CIAC: federal budget “appropriate to current crisis circumstances”
The Chemistry Industry Association of Canada (CIAC) acknowledges the new federal budget tabled “will play an important role in supporting Canadians and Canadian businesses as they continue to cope with the current unprecedented public health and economic crisis.”
According to CIAC, the budget provides foundational fiscal supports for the future direction of the Canadian economy as it transitions to net-zero emissions by 2050.
CIAC has identified a number of initiatives that will bring benefits to Canada’s chemistry and plastics sectors, including:
- Funding for Canada’s Chemicals Management Plan of $476.7 million for a further five years to “continue to protect Canadians and the environment from exposure to chemicals that can be harmful,”
- The development of a new tax credit for carbon capture, utilization and storage.
- A $7 billion commitment to the Strategic Innovation Fund including the Net Zero Accelerator fund to support projects that help decarbonize heavy industry, support clean technologies and help accelerate domestic greenhouse gas emissions reductions.
- Investing a further $1.9 billion in the Trade Corridors Fund to spur investments to roads, rail, and shipping routes.
“There are things that are in this budget that will help with the greening of the economy. Chemistry will be front and centre in providing those solutions to all sectors of the economy, whether through green energy, electric vehicles, low carbon products, energy storage and many others,” said Bob Masterson, President and CEO, CIAC.