More than a year after 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 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.
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 17 months ago, and this month concluded consultations on that legislation with industry. The official, who spoke on background due to the sensitivity of the information, said the consultation process took time because the government wanted to get the legislation right. Without saying when the first set of ITCs will be passed, the official said it was a top priority to get them done.
"Having ITCs in place in Canada... will certainly help the project's business case and in ensuring investment in decarbonization occurs in Canada," the company's two heads of sustainability said in a joint statement to Reuters. Adam Auer, president of Cement Association of Canada, said his members have "billions" in projects that are waiting on the ITCs.
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