From: Glen Hodgson To: Canadians Concerned About Climate Policy and Competitiveness Date: March 13, 2023 Re: Budget 2023 Needs to Meet the US Industrial and Climate Policy Challenge The Canadian economy is facing a competitive threat from ambitious US industrial and climate policy in the Inflation Reduction Act (IRA) and the upcoming federal budget can be used in a targeted way to level the playin. [...] The IRA represents the most significant initiative by the United States so far to address climate change and the low-emissions transition. [...] • a proposal to create a new tax credit of up to 30 percent for investments in clean technology, focused on net-zero technologies, battery storage solutions, and clean hydrogen. [...] The subsequent 2022 Fall Economic Statement announced: • the launch of the $15-billion Canada Growth Fund, which is a response to the IRA’s provision to make significant new clean finance capacity available from US government entities. [...] Budget 2023 should build on the earlier announcements and focus on three elements: (1) Broaden tax credits to promote technology-neutral investment in clean fuels and clean tech.
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