‘Mostly a win’ for clean energy, Budget 2023 fails to end fossil fuel subsidies: Mitchell Beer

An array of new tax credits for clean energy development and a pledge to secure Canada’s place in a global green economy are at the centre of this year’s federal budget, released Tuesday afternoon by Deputy Prime Minister and Finance Minister Chrystia Freeland, with an estimated $80 billion in multi-year funding for mostly clean energy technologies.

In what may be a first for a federal budget in Canada, the document includes an RBC Economics chart that shows electricity from solar and wind costing less than natural gas. “As electricity becomes the main source of energy, daily and seasonal demand peaks will become more pronounced. Canada will need to invest heavily in renewable generation,” the budget says.