100 billion to reduce emissions

Canada hopes to emerge from the pandemic crisis with the help of efforts to reduce emissions and increase green investment.

Canada presents investments of 101.4 billion Canadian dollars (680 billion kronor) in its first conventional budget in two years.

– We must break out of the covid recession. This means ensuring that lost jobs are recovered as smoothly as possible, and that hard-hit companies return quickly, Finance Minister Chrystia Freeland said in a speech to parliament, according to AFP.

The budget also includes extensive climate measures. $ 17 billion is being invested in, among other things, tax breaks aimed at heavy industries, in order for them to be able to reduce emissions.

Store carbon dioxide in the soil

Companies that invest in technology to store carbon dioxide in the ground can also count on tax relief. This type of investment is criticized by environmental organizations, which claim that money spent on technology could instead have been used to reduce emissions.

Companies that manufacture zero-emission products, such as solar panels and electric cars, can expect to halve their corporate tax over the next ten years, reports Canadian CBC.

Another measure concerns interest-free loans for energy efficiency of homes.

In addition to environmental measures, the government promises cheaper childcare and support for reduced costs for employers who hire new employees or increase the number of hours for existing staff.


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