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Budget 2021: Liberals pledge near $17B to promote green recovery in Canada after COVID-19

Click to play video: 'Budget 2021: Federal government promises nearly $17B for green recovery' Budget 2021: Federal government promises nearly $17B for green recovery
WATCH: Federal government promises nearly $17B for green recovery – Apr 19, 2021

Pushing the private sector to develop clean technology — and heavy emitters to adopt it — is where billions in new money will flow from the Liberals‘ 2021 Canada budget pledge to tackle climate change.

Around $17 billion is promised in the years ahead to promote a “green” recovery out of the COVID-19 pandemic and create jobs.

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Included in that is $5 billion more into a fund meant for projects used by industry to reduce their greenhouse gas emissions.

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The government says that will be spread out over seven years and is on top of the $3 billion announced last year when the Liberals unveiled their plan to reach net-zero emissions by 2050.

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Budget 2021: Feds to invest $2.2B in homegrown vaccine manufacturing – Apr 19, 2021

Another measure targeting heavy emitters is a new tax incentive to encourage companies to adopt technology that traps carbon dioxide into the ground from fuel combustion instead of seeing it released into the atmosphere.

Read more: Liberals eye ‘lost generation’ risk with sweeping COVID-19 recovery plan

The government says it will soon begin consultations on designing a tax credit for capital spent on carbon capture and storage technology in hopes of increasing how many million tonnes Canada traps annually.

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