Submission to Finance Canada on the Budget 2023 Clean Energy ITCs

The federal government is seeking feedback on the design of a number of clean energy related refundable Investment Tax Credit (ITC) that were proposed and or refined in the 2023 Budget. The PWU is pleased that the federal government is responding to the U.S. direction in its Inflation Reduction Act and has acted on many of the PWU’s prior recommendations including new nuclear eligibility for these tax credits and prioritizing economic growth and well-paying jobs. The PWU remains concerned that the ITCs do not represent a level playing field for advancing non-emitting resources in the electricity sector in an achievable way and recommends that the government’s financial supports provide a level playing field for all non-emitting technologies and consider the timelines for the development for new nuclear generation, the achievability of the CER goals by 2035 and the net economic benefits that will accrue to Canada from a well-designed ITC.

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