{"id":32622,"date":"2023-03-28T16:47:39","date_gmt":"2023-03-28T20:47:39","guid":{"rendered":"https:\/\/cna.ca\/?p=32622"},"modified":"2023-12-08T14:57:26","modified_gmt":"2023-12-08T19:57:26","slug":"budget-2023-further-integrates-nuclear-power-into-canadas-clean-energy-strategy","status":"publish","type":"post","link":"https:\/\/cna.ca\/fr\/2023\/03\/28\/budget-2023-further-integrates-nuclear-power-into-canadas-clean-energy-strategy\/","title":{"rendered":"<strong>Budget 2023 further integrates nuclear power into Canada\u2019s clean energy&nbsp;strategy<\/strong>"},"content":{"rendered":"\n<p>Through the announcement of Federal Budget 2023, the Government of Canada has indicated its clear and strong support for nuclear power playing an indispensable role in the country\u2019s clean energy transition while ensuring domestic energy security.<\/p>\n\n\n\n<p>In addition to being included in the clean energy investment tax credit, nuclear has been made eligible for a range of other tax incentives, further leveling the playing field for clean energy technologies, and enabling nuclear to compete fairly with other non-emitting sources of power.<\/p>\n\n\n\n<p>\u201cToday\u2019s budget represents a significant change in how the Federal government is approaching nuclear power in Canada,\u201d said John Gorman, President and CEO of the Canadian Nuclear Association. \u201cNo longer are we simply \u2018on the table\u2019 as Prime Minister Trudeau put it one year ago; nuclear is now recognized as a fundamental and necessary component of Canada\u2019s low carbon energy system.\u201d<\/p>\n\n\n\n<p>A new 15% refundable Investment Tax Credit (ITC) for <strong>Clean Electricity<\/strong> was introduced that can be applied to all sizes of nuclear power, including small modular reactors (SMRs), large builds, and new refurbishment projects. This ITC will be available to both public and privately owned entities, a decision made in response to a concern raised by the CNA repeatedly over the last few months regarding the applicability of tax credits to crown corporations. This tax credit will also be available for equipment enabling the transmission of electricity between provinces and territories.<\/p>\n\n\n\n<p>This ITCE is separate from the <strong>Clean Technology<\/strong> Investment Tax Credit introduced by Minister Freeland in the 2022 Federal Budget and further detailed in the 2022 Fall Economic Statement. The Clean Technology ITC will provide a tax credit of up to 30% for non-emitting electricity generation technologies, including SMRs.<\/p>\n\n\n\n<p>Today\u2019s budget has also announced an 30% Investment Tax Credit for <strong>Clean Technology Manufacturing <\/strong>for manufacturing of clean technologies and the extraction, processing, or recycling of critical minerals. This new credit includes manufacturing of nuclear energy equipment and processing or recycling of nuclear fuels.<\/p>\n\n\n\n<p>Nuclear power is also being supported through:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Extension of the Reduced Tax Rate for Zero-Emission Technology Manufacturers to include the nuclear power sector, including fuel reprocessing and heavy water treatment<\/li>\n\n\n\n<li>An additional $20 billion being granted to Canada Infrastructure Bank for accelerating the energy transition, including up to $10 billion in clean power, and a further $10 billion in green infrastructure<\/li>\n\n\n\n<li>Increased budget of $1.3 billion to increase efficiencies with regulatory reviews and approvals, including for the Canadian Nuclear Safety Commission, Impact Assessment Agency, and others<\/li>\n\n\n\n<li>The Canada Growth Fund will partner with the Public Sector Pension Investment Board, enabling it to attract private capital to Canada\u2019s clean economy<\/li>\n\n\n\n<li>Providing $500 million over ten years to the Strategic Innovation Fund, which has supported SMR projects in the past, including by Moltex, Westinghouse, and Terrestrial Energy<\/li>\n<\/ul>\n\n\n\n<p>In addition, the budget provides support for a broad range of initiatives aimed at accelerating Canada\u2019s clean energy transition, particularly through electrification of those sectors that are currently reliant on fossil fuels, including transportation, buildings, and industry, and the production of hydrogen.<\/p>\n\n\n\n<p>Today\u2019s budget follows a series of joint statements over the last week that recognized and promoted the key role of nuclear in the global energy transition. In their joint statement released last week, Prime Minister Justin Trudeau and US President Joe Biden highlighted the need to accelerate cooperation on critical clean energy opportunities and supply chains, including advanced and conventional nuclear energy. This was followed by a joint statement by the Natural Resources Canada and the US Department of Energy, which provided more details on potential areas of coordination and cooperation.<\/p>\n\n\n\n<p>Today\u2019s budget reinforces these statements by specifying policies that will enable and foster such cross-border cooperation, moving us from a paradigm of competition toward an integrated and mutually-beneficial North American nuclear ecosystem.<\/p>\n\n\n\n<p>The Canadian nuclear industry is encouraged by the Government\u2019s commitment to nuclear playing an increasingly significant role in the country\u2019s energy mix. While additional steps must be taken to ensure that all clean energy technologies receive equal and fair treatment, today\u2019s budget is a significant step to ensuring that Canada remain a global leader in the advancement of this critically important clean energy technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Through the announcement of Federal Budget 2023, the Government of Canada has indicated its clear and strong support for nuclear power playing an indispensable role in the country\u2019s clean energy transition while ensuring domestic energy security. In addition to being included in the clean energy investment tax credit, nuclear has been made eligible for a [&hellip;]<\/p>\n","protected":false},"author":8471,"featured_media":32626,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[489],"tags":[],"topic":[597,598,583],"class_list":["post-32622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-releases","topic-economy","topic-finance","topic-governmental-affairs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2023 further integrates nuclear power into Canada\u2019s clean energy strategy - Association nucl\u00e9aire canadienne<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cna.ca\/fr\/2023\/03\/28\/budget-2023-further-integrates-nuclear-power-into-canadas-clean-energy-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2023 further integrates nuclear power into Canada\u2019s clean energy strategy - Association nucl\u00e9aire canadienne\" \/>\n<meta property=\"og:description\" content=\"Through the announcement of Federal Budget 2023, the Government of Canada has indicated its clear and strong support for nuclear power playing an indispensable role in the country\u2019s clean energy transition while ensuring domestic energy security. 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