By Canadian Press

Ottawa needs ‘made-in-Canada’ response to U.S. Inflation Reduction Act: climate group

Mar 21, 2023 | 11:32 AM

OTTAWA — As the federal government readies its spring budget, a climate group is urging Ottawa to pursue a “made-in-Canada” response to U.S. clean energy incentives. 

The Canadian Climate Institute published a report today with recommendations for the federal government on how to respond to the U.S. Inflation Reduction Act passed last summer.

The institute says the federal government shouldn’t try to match the incentives and subsidies offered by the U.S. and instead tailor its measures for Canada.

Finance Minister Chrystia Freeland has signalled the March 28 budget will include ways to keep Canada competitive as countries transition their economies to cleaner energy and technologies.

The institute says Canada should pursue targeted policies that don’t over-subsidize industry but instead support projects to benefit society that the private sector wouldn’t pursue on its own.

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It also says the Canada Growth Fund, which will invest in clean energy projects using public dollars, should strive to to balance risk and return.

This report by The Canadian Press was first published March 21, 2023.

The Canadian Press