Renewable Industries Canada applauds federal economic statement
by CM Staff
RICanada says measures stated in the fall economic statement will help Canada compete in the international market for low-carbon hydrogen.
OTTAWA — Renewable Industries Canada says it welcomes the launch of the Canada Growth Fund and a Clean Technologies Investment Tax Credit as laid out in the federal government’s fall economic statement.
RICanada feels the government’s plans support Canadian companies investing in clean hydrogen production.
Furthermore, RICanada finds that the recent passage of the United States Inflation Reduction Act (IRA) offers enormous financial support to American hydrogen producers in order to attract rapid investment and anchor domestic production.
The FES signals that Canada needs a strong response to the IRA to ensure that Canada remains competitive in low carbon and net zero fuels, such as ethanol, renewable diesel, sustainable aviation fuel, and renewable natural gas – all of which benefit enormously under the U.S. IRA.
“Our view is that it takes a number of pathways to reach net zero, but there is a gap between what is technologically available and commercially viable. This is a challenge we are working actively to solve and there are policy instruments that can help make these projects sustainable,” said Doug Dias, RICanada Board Member, before the November 3rd meeting of the Standing Committee on Energy, the Environment and Natural Resources.
RICanada also stated that it looks forward to continuing its engagement with the government of Canada to ensure that existing funding mechanisms, such as the Clean Fuels Fund, are rolled out.
