Canada’s 2023 budget, published earlier in the year, outlined various measures that will support growth in the offshore wind, tidal, wave and river energy sectors, as well as green hydrogen. The budget included several measures for which the inter-industry association Marine Renewables Canada has been advocating.
Allocations include CAD20 billion (USD15 billion) to support green energy investments, and CAD3 billion (USD2.25 billion) for the recapitalisation of the Smart Renewables and Electrification Pathway that should assist the development of offshore wind projects on the east coast.
There will also be a refundable 15 percent clean electricity investment tax credit for eligible investments in wind, wave and tidal, as well as other clean electricity technologies. A refundable 30 percent clean manufacturing investment tax credit will be made available too.
Moreover, the government is introducing a refundable investment tax credit up to 40 percent for eligible clean hydrogen project costs. “The investment tax credits in conjunction with new funding will play a significant role in catalysing Canada’s first offshore wind to green hydrogen projects,” said Elisa Obermann, executive director of Marine Renewables Canada.
To read the full report of the project logistics opportunities arising out of the Canadian market, see HLPFI’s May/June2023 issue.
