Canadian investors can benefit from strong growth prospects in renewable energy along with favourable government incentives
Canada has made it clear that it intends to keep pace with the United States when it comes to clean energy investment and the zero-emissions target. Indeed, with the recent release of its 2023 budget, the federal government has announced several spending allocations and tax credits in an effort to avoid falling behind the U.S. Inflation Reduction Act, which outlined an array of ambitious climate investments when it was launched in August last year.
Constrained supply in the green energy space is bumping up against ever-growing demand. What this means is that many investors in this space are set to profit as the global economy attempts to close this demand-supply gap – which is needed as many countries ramp up their “greenification” strategies in an effort to meet the ambitious climate targets outlook in the Paris Agreement. In short: Demand for renewable energy will only go up from here.
Canada’s clean energy expenditures, which total $55-billion , provide evidence that the Canadian government is committed to fostering domestic green industries.Clean technology investment tax credit .Clean hydrogen investment tax credit .Recapitalization of the Smart Renewables and Electrification Pathways program.What these measures boil down to is that, when it comes to environmental advancements, Canada is finally taking its innovation and productivity gap versus the United States seriously.
With private- and public-sector players beginning to grasp that the clean energy theme represents a secular, long-term trend rather than merely a fad, capitalizing sooner rather than later is crucial.Investing in companies mining or processing “green commodities” .Investing in renewable energy providers.
While not an exhaustive list by any means, here are some key companies in this space that have caught our attention:
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