Two years after the federal government began announcing what it calls "clean investment tax credits," no company has been able to access the incentives that are supposed to jump-start a net-zero investment bonanza.Landowner Duane Olson and his dog Bella walk past solar panels at the opening of the Michichi solar project near Drumheller, Alta., on July 11, 2023.
Some of these measures were announced as recently as March, while others, such as the clean technologies and hydrogen credits, were announced a year ago during the 2022 fall economic statement.Canada risks falling behind in the global race to attract billions of dollars in low-emission investments — especially given the rapid pace of the Biden administration's efforts to green the U.S. economy — said NDP natural resources critic Charlie Angus.
"This is an industrial revolution that's happening at an accelerated level. International investors are choosing where to go," Angus said.Federal government giving Volkswagen up to $13B in subsidies to secure St. Thomas EV battery plantHouse of Commons committee The Commons standing committee on natural resources is looking at whether Canada's clean energy plans meet the challenge posed by the IRA.
While draft legislation has been published for the clean technology and carbon capture and storage tax credits, she said, the tax credits for hydrogen, clean manufacturing and clean electricity "remain conceptual."from the government's Canada Growth Fund — a $15 billion arm's-length public investment vehicle to support Canada's clean economy.
"The tax credits are retroactive, deliberately, as we know Canada cannot afford to miss out on this opportunity to build a thriving, sustainable, clean economy with economic opportunities for Canadians across the country," said Katherine Cuplinskas in a media statement.