Canada has passed a new bill favoring developments in the clean hydrogen sector.
The law, Bill C-69, provides “a refundable tax credit to qualifying businesses for investments in certain clean hydrogen projects,” EverWind Fuels, an independent green hydrogen developer, said June 21 in a press release. Bill C-69 also provides a tax credit for certain investments in clean technology manufacturing property.
Initially announced in 2022, the Clean Hydrogen Investment Tax Credit (ITC) is comparable to the U.S. Inflation Reduction Act (IRA). But, it will be operational and accessible before similar investment attraction measures contained in the IRA are available to investors and project proponents, according to EverWind.
EverWind said the law includes investment attraction measures critical to ensuring Canada maintains an edge in the fiercely competitive global clean energy space.
The ITC will provide economic benefits to Canada’s nascent clean hydrogen sector, such as the creation of jobs, economic growth and billions of dollars in tax revenues. Key environmental benefits include supporting efforts to decarbonize Nova Scotia’s grid by replacing coal with zero-emission renewables, EverWind said.
“The passage into law of the Clean Hydrogen ITC is a major step forward for Canada’s global leadership in the future energy economy,” EverWind Founder and CEO Trent Vichie said in the release. “Having these incentives in place before U.S. measures sends a signal to the world to choose Canada which is exactly what we’ve done.”
Recommended Reading
WhiteHawk Energy Adds Marcellus Shale Mineral, Royalty Assets
2024-09-18 - WhiteHawk Energy LLC said it acquired Marcellus Shale natural gas mineral and royalty interests covering 435,000 gross unit acres operated by Antero Resources, EQT, Range Resources and CNX Resources.
Mike Wirth: The ‘Remarkable’ Rise Of Chevron’s Permian Portfolio
2024-08-20 - Chevron aims to grow Permian volumes past 1 MMboe/d in 2025—less than a decade after it averaged less than 100,000 boe/d from legacy holdings in West Texas and New Mexico, Chevron CEO Mike Wirth said.
BKV CEO: IPO Driven by AI Power Demand, Improving Natgas Macro
2024-09-27 - BKV Corp. IPO’d on Sept. 26, nearly two years after the Barnett Shale’s top gas producer first filed to go public.
Exclusive: Aethon M&A Gambit Pays Off with Woodside-Tellurian Deal
2024-08-07 - Aethon Energy, already a large LNG feed-gas supplier, sees Woodside’s acquisition of Tellurian and the Driftwood LNG project as a validation of the natural gas industry’s prospects.
Enservco Sells Colorado-based Assets to HP Oilfield Services
2024-08-12 - Oilfield service company Enservco also announced its acquisition of Buckshot Trucking is expected to close soon.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.