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Decentralized Democracy

House Hansard - 201

44th Parl. 1st Sess.
May 29, 2023 11:00AM
Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:57:56 p.m.
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Madam Chair, that is a really important question, and I think when historians look back on 2022 and 2023 they are going to note that these were the years we were coming out of the pandemic. Just as when we look back at the early years of the 20th century, we talk about the Spanish flu, but we talk even more about the great transformations at the beginning of the past century, I think historians are going to say 2022 and 2023 were the years that the world's great industrial economies got serious about climate change and about the industrial transformation it requires.
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Mr. Mark Gerretsen
  • May/29/23 9:58:47 p.m.
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Madam Chair, one of the other things that we are talking about when we talk about a transformation is electrifying our country and changing it in a way that we are not used to. A lot of work would have to go into that. Of course, this is something that we would have to do in conjunction with our provincial and territorial partners to make sure that we not only have the resources in place and the supports that they need but that we also do this in a relatively quick manner. In this way, we can ensure that we can see the prosperity that comes with a transformation of our economy. Could the minister comment on how she sees that happening? Given the fact that our provincial and territorial partners are going to be as heavily impacted as we would be at the federal level, how important is the role of working with these partners in developing and executing such plans?
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Hon. Chrystia Freeland
  • May/29/23 9:59:53 p.m.
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Madam Chair, it is essential. As we have been saying, this is an economic transformation that is comparable only to the Industrial Revolution itself. As with the Industrial Revolution, some countries did it better than others. Those countries that seized the advantage reaped generational benefits and, for generations, raced ahead in terms of the prosperity and health of their people relative to the countries that did not seize that opportunity. A comparable moment is upon us, and that is why this budget was so important. We knew we had to seize the moment for Canada, which is what we are doing, and we are already seeing the reaction from investors. This is a great opportunity for us; we are going to take advantage of it.
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Mr. Mark Gerretsen
  • May/29/23 10:00:47 p.m.
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Madam Chair, I very much appreciate that answer, because it makes a great parallel between the Industrial Revolution and the countries that seized on an opportunity versus those that just waited and saw what their role would be in it. I think that it is very clear that Canada is doing the same thing right now by seizing on the opportunity. Could the minister comment on some of those initiatives and how they have translated into businesses like Umicore choosing Canada?
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Hon. Chrystia Freeland
  • May/29/23 10:01:22 p.m.
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Madam Chair, yes, our price on pollution is foundational. We then have our system of tax credits and our system of concessional finance through the Canada growth fund. On top of that, for specific projects, we have funding through SIF and the Department of Natural Resources.
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Ms. Monique Pauzé (Repentigny, BQ)
  • May/29/23 10:01:47 p.m.
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Madam Chair, I am sure the minister has figured out that I am here to ask questions about the environment. In budget 2023, she announced clean technology investment tax credits that could be worth up to $80 billion over 10 years. One such credit is a tax credit for clean electricity. To your knowledge, would a project that uses energy other than renewable energy be eligible for this credit?
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The Deputy Chair
  • May/29/23 10:02:18 p.m.
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I must remind the hon. member to address her remarks to the Chair and not directly to the minister. The hon. Minister of Finance.
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Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 10:02:28 p.m.
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Madam Chair, I thank my colleague for her question, which is truly important. These credits for investing in electricity are truly key to the creation of a green economy. As my colleague opposite understands very well, we will need much more electricity than we need at present. Canada has a great advantage: it has a green electricity. I will continue—
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The Deputy Chair
  • May/29/23 10:03:01 p.m.
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The hon. member for Repentigny.
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Ms. Monique Pauzé
  • May/29/23 10:03:03 p.m.
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Madam Chair, I have another question along the same lines. Could a company that operates one or more coal plants benefit from this tax credit?
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Hon. Chrystia Freeland
  • May/29/23 10:03:14 p.m.
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Madam Chair, we have to produce more electricity and ensure that it is green electricity because that is what investors want.
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Ms. Monique Pauzé
  • May/29/23 10:03:29 p.m.
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Madam Chair, could nuclear projects benefit from these tax credits?
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Hon. Chrystia Freeland
  • May/29/23 10:03:36 p.m.
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Madam Chair, the answer is yes.
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Ms. Monique Pauzé
  • May/29/23 10:03:41 p.m.
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Madam Chair, we are also going to talk about hydrogen. You are establishing a tax credit for investing in hydrogen. To your knowledge, will hydrogen produced from natural gas be eligible for this tax credit?
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The Deputy Chair
  • May/29/23 10:03:53 p.m.
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The member must direct her question to the Chair. The hon. Minister of Finance.
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Hon. Chrystia Freeland
  • May/29/23 10:03:59 p.m.
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Madam Chair, when it comes to hydrogen, our approach is to have a system that will make it possible to determine the carbon content of the hydrogen that is produced.
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Ms. Monique Pauzé
  • May/29/23 10:04:21 p.m.
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Madam Chair, I would like to ask the minister another question. Is that tax credit reserved only for green hydrogen, the type of hydrogen that Canada's allies who are committed to the fight against climate change really want to buy?
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Hon. Chrystia Freeland
  • May/29/23 10:04:42 p.m.
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Madam Chair, we understand the importance of having a system that investors can compare with those of other administrations. That is what we did with hydrogen.
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Ms. Monique Pauzé
  • May/29/23 10:04:59 p.m.
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Madam Chair, Germany wants green hydrogen. That is what it is asking for. Why then is the government offering a tax credit for the production of grey hydrogen? There are all sorts of colours of hydrogen and the colour depends on the source from which the hydrogen is produced. Right now, it is grey hydrogen. Why invest in that?
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Hon. Chrystia Freeland
  • May/29/23 10:05:20 p.m.
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Madam Chair, I very much appreciate the questions about the green transition and hydrogen. I agree that our allies, the investors, are very interested in Canada's hydrogen production. We think the ideal approach is to talk about the carbon content—
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