Budget 2021: Liberals pledge near $17B to promote green recovery in Canada after COVID-19 – National

Budget 2021: Liberals pledge near $17B to promote green recovery in Canada after COVID-19 – National


Pushing the private sector to develop clean technology — and heavy emitters to adopt it — is where billions in new money will flow from the Liberals‘ 2021 Canada budget pledge to tackle climate change.

Around $17 billion is promised in the years ahead to promote a “green” recovery out of the COVID-19 pandemic and create jobs.

Read more:
Budget 2021: What’s missing as feds say no to new GST hike, universal basic income

Included in that is $5 billion more into a fund meant for projects used by industry to reduce their greenhouse gas emissions.

Story continues below advertisement

The government says that will be spread out over seven years and is on top of the $3 billion announced last year when the Liberals unveiled their plan to reach net-zero emissions by 2050.


Click to play video: 'Budget 2021: Feds to invest $2.2B in homegrown vaccine manufacturing'







Budget 2021: Feds to invest $2.2B in homegrown vaccine manufacturing


Budget 2021: Feds to invest $2.2B in homegrown vaccine manufacturing

Another measure targeting heavy emitters is a new tax incentive to encourage companies to adopt technology that traps carbon dioxide into the ground from fuel combustion instead of seeing it released into the atmosphere.

Read more:
Liberals eye ‘lost generation’ risk with sweeping COVID-19 recovery plan

The government says it will soon begin consultations on designing a tax credit for capital spent on carbon capture and storage technology in hopes of increasing how many million tonnes Canada traps annually.




© 2021 The Canadian Press






Source link

About The Author

We are independent. we bring you the Real news from around the world.

Related posts

Leave a Reply