Pushing the private sector to develop clean technology — and heavy emitters to adopt it — is where billions in latest money will flow from the Liberals‘ 2021 Canada budget pledge to tackle climate change.
Around $17 billion is promised within the years ahead to advertise a “green” recovery out of the COVID-19 pandemic and create jobs.
Included in that’s $5 billion more right into a fund meant for projects utilized by industry to scale back their greenhouse gas emissions.
The federal government says that might be opened up over seven years and is on top of the $3 billion announced last yr when the Liberals unveiled their plan to succeed in net-zero emissions by 2050.
One other measure targeting heavy emitters is a latest tax incentive to encourage corporations to adopt technology that traps carbon dioxide into the bottom from fuel combustion as a substitute of seeing it released into the atmosphere.
The federal government says it’ll soon begin consultations on designing a tax credit for capital spent on carbon capture and storage technology in hopes of accelerating what number of million tonnes Canada traps annually.