Long-Term Cost of Net-Zero Investment Tax Credits $10 Billion Higher, Says Budget Officer

Published on July 4, 2024

Investment tax credits geared toward reaching net-zero emissions will make a larger dent in the budget than predicted by Ottawa, the Parliamentary Budget Officer (PBO) estimates. In an analysis released on July 3, the federal budget watchdog projects the total fiscal costs for six investment tax credits will reach $103 billion from fiscal years 2022–2023 to 2034–2035. The PBO’s estimate is $10 billion higher than what is projected in the government’s Budget 2024. “The difference is mostly attributable to higher projected eligible investments in the electricity generation sector as it aims to achieve decarbonization by 2035,” says the PBO. The tax credits relate to investments in the fields of carbon capture, clean technology, clean energy, clean hydrogen, clean technology manufacturing, and electric vehicle supply chain....

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