Canada should strengthen its incentives to help industries develop cleaner technologies after the United States passed massive investments in August to speed the green transition there, the finance minister said on Wednesday.
According to a report, U.S. President Joe Biden signed the Inflation Reduction Act (IRA) into law and provides incentives to businesses and consumers to help the United States seek to reduce carbon emissions drastically.
“This is a far-reaching piece of legislation with a lot of different consequences for Canada,” Finance Minister Chrystia Freeland told reporters.
There are “elements” of the IRA that Canada needs to “respond to,” she said. “We are working on it. You will see some of that in the fall economic statement, and you’ll see further action in the budget in the spring.”
Freeland stated that she would shortly announce a date for the annual fall economic statement (FES) when the government updates its economic projections and sometimes tweaks its spending plans.
Canadian companies seeking to construct carbon capture facilities and manufacturers seeking to attract new electric vehicles (EV) battery plants have raised their concern that the IRA could provide the United States an unfair advantage.
This story originally appeared on Reuters.
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