Canadian gas groups eye federal budget measures
The Canadian Gas Association (CGA) and its NGIF Capital said April 21 they would watch closely the energy transition measures outlined in Canada’s federal budget released earlier this week and provide any input that would help Ottawa reach its climate goals.
“CGA looks forward to working with the government of Canada wherever possible to help deliver economic recovery, including on initiatives that have been announced in the 2021 budget,” CGA CEO Timothy Egan said. “CGA’s members are committed to serving their respective communities and providing essential energy services in order to meet Canadians’ daily energy needs, under whatever circumstances we face.”
John Adams, CEO of NGIF Capital and managing director of NGIF Cleantech Ventures, said the budget advances several initiatives related to the interests of the Natural Gas Innovation Fund (NGIF), which the CGA established in 2016 to lead Canadian cleantech investments.
“NGIF is a catalyst in the innovative, cleantech ecosystem,” Adams said. “Given the government of Canada’s ambitions for a resilient, green economy and its declared focus on growth, it is evident that NGIF is uniquely positioned to work with public officials.”
Holding particular interest for NGIF and the organisations under its umbrella – including NGIF Capital and the cleantech venture fund – are the government’s commitment to provide C$17.6bn (US$14.1bn) for climate and environmental initiatives that advance Canada’s net zero aspirations, the allocation of C$8bn to the Net Zero Accelerator to support the market for Canada’s cleantech innovators, the implementation of an investment tax credit for carbon capture, utilisation and storage (CCUS) initiatives and nearly C$780mn in interest-free loans to help homeowners implement energy-saving home renovations.
In addition to those budget measures, Egan said the CGA was also interested in the federal government’s foundational funding for hydrogen and renewable natural gas through the C$1.5bn Clean Fuels Fund, which was announced in December 2020, and carbon tax rebates for farmers using natural gas for drying grain.