With the long-awaited passage last month of U.S. President Joe Biden’s climate legislation, America now has a plan environmentalists say will significantly reduce emissions, vaulting the U.S. from a laggard to a leader on climate change
The Liberals unveiled a tax credit for clean technology investments in the spring budget, planned as a 30-per-cent subsidy on qualifying investments, but the details have not been released so it is unclear if it will be as broad as the U.S. proposal. The U.S. credit starts at 30 per cent and can rise to as much as 60 per cent of investment.
“There’s only about 20 vehicles that are now eligible for the U.S. rebate. In the case of Canada, right now, 50 vehicles are eligible for the Canadian rebate,” he said. The minister said he welcomes the U.S. investment, but says the Canadian government is still spending more than $100 billion on climate change efforts.
Robert Hornung, president and CEO of the Canadian Renewable Energy Association, said reaching net-zero means greening the electric grid and creating much more energy to power electric vehicles and heat pumps that will be moved off fossil fuels.Article content “Taking steps to make carbon pricing more stringent in the electricity sector can help drive more investment in renewable energy, providing clarity on the future of carbon pricing after 2030 drives more investment in renewable energy,” he said.Article content
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