Canada’s business leaders fully support the goal of significantly reducing greenhouse gas (GHG) emissions by 2030, and this plan goes further than anything seen to date in spelling out how Canadians can get there. But there are still a lot of unanswered questions ahead, and much heavy lifting. A close partnership between the public and private sectors will be critical in overcoming these challenges.
To meet these ambitious targets, Canadian businesses will need to invest many billions of dollars in new, emission-reducing technologies. This can only happen if governments ensure a clear, supportive and predictable policy environment to guide investment in lower-carbon projects, technologies and infrastructure. One example is the proposed investment tax credit for carbon capture, utilization and storage, a technology in which Canada already has a competitive edge and which will be crucial to achieving Canada’s GHG-reduction goals. We look forward to seeing details of this measure in the upcoming federal budget.
Canada has an opportunity to be a global leader in the development of low-carbon products and solutions. The Business Council of Canada is ready to work with governments at all levels and all other stakeholders in forging a successful Canadian strategy for the coming energy and climate transition.