Budget 2024 Gives Canada a Leg Up in the Race to Attract Global Clean Economy Investment but Doesn’t Cross the Finish Line

(Ottawa, Ontario) In response to federal Budget 2024, Merran Smith, President of New
Economy Canada released the following statement:

“The global shift to a clean economy is happening now and the race is on. While today’s budget will help build homes faster so Canadians can prosper in a transforming economy, and shows Canada is serious about telling investors who want to put money behind industries powered by clean energy and technology that the country’s open for business – more needs to be done now to help Canadians compete and win.

The good news – new details with respect to how previously announced clean economy investment tax credits will be implemented, and the creation of an Electric Vehicle Supply Chain credit are important steps in attracting and deploying the private sector capital that’s needed to get clean technology projects off the ground and create good jobs. We also applaud new measures that will finally mobilize funds through the Indigenous loan guarantee program and help maximize the outsized role First Nations can and will play as business owners and partners.

Looking ahead, Canada must do more to build on these measures and our advantages. We must double down on growing our supply of clean electricity and critical minerals. We need to help our mining, energy, forestry, steel, cement, transportation and other industries decarbonize with clear rules and carbon contracts that provide pricing certainty. We must further ramp up EV and battery manufacturing, and put more nuclear, wind, solar and hydrogen to work. And, most importantly, we need to unleash the entrepreneurial spirit of Canadians – the people, communities and Indigenous Nations who have built this country – and who will build the new economy.”