Statement: Budget 2024 launches key measures for clean energy advancement
The Government of Canada’s 2024 budget builds on commitments and work underway over the past year to deliver critical investment tax credits, regulatory and permitting efficiency measures, and the Indigenous Loan Guarantee program.
Highlights of Budget 2024 include:
- A commitment to launch several clean energy and clean technology investment tax credits before the end of 2024 and details on enabling legislation to support these measures.
- A suite of measures aimed at improving the permitting of clean energy projects through greater coordination amongst regulatory bodies, increased regulatory predictability, and clear timelines.
- $5 billion for an Indigenous Loan Guarantee program that can support clean energy projects and will provide needed capital for Indigenous communities to invest in projects that will benefit their communities.
- Retooling of the Clean Fuels Fund and extension of the Fund for an additional four years, until 2029-30, helping to catalyze more green hydrogen projects across Canada.
“Measures in Budget 2024 will support the advancement of clean energy across Canada, and have a positive impact on the growth and acceleration of the marine renewable energy sector,” said Elisa Obermann, Executive Director of Marine Renewables Canada. “The commitment to launch and implement major investment tax credits, as well as tangible actions to address regulatory challenges in the permitting of clean energy projects are critical to achieving Canada’s net zero 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.
Media contact
Catherine Warren
709-771-1186