In March, the federal government will announce the first budget of the new decade – the decade that is supposed to end with Canada cutting its carbon emissions 30% below 2005 levels, with the protection of 30% of Canada’s land and fresh water, and with significant progress on plastics and a circular economy. In other words, it’s an important decade. And federal investments will be absolutely critical in reaching Canada’s goals. This month, SPI will present four good bets for how Budget 2020 can launch us in the right direction.
Bet #1: Unlock barriers to private investment in low-carbon solutions
Our recent analysis of Canada’s clean growth opportunity shows that investments could flow towards low-carbon technologies and infrastructure at almost double today’s levels. Here’s how Budget 2020 needs to unleash this investment while also ensuring previous investments hit the mark.
Bet #2: Introduce New Tax Incentives for Clean Innovation
Clean growth represents an enormous market opportunity. While Canada has a promising cadre of cleantech firms poised for growth and market dominance, lack of financing remains a major barrier to scale-up and commercialization. Here’s how Budget 2020 should make adjustments to the tax system to drive this market opportunity.
Bet #3: Harness the Potential of 2 Billion Trees
The federal government has committed to planting 2 billion trees in an effort to reach net zero emissions by 2050. Here’s how Budget 2020 can make that program work effectively.
Bet #4: Invest in a Skilled Workforce for Growing Sectors
Our recent research finds that clean growth will produce an additional 19,000 jobs in the construction sector, and another 20,500 net new jobs in other sectors of the economy. Here’s how Budget 2020 should help make these jobs a reality and ensure Canadians have the skills to benefit from a cleaner economy.