OTTAWA – If the private sector is urged to develop clean technology – and strong emitters to adopt it – billions of new money will flow in from the Liberals’ budget pledge for 2021 to fight climate change.
Around $ 17 billion is pledged in the coming years to fuel a “green” recovery from the COVID-19 pandemic and create jobs.
This includes an additional $ 5 billion in a fund for projects used by industry to reduce their greenhouse gas emissions.
The government says this will be spread over seven years and on top of the $ 3 billion announced last year when the Liberals revealed their plan to achieve net-zero emissions by 2050.
Another measure against strong emitters is a new tax incentive to encourage companies to use technologies that capture carbon dioxide from burning fuel into the ground instead of releasing it into the atmosphere.
The government has announced that it will shortly begin consultations to develop a tax credit for capital spent on carbon capture and storage technology in hopes of increasing the number of millions of tons caught annually in Canada.
This Canadian press report was first published on April 19, 2021.
The Canadian press
