Canada’s Budget 2023 proposes plan for growth in Cleantech

April 1, 2023

Ottawa, CANADA – Canada’s Budget 2023 has proposed a new federal toolkit for investing in the clean economy which includes a set of clear and predictable investment tax credits, low-cost strategic financing, and targeted investments and programming to respond to the unique needs of sectors or projects of national economic significance.

“We are going to build a clean electrical grid that connects Canadians from coast-to-coast-to-coast, protects our environment, and delivers cleaner, more affordable electricity to Canadians and Canadian businesses,” said the Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance.

The plan includes several opportunities including:

  • Clean Investment Tax Credits which includes Clean Electricity Investment Tax Credit, Clean Technology Manufacturing Investment Tax Credit, Clean Hydrogen Investment Tax Credit, enhancing the Carbon Capture, Utilization, and Storage Investment Tax Credit and expanding eligibility for the Clean Technology Investment Tax Credit.
  • Investing in Clean Electricity by placing a clean electricity focus for the Canada Infrastructure Bank, supporting Clean Electricity projects, advancing the Atlantic Loop and securing major battery manufacturing in Canada.
  • Growing Clean Economy which includes delivering the Canada Growth Fund, enhancing the reduced tax rate for zero-emission technology manufacturers, spurring high-quality business investments to support the development and application of clean technologies, proposing labour requirements for companies receiving cleantech credits and getting major projects done.

“Canada has free trade deals with countries that represent two-thirds of global economy. We are going to make Canada a reliable supplier of clean energy to the world, and, from critical minerals to electric vehicles, we are going to ensure that Canadian workers mine, and process, and build, and sell the goods and the resources that our allies need,” said Freeland.

To support this government priority, CCC is currently recruiting Canadian cleantech companies with products and services that are targeted at government buyers around the world. CCC helps Canadian businesses win contracts with government buyers at the municipal, provincial/state, and national level – as well as with public utilities. As governments are charting their own Net Zero journeys, CCC will be there to facilitate buying expertise and technology from Canada on a government to government basis.

To learn more about how CCC and the Government of Canada supports Canadian cleantech companies, contact the CCC team.

 

About CCC

We are Canada’s government to government contracting agency. We help build successful commercial relationships between Canadian businesses and their government buyers around the world through our government to government contracting approach. We are also the Government of Canada’s designated contracting authority for U.S. DoD acquisitions from Canada.  To learn more about how we have facilitated billions in trade between Canadian businesses and governments around the world, visit www.ccc.ca/en/.

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