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Alberta responds to Ottawa's economic statement and its vision for clean technologies

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Federal Finance Minister Chrystia Freeland confirms that the Canada Growth Fund for clean technology investments will be the primary vehicle for carbon deals for the difference. (Archive photo)

  • Laurence Brisson Dubreuil (View profile)Laurence Brisson Dubreuil

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Alberta was quick to respond to the federal government's 2023 fall economic statement presented Tuesday, particularly on energy tax incentives own.

The federal government notably announced a timetable for the implementation of tax credits for investment in the clean economy. This timeline does not provide enough detail, depending on the province, particularly regarding carbon capture, use and storage (CUSC).

What we What we want from the federal government is that it commits to following what we are doing with carbon capture, utilization and storage and supporting industries that want to invest in it. sector, said Danielle Smith, Premier of Alberta, this Wednesday.

Danielle Smith adds that her government will provide details about CUSC programs next week.

Scott MacDougall, spokesperson at the Pembina Institute, also says the lack of details in the federal announcement is problematic .

I think the government needs to be aware of the pressure it is facing and the importance of citizens' expectations of these investment tax credits. p>A quote from Scott MacDougall, spokesperson at the Pembina Institute

Danielle Smith adds that her government hopes that Ottawa will keep its commitment to put legislation in place on the issue before the end of the year. A point that she considers essential to establish a working framework. According to the economic statement, the presentation of legislation for CUSC and clean technologies will take place during the fall.

It would be good to go to the [2023 Dubai Climate Change Conference] knowing what the investment climate in Canada is like, says Danielle Smith, who will be attending the conference from November 30 to December 12, 2023 in Dubai, United Arab Emirates.

The economic statement also provides details on the Canada Growth Fund, a $15 billion investment fund and whose activities began last summer. His first investment went to an Alberta company.

By investing $90 million in an innovative company specializing in geothermal energy, Eavor Technologies Inc. of Calgary, the Canada Growth Fund is supporting good jobs for the people of Alberta and securing Canada's future. “a company at the cutting edge of the global clean economy,” specifies the federal document.

Federal Finance Minister Chrystia Freeland confirms that the fund, which aims to make major investments in the area, would be the main means of entering into contracts for difference for carbon.

The government will continue to explore other ways to provide businesses with certainty about the trajectory of carbon pricing, including by examining possible legislative approaches and other new measures, in collaboration with provinces and territories.

A quote from From the Fall 2023 Economic Statement

She indicated that up to $7 billion of the 15 billion in the fund will be reserved for this type of contract, some of which are already being negotiated.

These contracts will serve as safety nets for the future price of carbon, specifies the fall 2023 economic statement.

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