Canada Announces Tax Credit for Carbon Capture Technology
Canada’s federal government will introduce investment tax credits for carbon capture, utilization, and storage (CCUS) and clean technology manufacturing as it aims to compete globally in clean tech and reduce its greenhouse gas emissions.
“As an important pillar of Canada’s clean economy jobs plan, the government is focused on implementing, on a priority basis, the new clean economy investment tax credits for carbon capture, utilization, and storage; clean technology adoption; clean hydrogen; clean technology manufacturing; and clean electricity,” the federal government said in the Fall Economic Statement this week.
The government aims to introduce legislation on CCUS in Parliament this fall.
Moreover, the 2023 Fall Economic Statement announced that the Canada Growth Fund would be the principal federal entity issuing carbon contracts for difference. The Canada Growth Fund will allocate, on a priority basis, up to US$5.1 billion (C$7 billion) of its current US$11 billion (C$15 billion) in capital to
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