NDP MP Taylor Bachrach asked if Canada needed “a concerted strategy around the zero emission vehicle and battery supply chains” given incentives offered in the act for the production of batteries for electric vehicles.
Michael Bernstein of Canadians for Clean Prosperity said the IRA provides a degree of ‘certainty’ for investing in green energy projects in the United States that the Canadian setting currently does not offer.“So when you’re thinking about whether you should make this investment, that number goes in the spreadsheet with 100 per cent confidence – or at least 98 per cent confidence,” said Bernstein.
Rachel Samson, vice-president of research for the Institute for Research and Public Policy, said carbon pricing on its own ‘does not provide sufficient incentive’ for large-scale capital investments.
“I’m not sure the carbon price was ever going to address some of the challenges … particularly when we’re talking about really big expensive capital investments,” she said. “The carbon price on its own does not provide sufficient incentive to make those large investments, particularly when there’s huge market risk and there isn’t there isn’t a global carbon price.”
“One of the challenges with a good industrial policy and subsidies is, if you don’t also have appropriate speed on the regulatory front, the subsidies don’t help you very much or the tax policy doesn’t help you very much,” she said. “So there’s going to have to be a look now at regulatory efficiency, without sacrificing, in any way, safety.”
Campbellian_ Good. I hope the US repatriates it’s entire supply chain…then maybe these jobless Canadian will wake … Canada is a mediocre country…
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Canadian response to U.S. Inflation Reduction Act should boost 'certainty' for investors, says advocacy groupThe landmark United States Inflation Reduction Act poses economic challenges and opportunities for Canada, say observers, but a chief response to the American law incentivizing industrial decarbonization must be to address the investor “certainty” it creates in contrast to the Canadian regime. Michael Bernstein, executive director of Canadians for Clean Prosperity, said the certainty the Inflation Reduction Act (IRA) provides is “one of the most significant” ways the act could “attract a lot of capital, both money and people … to the U.S. that might otherwise go to Canada or stay in Canada.” “It’s not that Canada isn’t spending a lot of money on climate or doesn’t have some strong economic incentives,” said Bernstein, whose organization advocates for a market-based approach to climate policy. “But the U.S. policy is designed in a way that provides a lot of certainty to investors, and clarity to investors on what funding or what support they’re going to get by investing in decarbonization.” MPs discussed the Canadian government’s response to the IRA at a Nov. 15 House International Trade Committee meeting, questioning witnesses on the advantages the act gives American companies in fields related to decarbonization, such as manufacturing batteries for electric vehicles. NDP MP Taylor Bachrach (Skeena-Bulkley Valley, B.C.) asked if Canada needed “a concerted strategy around the zero emission vehicle and battery supply chains” given incentives offered in the act for the production of batteries for electric vehicles. NDP MP Taylor Bachrach asked if Canada needs ‘a concerted strategy’ around electric vehicle and battery supply chains, in response to incentives offered in the IRA. The Hill Times photo by Andrew Meade Conservative MP Tony Baldinelli (Niagara Falls, Ont.), said the IRA “takes an enabling approach” to decarbonization through incentives, while he characterized Canada as “having more of a carrot and stick approach.” Rachel Samson, an economist who serves as vic
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