Rate of Oil and Gas Drilling Activities Drops in the United States
Canada Takes Initiatives to Finance Green Technologies in 2023
By Aarti Dhapte , 27 December, 2023
The investment in clean energy transformation in different countries will increase exponentially in 2023. Countries worldwide have prepared themselves to achieve the target of clean energy transition by 2050 and Canada is one of them. The Canadian government has revealed that the country will finance investment tax credits (ITCs) for the Carbon Capture and Storage (CCS) and net-zero energy technologies in 2023.
The Canadian government’s decision on the subsidies will lead to more investments for green energy in 2023. Canada is known to be the fourth largest petroleum-producing country in the world. Therefore, Carbon capture and storage (CCS) is considered an essential factor for the decarbonization process in oil production. Canada takes these necessary initiatives to become a leading producer and supplier of green technology worldwide. Similarly, the United States invests in clean-energy projects, investing more than USD 132 billion in 2022 and 2023. Canada takes the United States as its competition to achieve the clean energy transition with various initiatives in 2023. The Canadian government announced that the government will decide ITCs for hydrogen and clean technology after the spring budget in 2024; however, the clean electricity initiative in Canada will be done by the end of 2024.
The government's investment in Canada focuses mainly on transforming green energy. The clean energy transition around the world is expected to be achieved by 2050, while half of the growth is supposed to be achieved by the end of 2030. Therefore, various nations are taking necessary steps to achieve net-zero targets by limiting carbon emissions, transportation electrification, and many other ways in 2023.Value of the CCUS Tax Credit
Latest News
Rate of Oil and Gas Drilling Activities Drops in the United States
The United States went through a decline in oil and gas drilling activities in 2024. Since the beginning of the year, the United States has faced many challenges in keeping up with the oil drilling process. Recently, the surveys showed that the total…
U.S Electricity Demand to Get Double with AI and EV by 2030
Electrification in the energy sector will ramp up in the United States in 2024. The nation aims to set up data centers and increase the production of electric vehicles, citing the green energy transition. Both activities demand a high electricity…
Renewable Energy Production Slows down due to Lack of Transformers
Renewables are in high demand in the energy market in 2024. It is due to a clean energy transition that requires a constant flow of renewables in the energy market. The green transformation to combat climate change brings about several environmental…
Packaging Manufacturer Collabs with Solar Projects to Enhance Cleantech in 2024
Companies are making significant moves towards the clean energy transition in various ways. In order to reduce carbon emissions, certain companies are investing in several rescue methods in 2024. Renewables production is growing over time as the…
Amazon Enables News Technologies to Help its Business Customers
Amazon is one of the leading global e-commerce platforms for consumers. The brand boosts its online shopping experience for users in multiple ways. Surveys show that Amazon regulates several business solutions to increase its products and services…
Aarti Dhapte
Team Lead - Research
