2023 Federal Budget Ushers in New Era for Canadian Renewables

Recognizing the need for a Canadian response to the Inflation Reduction Act passed last summer in the United States, the Canadian Renewable Energy Association (CanREA) advocated for refundable investment tax credits for renewable energy and green hydrogen investments. Today, CanREA is excited to see our recommendations strongly reflected in Budget 2023, presented by Federal Minister of Finance, the Honourable Chrystia Freeland.

“The choice to pursue investment tax credits for clean technology, like windsolarstorage and green hydrogen, will allow Canada to take a competitive lead in accelerating the decarbonization of the energy sector,” said Evan Wilson, Senior Director of Policy and Government Affairs at CanREA, who was on site for the introduction of the Budget today. 

As noted in CanREA’s 2050 Vision, Canada needs to expand wind and solar energy capacity almost ten-fold in order to meet our commitment to achieving net-zero GHG emissions by 2050.