PrairiesCan Minister Daniel Vandal Highlights Budget 2022 Support for Clean Air and a Strong Economy Français
A Plan to Grow Our Economy and Make Life More Affordable
WINNIPEG, MB, April 11, 2022 /CNW/ - Protecting our environment and fighting climate change is the right thing to do for the planet, and it is the right thing to do for our economy. Through Budget 2022, the government will help Canadians and Canadian businesses benefit from the global transition to a clean economy, through new incentives for the development of clean technologies and carbon capture, utilization, and storage.
Today, the Honourable Daniel Vandal, Minister for PrairiesCan, highlighted targeted and responsible investments in Budget 2022 to create jobs and prosperity for today, and build a stronger economic future for all Canadians. Speaking at Winnipeg's Red River College Polytechnic, Minister Vandal outlined investments to protect our land, lakes, and oceans, as well as new measures the government will introduce to make it more affordable for Canadians to purchase zero-emission vehicles, build and expand a national network of zero-emission vehicle charging stations, and make new investments in clean energy.
Budget 2022 measures include:
- establishing the new Canada Growth Fund to attract private sector investments, help businesses reduce emissions, diversify our economy and bolster exports by investing in the growth of low-carbon industries and new technologies across new and traditional sectors. Initially capitalized at $15 billion over five years, the Canada Growth Fund will target three dollars of private capital for every one dollar invested.
- extending the Incentives for Zero-Emission Vehicles program until March 2025 with a $1.7 billion investment. This will give more Canadians the opportunity to get behind the wheel of an electric zero emission vehicle, and reduce greenhouse gas emissions from transportation, which accounts for 20 per cent of our overall total.
- creating a new Zero-Emission Vehicles incentive program for small and medium-sized businesses, so they too can upgrade their fleet of medium-and heavy-duty vehicles to Zero-Emissions. This program will provide $547.5 million over four years to Canadian businesses.
- proposing a new Carbon Capture, Utilization, and Storage (CCUS) refundable investment tax credit. The investment tax credit would be available to projects that permanently store captured CO2 through an eligible use. This will help businesses to adopt CCUS technologies.
Quotes
"Budget 2022 is a responsible and ambitious plan to grow our economy, create good jobs, and build an affordable future where nobody is left behind. For Manitobans, this means more homes and good-paying jobs; cleaner air and cleaner water for our children; and a stronger and more resilient economy for years to come."
- The Honourable Daniel Vandal, Minister for PrairiesCan
Quick facts
- Budget 2022 also proposes:
- funding to build a national network of electric vehicle charging stations;
- $2.2 billion over seven years to expand and extend the Low Carbon Economy Fund;
- to establish an investment tax credit of up to 30 per cent, focused on net-zero technologies, battery storage solutions, and clean hydrogen. The design details of the investment tax credit will be provided in the 2022 fall economic and fiscal update;
- $43.5 million over five years to create a new Canada Water Agency, which will be stood-up in 2022 and providing $19.6 million to the Freshwater Action Plan, which supports clean-up efforts in Lake Winnipeg;
- returning proceeds from the price on pollution to small and medium-sized businesses in Manitoba; and
- increasing Climate Action Incentive payments, putting more money in the pockets of eight out of every ten people in the provinces where the federal system applies, and means a family of four in Manitoba will receive $1,101 for 2022-2023 in Manitoba.
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SOURCE Prairies Economic Development Canada
Contacts: Kyle Allen, Press Secretary, Office of the Minister responsible for PrairiesCan, [email protected]; Sana Mahboob, A/Director, Policy, Planning and External Relations, PrairiesCan, [email protected]
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