Key takeaways:
- Carbon capture, approval for green energy jobs, and affordability measures are anticipated in the fiscal plan.
- Ottawa is ready to reveal its next fiscal plan on Thursday.
Ottawa is set to reveal its next fiscal plan on Thursday, with a financial recovery from COVID-19, high inflation and affordability problems, and a new emissions decline plan to pressure the oil and gas industry.
The Liberal government’s election promises on housing, weather change, and seniors — plus commitments like dental care related to the confidence and supply deal with the NDP — will probably lead to billions in new spending.
It also disclosed a $9.1-billion emissions decline plan, which concentrates heavily on the oil and gas sector.
Alberta’s government is looking for policies that will boost business competitiveness and lower the expense of living.
“Alberta’s priorities persist in being around productivity, competitiveness, and business investment,” a report from Finance Minister Travis Toews’s office reads.
“Canadians already pay a substantial amount in federal taxes and are increasingly faced with higher prices of goods and services. Instead, we would not help any new federal tariffs and are looking for some much-needed fiscal restraint.”
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Here are some themes Albertans are possible to see in Budget 2022.
Carbon capture and clean energy
Part of the federal government’s plan to hasten emissions drop is to improve tax breaks for fossil fuel firms that utilize carbon capture, utilization, and storage (CCUS) technologies.
The 2030 emissions plan did not include how the CCUS incentive would be structured, but the budget anticipated that context.
CCUS captures and compresses CO2 for storage underground or to create products like concrete.
Alberta’s government states the CCUS tax credit would require at least 50 percent to be effective.
Source – cbc.ca
