Ontario Energy Minister and Bay of Quinte MPP Todd Smith issued a response to the federal government’s fall economic statement.
Via Twitter, Smith applauded the new tax incentives for clean energy as the province works to build a reliable and affordable electricity system to support economic growth and electrification.
He said his government encourages Ottawa to continue to pursue measures that complement the province’s approach including expanding measures to include all nuclear technologies and hydroelectric power generation.
Finance Minister Chrystia Freeland’s fall economic statement creates two new federal tax credits for clean technology and low-emitting hydrogen production.
The fiscal update says the specifics of the promised tax credit for clean hydrogen production and new investment measures to spur growth in electric vehicle and battery manufacturing are still in development.
There are more details on the new tax credit for investments in clean electricity generation, energy storage systems and low-carbon heating equipment, including that it will cost nearly $6.7 billion over the next five years and launch the day the 2023 federal budget is tabled.
It will also be the first Canadian tax credit that is more lucrative for companies that pay a fair market wage and have training programs for young workers.
Read Smith’s statement below:
(With files from the Canadian Press)
