U.S. President Joe Biden's Inflation Reduction Act is driving many Canadian clean energy startups to shift their focus and resources south of the border to capitalize on the subsidies and the related influx of activity.
Wind turbines and oil pumpjacks share a tract of land in Texas.
Experts say this could result in the loss of investment in Canada, which could slow the development of clean energy and emission reduction projects north of the border and make it more difficult to achieve national climate goals. There is also the risk of losing trained workers, known as brain drain.
"Companies are fleeing Canada right now," said Krausert. "I can't think of an interesting energy technology startup working on net-zero ambitions that is not actively setting up shop in the United States right now." "We will continue working hard to build Canada's 21st century clean economy and ensure more good-paying middle class jobs, more vibrant communities, and more prosperity for Canadians for generations to come," said finance department spokesperson Adrienne Vaupshas, in an e-mailed statement.
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