Prime Minister Justin Trudeau has difficult choices ahead as his government races to respond to the massive green-technology incentives in the U.S Inflation Reduction Act.
Prime Minister Justin Trudeau has difficult choices ahead as his government races to respond to the massive green-technology incentives in the U.S. Inflation Reduction Act.
A parliamentary committee is studying the matter, with steelmakers, auto manufacturers, trade unions, fuel producers and many other lobby groups called to testify. But Freeland’s department acknowledges the threat. Her Nov. 3 budget update warned of the “enormous financial supports to firms that locate their production in the United States -- from electric vehicle battery production, to hydrogen, to biofuels, and beyond.”
Still, Trudeau’s government will have to set priorities. There are three areas likely to be emphasized, the people said: electric-vehicle supply chains, the production of clean fuels including hydrogen, and carbon-capture projects. There is, for example, the Canada Growth Fund, which was created in this year’s budget and will have C$15 billion to attract private capital to net-zero projects. One intended use is carbon contracts for difference, which are effectively a federal backstop to carbon markets to de-risk business investment.
“The whole point of this is we’re trying to attract capital,” Darby said. “Companies are going to go where they get the best deal.”
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