While the investment tax credits are projected to add up to $80-billion over a decade, new American spending is widely expected to exceed Washington’s projection of US$370-billion over a similar period
Canada will continue to lag the United States significantly in government incentives for low-carbon sectors that both countries are courting, even after new policies promised in Ottawa’s most recent budget, according to new research to be released on Tuesday.
While the investment tax credits introduced by Finance Minister Chrystia Freeland are projected to add up to $80-billion over a decade, constituting an unprecedented industrial-policy leap by Canadian standards, they are dwarfed in many sectors by new American spending widely expected to exceed Washington’s projection of US$370-billion over a similar period.
The first of those involves sectors where Canada’s industrial carbon-pricing policies could combine with other incentives to match or exceed what’s being offered in the U.S. – but only if Ottawa provides greater certainty around the value of credits generated under that system. On mining, it finds that a promised 30-per-cent investment tax credit should make Canada competitive with U.S. subsidies for lithium mines, but fall more than one-third short of what the U.S. is offering for nickel mines and offer only a fraction of its backing for graphite mines.
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