Canada first announced incentives to jumpstart clean technology projects there is still no money flowing, and if they are not in place soon, more than C$50 billion ($37 billion) in investments could be at risk, industry groups said.
Prime Minister Justin Trudeau's Liberal government has pledged a bevy of investment tax credits (ITCs) worth some C$27 billion over five years to spur investment in green technologies, partly in response to the generous incentives that have been on offer in the United States for more than a year.
«Companies are going to get pretty tired of waiting around given the certainty that they do have in the U.S.,» said Bob Masterson, President and CEO of the Chemistry Industry Association of Canada. The government «urgently needs to get as much of this out the door this fall as possible.»
Masterson says there are «well beyond C$25 billion of proposed investments» in more than a dozen projects in his industry that are waiting for the incentives.
The government first announced some C$10 billion in ITCs for investments in net-zero technologies — including wind or solar power- and for carbon capture and storage (CCS) 17 months ago, and this month concluded consultations on that legislation with industry.
An additional C$17 billion in ITCs for clean hydrogen, electricity and manufacturing were announced six months ago and those are at an earlier stage.