Marine Renewables Canada Applauds Budget 2026 Proposals to Extend Clean Energy Tax Credits Through 2040 and Invest Over $50 Billion in Electricity

Ottawa (Ontario), November 5, 2026 – Marine Renewables Canada (MRC), the national association representing offshore wind, tidal, wave, and river current energy, applauds the Government of Canada’s Budget 2026, which proposes over $50 billion in measures to expand Canada’s electricity system, support clean technology investment, and attract private capital. The proposed extension of the Clean Technology and Clean Electricity investment tax credits (ITCs) through 2040 marks a significant milestone in MRC’s sustained advocacy for the long-term investment certainty needed to advance Canada’s marine renewable energy sector. 

“Budget 2026 recognizes that building Canada’s electricity system is fundamental to our energy security and economic competitiveness,” said Elisa Obermann, Chief Executive Officer of Marine Renewables Canada. “MRC has advocated for extending clean energy investment tax credits through 2040 because developers and investors need certainty that reflects the time required to bring projects into operation. Together with investments in transmission, renewable energy, and community capacity, this proposal would help create the conditions to advance Canada’s marine renewable energy sector.” 

Budget 2026 proposes several changes to strengthen clean energy investment incentives: 

  • Extending ITCs through 2040: Both the Clean Technology and Clean Electricity ITCs would be extended to the end of 2040. The Clean Technology ITC’s reduction to 15 per cent would also be delayed from 2034 to 2040, providing greater certainty for longer-term renewable energy projects. 
  • Expanding Clean Electricity ITC eligibility: Eligibility would expand to include the highest-voltage intra-provincial electricity transmission lines in each province, for property acquired and available for use on or after Budget Day. 

The budget also proposes investments and policy measures to strengthen electricity infrastructure, planning, and technology development: 

  • Electricity infrastructure and renewable energy: Nearly $4 billion over 10 years, starting in 2027–28, to support electricity infrastructure expansion, renewable energy development, and priority electricity projects across Canada, including additional funding for the Smart Renewables and Electrification Pathways Program. 
  • Transmission and electricity planning: $37 million in 2027–28 to support cost-benefit analyses of proposed interties and discussions on sharing costs across borders. An additional $26.4 million over 10 years would strengthen Natural Resources Canada’s electricity data and modelling capacity, improve system planning, and guide investments where they would deliver the greatest benefits. 
  • Financing major electricity projects: Federal collaboration with interested provinces and territories to develop new financing approaches for major electricity projects across the infrastructure lifecycle. 
  • Northern energy reliability: $1.6 billion over 10 years, starting in 2027–28, to improve electricity reliability in northern communities. This includes $713.8 million for renewable energy and capacity-building projects to help Indigenous, rural, and remote communities transition away from diesel and fossil fuels. 

Together, these measures support the budget’s broader approach to expanding clean electricity generation and transmission, accelerating electrification, improving energy efficiency, and advancing Canadian clean technologies and fuels. 

For marine renewable energy, long-term investment certainty and stronger electricity connections are essential to bringing new projects online and delivering power where it is needed. The proposed measures align with priorities in MRC’s Marine Renewable Energy Sector Vision 2050, including a more connected Canadian grid, enabling infrastructure, and support for Indigenous, northern, rural, and remote communities. 

MRC will continue to work with the federal government to assess the proposed measures and provide advice on implementation, helping ensure Canada’s marine renewable energy sector can contribute to the country’s energy security, economic competitiveness, and clean electricity goals. 

More Information   

About Marine Renewables Canada (MRC)   

MRC is the national association for tidal, offshore wind, wave and river current energy, representing technology and project developers, suppliers, utilities, Indigenous organizations, researchers, and communities. We strive to champion Canada’s growing marine renewable energy sector through advocacy, engagement, and education and expand market opportunities across the country and globally. Learn more at www.marinerenewables.ca.     

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For media inquiries, please contact:     

Anastasia Smolentseva     

Senior Director, Communications      

Marine Renewables Canada     

anastasia@marinerenewables.ca