Clean and green, but not very lean. That’s how the Conference Board of Canada summarized Finance Minister Chrystia Freeland’s budget Tuesday.
Freeland's budget includes spending that is expected to exceed revenues by an estimated $40 billion. The two big ticket items in the budget is a new national dental care program and spending on the green economy. Freeland noted that budget 2022 contained $10 billion in funding for housing, spread over several years. And she put the ball back into local government’s court, suggesting NIMBYISM was one reason for new homes not getting built in B.C.
The Trudeau government has been under pressure to respond to U.S. President Joe Biden’s Inflation Reduction Act , which has been described by Clean Energy Canada as “part industrial strategy, part climate plan and part social justice — all with a protectionist bent.” To meet climate change commitments, a whole lot of fossil fuels will need to be displaced with "clean" electricity. That will require a massive amount of new generating capacity as well as storage and transmission.
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