Budget 2018- Renewable Energy Policies
As part of Budget 2018, the Government of Canada has announced to continue making investments that promote the growth of a healthy and sustainable clean economy. An economy that creates middle-class jobs and preserves Canada’s natural heritage for future generations.
In December 2016, Canada’s First Ministers, in consultation with Indigenous Peoples, have decided to adopt the Pan-Canadian Framework on Clean Growth and Climate Change. The government has allocated $5.7 billion over 12 years to implement this plan, including $2 billion for the Low Carbon Economy Fund, to combat climate change.
The Low Carbon Economy Leadership Fund is an initiative that invests in projects that reduce greenhouse gas emissions while creating jobs and growing the economy. Of the proposed $1.4 billion investment amount, New Brunswick is slated to receive $51 million, in partnership with NB Power, which is to allocated towards helping New Brunswickers improve the energy efficiency of their homes and businesses.
The Government of Canada also plans to extend tax support for clean energy by working with businesses to encourage investment in clean energy generation, and to promote the use of energy-efficient equipment. Tax support, such as allowing accelerated deductions of the cost of eligible capital assets, can help us achieve this shared goal. The existing accelerated deduction of these assets is scheduled to expire in 2020. Through Budget 2018, the Government proposes to extend the preference to property acquired before 2025, which represents an investment of $123 million over the 2017–18 to 2022–23 period.
This renewed support will increase the after-tax income of about 900 businesses. This represents on average an additional $27,000 annually over the next five years that these companies will be able to use to invest in and grow their operations while reducing their carbon footprint. Increased adoption of clean technology will help Canada’s efforts to reduce the emission of greenhouse gases and air pollutants.
Naveco Power wants to contribute to the reduction of greenhouse gasses by developing clean energy projects which will benefit our economy and environment, while keeping investments local and profitable.
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