A look at the impact of the Inflation Reduction Act that sent shock waves through the world\u0027s supply\u002Dchains. Read on
With Canadian businesses, especially in the auto sector, linked to the U.S. market, the law was bound to make an impact north of the border. That’s why the Canadian government aggressively lobbied for months prior to the legislation’s passing to change certain conditions that could have otherwise hurt this country’s automotive, energy and mining industries.
LG also inked deals with Toronto’s Avalon Advanced Materials Inc. and Winnipeg-based Snow Lake Resources, miners who are in the process of developing lithium projects.Article content The IRA played a role in enticing auto companies to build Canada’s first battery plants for EVs, although it could have robbed Canada of a crucial investment from Stellantis and LG.
“Canada needs to focus on developing and capturing intellectual property as opposed to simply becoming a battery branch plant operation,” he said. “Canada is well positioned to do so with our talent and resources, and governments’ efforts should be redirected to those goals.”The IRA helped bring investments into Canada, but it also compelled some businesses to flow south of the border.
“A lack of action on permitting reform and investment tax credits has put us on the back foot,” said Heather Exner-Pirot, a special adviser at the Business Council of Canada, a group of about 150 companies, including Microsoft Canada Inc. and Google Canada. “We have already seen capital investment head south,” Holmes said. “Over the next year or two, we are concerned that Canadian talent, research and innovation will follow as the U.S. builds momentum.”Article content
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