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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.
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Aarti Dhapte
Team Lead - Research
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