Budget 2023: Industries Gear Up for Incentives as Ottawa Accelerates Green Transition Plans
The article discusses the upcoming Budget 2023 in Canada, where the government is preparing to accelerate the country’s green transition. Various industries and sectors are lining up for investments and incentives to support their efforts in reducing greenhouse gas emissions and transitioning to cleaner technologies.
Some of the key requests from industry include:
- A 30% tax credit for investments in cleantech manufacturing equipment
- An extension of the scope of the 30% tax credit for critical mineral exploration to also cover expenses incurred in mine production and development
- Tax incentives for research and development, large-scale hydropower projects, and critical mineral ore processing or manufacturing that reduces greenhouse gas emissions by at least 80%
- A policy allowing companies to classify the costs of building a critical mineral mine as expenditures for income tax purposes
The non-profit sector is also requesting investments in clean technology and green infrastructure. The government faces pressure to create a budget that invests heavily in the green economy and attracts private investment.
Some notable quotes from industry leaders include:
- "There’s clearly people thinking about where they’re going to make their next investment." – Pierre Gratton, president of the Mining Association of Canada
- "It’s key that we move quickly, and that means Canada is going to have to move at a different pace than it has historically." – Michael Bernstein, president of the Canadian Clean Technology Industry
Overall, the article highlights the importance of investing in clean technology and green infrastructure for Canada’s economic growth strategy.
