Fall budget update promises tax credits for clean electricity and hydrogen production

OTTAWA — Finance Minister Chrystia Freeland’s fall economic update creates two new federal tax credits for clean technology and low-emitting hydrogen production, with the caveat that companies that pay fair wages and train apprentices will get a bigger credit than those that do not.The statement tabled in the House of Commons on Thursday is Freeland’s first big push to keep Canada in the clean-tech economy race in the shadow of the massive Inflation Reduction Act south of the border, and move Canada’s transition to a green economy further along.”The green transition is the most significant economic transformation since the Industrial Revolution,” Freeland said.The Inflation Reduction Act, signed into law in August by U.S. President Joe Biden, invests nearly US$400 billion in everything from critical minerals to battery manufacturing, electric vehicles, and clean electricity,…

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