World Energy GH2 applauds new measures to ensure Canada is competitive at attracting clean hydrogen investments
New investment tax credit based on carbon intensity paves the way for Canada to support the global fight against climate change
ST. JOHNS, NL, Nov. 4, 2022 /CNW/ -- World Energy GH2 applauds the Government of Canada's creation of the Investment Tax Credit for Clean Hydrogen production.
Canada's Fall Economic Statement, tabled by Deputy Prime Minister and Minister of Finance Chrystia Freeland, provides important new details on previously announced measures, such as the Canada Growth Fund, and the Clean Technologies Investment Tax Credit.
Crucial to ensuring that Canada can compete with new incentives in the United States, namely under the Inflation Reduction Act, Minister Freeland announced a new investment tax credit (ITC) for clean hydrogen. Recognizing the importance of our commitments to net-zero, the new ITC varies based on how clean the hydrogen is on a lifecycle basis, going as high as a credit of 40%. World Energy applauds the government for taking this key next step towards a new energy economy harnessing Canada's vast renewable energy resource.
The new hydrogen ITC, coupled with the de-risking measures included in the Canada Growth Fund, and the Clean Technologies ITC that includes wind power; are complementary policies that will help Canada transition to ultra-low carbon energy production. All in all, the Fall Economic Statement is a real step toward fighting climate change and reducing the dramatic impacts that have been seen in our country due to climate events. The statement also puts the right policy in place to ensure that World Energy GH2's $12 Billion project Nujio'qonik in Newfoundland and Labrador can be successful in the long term.
"Today, Canada made clear that we will lead," said John Risley, a Director at World Energy GH2. "We'll lead in developing green hydrogen and other new clean energy technologies and we will get the good jobs that come with them. We'll lead in standing up to authoritarian aggression and will help our friends in Europe wean themselves off Russian natural gas. We'll not sit idly by and let the billions of dollars in private investment that will pour into creating the hew energy future pass us by on the way to the US and places elsewhere.
"This past August, Prime Minister Trudeau shook hands with Germany's Chancellor Scholz at our site in Stephenville, Newfoundland and Labrador, and committed Canada to make available green hydrogen at scale to the German people starting by 2025. It's clear he means to keep that commitment. The Prime Minister, Deputy Prime Minister Freeland and the Government of Canada today laid the framework for private companies to invest and for private capital to flow to make that so."
World Energy GH2 is an affiliate of World Energy which delivers solutions to those leading the push toward net-zero carbon transport. World Energy GH2's Project Nujio'qonik is a consortium of Canadian partners investigating the feasibility of the construction and operation of cost-effective green hydrogen/ammonia from wind power in the province of Newfoundland and Labrador, Canada. Project Nujio'qonik will be Canada's first commercial green hydrogen/ammonia producer created from 3+ Gigawatts of wind energy in one of the world's best wind resource regions. https://worldenergygh2.com/
SOURCE World Energy
Laura Barron, [email protected], 709-689-0076
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