Marine Renewables Canada applauds steps towards achieving net zero in Fall Economic Statement

As opportunities and interest in Canada’s marine renewable energy sector increase, the Government of Canada’s 2022 Fall Economic Statement outlines measures that will help support and drive project development and growth of our ocean and river energy resources, as well as green hydrogen. In particular, Marine Renewables Canada is pleased to see:

  • A commitment to launch the $15 billion Canada Growth Fund by the end of 2022, which will accelerate the deployment of clean technologies through investments that offset risks and attract private capital.
  • A refundable 30% investment tax credit for clean technologies including tidal, wave, river, and wind energy.
  • A refundable investment tax credit for green hydrogen of at least 40%, starting in Budget 2023.
  • Support towards improving regulatory processes for major projects by increasing capacity and improving the efficiency of assessments of regulatory bodies including the Impact Assessment Agency of Canada and the Canada Energy Regulator, as well as ten other federal departments.
  • The creation of a Sustainable Jobs Training Centre that will assess future skills requirements and develop curriculum and on-site learning to help workers upgrade or gain new skills for jobs in a low-carbon economy.

“The upcoming launch of the Canada Growth Fund and the tax credit for green hydrogen could play a significant role in catalyzing Canada’s first offshore wind to green hydrogen projects, as well as the associated electricity infrastructure needed,” said Elisa Obermann, executive director of Marine Renewables Canada. “We are also pleased to see further support for other marine renewable energy technologies through the investment tax credit and commitment to improve regulatory processes. To achieve net zero goals, we know Canada will need 2-3 times more clean electricity – and this statement is a positive step towards meeting those climate goals.” 

About Marine Renewables Canada
Marine Renewables Canada is the national association for tidal, offshore wind, wave and river current energy, representing technology and project developers, utilities, researchers, and the energy and marine supply chain.

Since 2004, the association has worked to build the sector by advocating for supportive policies, identifying domestic and international business development opportunities for its members, facilitating collaboration amongst its membership and broader ecosystem, providing education and outreach, and disseminating market intelligence. As part of its focus on developing the sector, Marine Renewables Canada is active in catalyzing opportunities for how marine renewable energy can contribute to achieving net-zero goals through production of green fuels such as hydrogen, as well as displacement of diesel in remote communities and marine industries.

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Media contact:
Elisa Obermann
Marine Renewables Canada