Along with the GST credit for groceries, possible easing for Canadians struggling to pay their mortgages with a possible extension of the amortization period beyond 25 years and announced funds for introduction of a Canadian dental care plan, Ottawa announces a total of $80 billion for the next 10 years, earmarked for the construction of a clean economy.
We want to make the alternative easy, but at the same time, we are not putting the brakes on investments in fossil fuels
regrets Robert Godin, professor in the department of chemistry at the University of British Columbia.
A significant portion of the envelope, ie $26 billion, must be used to create a 15% refundable tax credit for investments in clean electricity.
This credit will be available to Crown corporations and electric utilities, such as BC Hydro, among others. This credit concerns both new projects and those for the renovation of existing facilities.
Also, an envelope of $20 billion from the Canada Infrastructure Bank will be used for strategic financing. In addition, $11 billion will go towards the creation of another refundable tax credit, 30% this time, for investments in clean technologies.
In this regard, the federal government hopes to grow the biofuels sector and to appeal in particular to the forestry industry of British Columbia.
Environmental groups are concerned that companies are using whole trees rather than wood waste to produce pellets that are sold as biofuel.
Photo: Courtesy of Stand.earth
Also, the government is proposing that the carbon capture, use and storage investment tax credit be made available for projects that would store CO2 using dedicated geological storage in British Columbia, plus Saskatchewan and Alberta.
The announcements made by Ottawa on Tuesday are in addition to the $23 billion already mentioned in last fall’s economic update, for the creation of a refundable tax credit for investments in clean hydrogen.
A positive federal budget for the Climate Institute of Canada
ICI PREMIERE PROGRAM • Panorama
Green maritime corridors and protection of whales
Ottawa is providing Transport Canada with $165.4 million over seven years to establish a green maritime corridors. This is to reduce the impact of shipping on surrounding communities and ecosystems.
This program should contribute to accelerating the launch of the next generation of clean ships. It must also stimulate investment in shore power technologies and prioritize low-emission, low-noise ships in ports.
« It is good that the government recognizes that with the increase in ships in the Salish Sea, investments are needed to limit the impact on the environment. »
We hope that the federal government will not take advantage of this to give the green light to the new Roberts Bank terminal.
south of Vancouver, adds Christianne Wilhelmson.
Of the three distinct groups of killer whales in British Columbia, the southern and northern resident killer whales are the ones that feed exclusively on fish.
Photo: The Canadian Press/Jonathan Hayward
In its budget, Ottawa is also investing $151.9 million over three years to strengthen the protection of whales, including the North Atlantic right whale, the St. Lawrence Estuary beluga and the southern resident killer whale. , endangered, in British Columbia.
Strengthen trade corridors
Ottawa also wants to strengthen the country’s trade corridors, the backbone of supply chains, damaged during major events such as the pandemic and the 2021 floods. To do this, the government is injecting $60 million into the Prince Rupert Port Authority to increase rail capacity.
Aerial view of Prince Rupert Harbour.
Photo: Prince Rupert Port Authority
According to the federal government, this investment should support the region’s economy and promote the diversification of trade through increased exports to Asian markets.
Cullen Commission follow-up
Almost a year after the release of the Cullen Commission’s report on money laundering in British Columbia, the federal government intends to make legislative changes to the Criminal Code and the Proceeds of Crime (Money Laundering) and Financing Act Terrorist Activities (LRPC-FAT) to strengthen investigation, law enforcement and information-sharing tools.
With information from Francis Plourde
