Canada has passed a new bill favoring developments in the clean hydrogen sector. (Source: Shutterstock)
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.”
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