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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
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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Ms. Monique Pauzé
  • May/29/23 10:05:47 p.m.
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Madam Chair, the minister is giving an investment tax credit for clean technology. Since we do not agree on what is clean and what is not when it comes to hydrogen, I would like to know what range of technologies the government considers to be clean. Can you confirm that this credit will not be used to fund projects related to the oil and gas sector?
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The Deputy Chair
  • May/29/23 10:06:10 p.m.
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I cannot do that, but I will ask the hon. minister to answer that question.
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Hon. Chrystia Freeland
  • May/29/23 10:06:15 p.m.
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Madam Chair, if you would like to help me answer questions, I would be very happy, because this is the third hour of this debate. When it comes to questions about industrial policies, more often than not, we agree with the Bloc.
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