
Canada unveiled its response to the emerging global race to scale up green energy and clean tech manufacturing capacity, with proposals for over $60 billion in tax credits and an additional $20 billion in sustainable infrastructure investments in its 2023 budget.
While the budget acknowledges the opportunities created for Canada by the Inflation Reduction Act, arising from “the accelerated pace of technological development, and from new opportunities in North American supply chains for clean energy and technologies,” the budget also points out the need for Canada to respond in order to remain competitive in the global transition, noting that:
“(W)ithout 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.”