Budget Extract The budget promises $7.5-billion in various green initiatives as part of Canada’s goal to reach net-zero emissions by 2050, though many were extensions of existing or previously announced initiatives.
As part of Ottawa’s housing strategy, the budget promises about $700-million to promote greener buildings and neighbourhoods, including $150-million over five years to revise building codes to promote the use of low-carbon construction materials and $200-million over the same period to boost “deep retrofits” of large building projects.
This week, as part of the federal government’s new emissions-reduction plan, it revealed electric-vehicle mandates that would see EVs account for 60 per cent of all new light-duty vehicle sales by 2030. To that end, the budget promises $1.7-billion over five years to extend incentives of as much as $5,000 for the purchase of zero-emission vehicles.
The budget also promises new incentives for businesses to adopt EVs, including $548-million over four years to encourage the purchase of medium- and heavy-duty zero-emission vehicles.
To keep those vehicles moving, the budget repeats promises made this week for the Canada Infrastructure Bank to invest $500-million in urban charging infrastructure, as well as $400-million over five years to build out suburban and rural charging stations.
A credit for investments in clean technology was also floated, with details to come in the fall economic update, as well as a refundable tax credit for businesses that invest in carbon-capture technologies that is expected to cost $2.6-billion over five years.