Manufacturers push for Canadian response to U.S. green incentives
BNN Bloomberg
Canadian manufacturers urged Finance Minister Chrystia Freeland to deliver a robust response to new U.S. incentives on clean energy and critical mineral production in her budget update this week.
“It’s absolutely critical,” said Brian Kingston, CEO of the Canadian Vehicle Manufacturers’ Association. “We need to see a strong signal in the fall economic statement that the government has a plan to respond.”
Kingston said the incentives, contained in the Inflation Reduction Act passed in August, give U.S. electric vehicle battery manufacturers a refundable tax credit that could top $1.4 billion annually for a typical facility.
“On batteries, the IRA puts Canadian battery production at a significant disadvantage,” Kingston told a Canadian parliamentary committee, which is studying the matter, on Tuesday in Ottawa.
