Canada on Tuesday unveiled a budget that aims to make it a clean energy “superpower,” and secure a leading place in global supply chains for critical minerals and electric vehicles (EVs).
The basket of measures — including 15 to 30 percent tax credits to spur new investments in tidal and nuclear energy, for example, as well as the extraction of critical minerals for EV batteries — seeks to narrow a gap with major US subsidies.
The Canadian incentives, which are expected to cost about C$80 billion (US$58.9 billion) over a decade, build on previous tax credits and investments in “clean economy” projects, such as the production of hydrogen from renewable sources.
Photo: Reuters
However, the upbeat budget included scaled-back expectations for economic growth this year, including a possible worst-case scenario of a shallow recession.
Canadian Minister of Finance Chrystia Freeland said in a speech to parliament that the world is undergoing “the most significant economic transformation since the Industrial Revolution” as it moves to fight climate change.
“Today, and in the years to come, Canada must either meet this historic moment — this remarkable opportunity before us — or we will be left behind as the world’s democracies build the clean economy of the 21st century,” she said.
Freeland said that Canada’s allies are moving to “friendshore their economies” and build critical supply chains with like-minded democracies.
Ottawa has been wooing investments in advanced lithium-ion battery manufacturing for electric vehicles and critical minerals mining.
According to a worst-case scenario outlined in the budget document, Canada could fall into a “shallow recession” this year, but Ottawa is planning for a slightly brighter outlook.
Private-sector economists surveyed by Ottawa forecast GDP ranging from a contraction of 0.2 percent to growth of 1.6 percent.
The government pegged growth at just 0.3 percent this year, rebounding to 1.5 percent next year — both down from previous estimates — following 3.4 percent last year.
Freeland’s budget offers targeted inflation relief such as a grocery rebate for “the most vulnerable [Canadians] still feeling the bite of higher prices.”
She also highlighted monies recently announced for healthcare, and a new dental care plan for up to 9 million uninsured Canadians.
The government vowed to crack down on unexpected hidden fees for services and predatory lending, and to bring in “right to repair” rules for electronics and home appliances, as well as common charging standards for phones and computers — similar to the EU — to cut consumer costs and electronics waste.
Freeland on Tuesday reported a lower deficit in fiscal 2023-2024 than originally expected to C$40.1 billion.
Canada’s debt-to-GDP ratio is expected to rise slightly to 43.5 percent before falling in subsequent years.
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