By Steve Scherer OTTAWA (Reuters) - More than a year after Canada first announced incentives to jumpstart clean technology projects there is still no ...
By Steve Scherer OTTAWA - More than a year after Canada first announced incentives to jumpstart clean technology projects there is still no money flowing, and if they are not in place soon,aFrite Restaurant's Fight for Survival: little Halifax versus Halifax's little Toronto | SaltWireOTTAWA - More than a year after Canada first announced incentives to jumpstart clean technology projects there is still no money flowing, and if they are not in place soon, more than C$50 billion in...
Masterson says there are"well beyond C$25 billion of proposed investments" in more than a dozen projects in his industry that are waiting for the incentives. Both sets of ITCs, once fully legislated, will be applied retroactively to the dates outlined previously, said a finance ministry official, and some companies are already investing because they have enough certainty that the money will flow.
Cement maker Lafarge is among the companies counting on ITCs for its plant in Exshaw, Alberta, where it has a plan to capture 1 million metric tons of carbon emissions per year. CME members are going to need to make between C$25-C$50 billion in green investments over the next four or five years to compete with the United States, Darby said.
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Canada risks more than C$50 billion in clean tech as incentives in limboMore than a year after Canada first announced incentives to jumpstart clean technology projects there is still no money flowing, and if they are not in place soon, more than C$50 billion ($37 billion) in investments could be at risk, industry groups said. Prime Minister Justin Trudeau's Liberal government has pledged a bevy of investment tax credits (ITCs) worth some C$27 billion over five years to spur investment in green technologies, partly in response to the generous incentives that have been on offer in the United States for more than a year. 'Companies are going to get pretty tired of waiting around given the certainty that they do have in the U.S.,' said Bob Masterson, President and CEO of the Chemistry Industry Association of Canada.
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