react to latest federal budget There has been positive from a host of organizations largely due to the move to launch several measures related to clean technology and various funding initiatives around it.
One of the few notable detractors was Renewable Industries Canada (Recanada), a business coalition representing leaders and innovators in biofuels, renewable products and clean technologies, said today that the federal government has approved new clean hydrogen investment tax credit A welcome start in attracting capital to Canada and helping to boost domestic production. However, that initial praise was tempered by the statement that “the extension of similar investment instruments to domestic low-carbon liquid biofuel production is concerning. As other countries aggressively encourage low-carbon liquid biofuels, it is disappointing to hear news of further consultations in Canada.
RICanada’s board member Andrea Kent said it has long advocated for practical policy measures to improve Canada’s production and use of low-carbon fuels. Budget 2023 is a step in the right direction that will help level the playing field for hydrogen production in Canada.
“However, to keep our economy moving and our environment clean, Canada needs the full suite of low-carbon fuels, in addition to hydrogen. We look forward to additional measures to increase domestic biofuel production and the economic benefits that result from it.” Look forward to continuing to work with the government to expedite implementation.
In a release, the organization, which was formed in 1984, said biofuels are an “enduring and growing feature” of net-zero ambitions in the United States and across Europe. Canada’s policy announcements to date matter of dimension and impact. These jurisdictions lag behind in the U.S. RICanada is urging the federal government to work with the biofuels industry in Canada to accelerate its development.
Meanwhile, Rocco Rossi, president and chief executive officer (CEO) of the Ontario Chamber of Commerce (occ), said, “We welcome the commitments made in Budget 2023 to unlock the potential of the green economy, advance economic reconciliation, mitigate supply chain challenges, and enhance healthcare resilience – all of which contribute to a stronger economy fundamental to.”
An update on the OCC’s budget released this morning said it lays out Canada’s approach to staking its claim in the green economy as competition for capital intensifies, especially in light of american inflation reduction act – which is recognized in the document and pledges US$369 billion for clean energy and climate provisions.
“Although Canada has a smaller market and pocketbook, the federal government is appropriately focused on encouraging capital investment in areas where Canada has existing competitive advantages – such as clean electricity and carbon capture,” it said. .
A major criticism of the OCC is that, overall, despite a number of welcome pro-growth measures, Budget 2023 lacks a coherent strategy for economic growth.
“More than ever, Canada needs a clear framework that will boost productivity and attract business investment in the face of major economic headwinds and competition with global peers,” it said. “A pro-growth strategy should not only make targeted investments in key sectors, but also take bold steps to modernize outdated regulatory, taxation and policy barriers that stand in the way of growth.”
MDA LimitedA Canadian space technology company headquartered in Brampton, Ont., applauded the fact that the budget included a $1.2 billion investment for the Canadian Lunar Utility Vehicle, saying it would “show the global commercial and government space community a vigorous and Sends important signal that Canada is open for business.
Company CEO Mike Greenlee said that “as the Earth to Moon economy emerges, further Canadian government investment in space will only help strengthen the opportunity for a domestic space industrial base in Canada and expand it globally.”
The company said it also commended the government for increasing its funding commitment to the International Space Station, which it described as a “vital platform for space exploration, global cooperation, industrial development and innovation.”
electricity canada Noted that the government has made “significant investments that will support the expansion of Canada’s electricity system to meet the needs of reaching net-zero while addressing affordability and preserving reliability for electricity customers”. Strategically, new and expanded investment tax credits, and getting projects moving faster and providing greater certainty are important developments.”
Its CEO Francis Bradley stated that “With one of the cleanest electricity grids in the world, achieving our climate goals and electrifying Canada is possible … we just need to make it happen.” (the) federal budget leads Canada’s electricity providers on the way to do the same.”
Finally, Rick Smith, president of Canadian Climate InstituteAnd Dale Beggin, the organization’s executive vice-president, called the budget “the most consequential budget in recent history to accelerate clean growth in Canada, and a clever response to the US Inflation Reduction Act” in a blog posted this morning. described as.
“The world’s leading economies recognize that investment in clean energy is the catalyst for future competitiveness, and Budget 2023 takes decisive steps to ensure Canada is not left behind in the global race to net-zero.”
