Biden's big, bold green spend sends shockwaves around the world, including Canada
The Inflation Reduction Act is a multi-billion-dollar program that pledges government dollars toward developing low-carbon energy. The policy is aimed at boosting the country's manufacturing sector and takes aim at China's dominant position in the clean energy technology supply chain.
There are many facets of the IRA, such as tax incentives aimed at increasing the manufacturing of wind turbines, solar panels, and electric vehicle batteries. There are also subsidies to promote the development of hydrogen, biofuels and carbon capture and storage facilities. The financial supports are"The IRA will have the effect of really attracting capital back to the U.S.
"There's no denying the fact that suddenly people have woken up with the IRA and said 'Hey, we can do a lot more,'" said Lamba, who doesn't think the European Union will be able to match the level of subsidies.Canada has offered subsidies to promote low-carbon sources of energy, although its main policy to promote the decarbonization of the energy sector is the carbon tax.
In Canada, oilsands companies are pressuring the federal government to increase the level of financial support for building and operating carbon capture and storage facilities. Ottawa has already introduced a tax credit, although the government has admitted the policy is not as robust as the IRA.
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