The CHFCA joins fellow low-carbon energy associations in applauding the Investment Tax Credit announcement in the Fall Economic Statement
November 9, 2022
The members of the Low Carbon Technologies Initiative (LCTI) congratulate the Government of Canada on its continued commitment to ensuring Canada becomes a leading provider of clean energy in a net zero world by expanding support for low-carbon technologies in its recent Fall Economic Statement.
In particular, the refundable 30% Investment Tax Credit (ITC) applicable to clean energy technologies, including hydrogen, small modular reactors (SMRs), and all forms of energy storage technology, is a strong next step on the path to net zero. More equitable support for a diversity of assets will contribute to a robust, flexible, and resilient energy system for Canada, which will help the country achieve its GHG targets and spur economic development. The government has recognized this in its design of the clean energy ITC.
The ITC for clean technologies also strengthens the competitiveness of Canadian clean technology industries on the North American and global markets. The recent release of the US Inflation Reduction Act (IRA) put Canadian energy industries at a distinct competitive disadvantage and the Canadian government’s Fall Economic Statement is a welcome first step to improving that situation.
We look forward to engaging with the Government of Canada in the coming weeks and months as the implementation details are developed, to ensure the measures announced in the Fall Economic Statement, including the clean technology ITC, are implemented to the greatest benefit of all Canadians.
We also welcome further discussions regarding potential additional actions to augment the measures announced in the Fall Economic Statement and look forward to ensuring Canada continues to follow a clear path forward to achieving net zero.
About the Low Carbon Technologies Initiative (LCTI)
The Low Carbon Technologies Initiative (LCTI) is a group of national-level Canadian organizations, including the Canadian Hydrogen and Clean Fuels Association, the Canadian Nuclear Association, and Energy Storage Canada, that represent proven technologies in the process of rapidly scaling up to support all levels of government and industry in meeting Canada’s climate objectives. We collaborate to inform fact-based discussion and policy decisions regarding Canadian emerging clean energy technologies to accelerate their deployment.