Alberta responds to Ottawa's economic statement and clean technology vision

Posted On: December 26, 2023

Alberta responded quickly to the federal government's fall 2023 economic statement released Tuesday, particularly on clean energy tax incentives.

The federal government announced this in particular a timetable for the implementation of tax credits for investments in the clean economy. According to the province, this schedule does not provide enough detail, particularly regarding carbon capture, utilization and storage (CUSC).

What we expect from the federal government is a commitment to continue our actions on carbon capture, utilization and storage and to support industries that want to invest in this sectorsays Danielle BlacksmithPremier of Alberta this Wednesday.

Danielle Smith added that her government will publish details of the programs online CUSC, next week.

Scott MacDougallSpokesman of the institute Pembinaalso reiterates that the lack of details in the federal communication is a problem.

I think the government needs to be aware of the pressures it faces and the importance of citizens' expectations regarding these investment tax credits.

Danielle Blacksmith adds that his government hopes Ottawa will follow through on its commitment to legislate on the issue before the end of the year. A point that she considers essential to create a functioning framework. According to the economic report, the submission of legislation is for the CUSC and clean technologies will take place in the fall.

It would be good to go there [Conférence de Dubaï de 2023 sur les changements climatiques] to know what the investment climate is like in Canadasays Danielle blacksmith, who will be present at the conference to be held in Dubai, United Arab Emirates from November 30 to December 12, 2023.

Invest in clean energy

The economic statement also includes details of the Canada Growth Fund, a $15 billion investment fund that began operations last summer. His first investment was in a company in Alberta.

By investing $90 million in an innovative geothermal energy company, Calgary-based Eavor Technologies Inc., the Canada Growth Fund is supporting good jobs for Albertans and securing Canada's future. “A company at the forefront of the global clean economy.”indicates the federal document.

Federal Finance Minister Chrystia Free countryconfirms that the Fund, which aims to make large investments in this area, would be the main means of contracting for difference for carbon.

The government will continue to explore other ways to provide businesses with certainty about the evolution of carbon pricing, including exploring possible legislative approaches and other new measures in collaboration with provinces and territories.

She indicated that up to $7 billion of the fund's $15 billion will be reserved for these types of contracts, some of which are already being negotiated.

These contracts will serve as a safety net for future carbon pricesspecifies the economic statement for autumn 2023.