10 Ways the National Budget Supports Net Zero Initiatives
Climate emergencies are flaring up across the globe: With mega droughts in California and record high temperatures in India, it’s more important than ever before to focus on developing a more resilient foundation for the world we live in. On April 7th Deputy Prime Minister Chrystia Freeland finalized the 2022 national budget with a focus on a necessary investment in climate solutions to help lower harmful emissions by 2030.
The Canadian Government is prepared to allocate $9 billion to combatting climate change and supporting net zero initiatives, with clear support to businesses to reduce their emissions output. Read on for a summary of how the National budget will support net zero initiatives.
Development and Retrofits
Developing low-carbon buildings will be the cheapest and fastest way to reducing urban emissions in Canada. This section focuses on efficiently developing and retrofitting existing buildings to reduce Canada’s carbon footprint.
- $200 million is allocated for a retrofit accelerator fund to ramp up retrofit projects across Canada.
- $195 million over five years to expand the existing Industrial Energy Management System program, providing the support for ISO 50001 certification, energy managers, cohort-based training, audits and energy efficiency focused retrofits for small-to-moderate projects.
- $706 million in federal funding for net-zero capacity building over the next five years to be coordinated through Natural Resources Canada (NRCan) and the National Research Council (NRC)
- $183 million to update national building codes for establishing building codes for reducing emissions from buildings. Tax deductions for business that invest in clean energy heat pumps.
Zero Emission Transportation
Transportation is the next big contributor to urban emissions. Steering consumers and businesses to electric vehicles (EVs) and removing barriers to entry can be an easy win in regards to reducing our emissions.
- 50,000 new ZEV chargers installed across Canada totaling $400 million and another $500 million is being put into the Canadian infrastructure Bank for ZEV charging infrastructure.
- An impressive $547 million is going towards zero emission heavy-duty transportation vehicles.
- There is also $199 million over the next 5 years going towards the Green Freight Program and retrofitting large trucks.
Ensuring Canada’s supply of electricity in Ontario moves to a cleaner source is critical to reducing our carbon emissions. Action mandated from the Federal government will have a positive trickle-down effect on provincial and municipal choice.
- The Low Carbon Economy Fund is receiving $2.2 billion in funding to expand the program to include municipalities and Indigenous communities.
- $600 million has been invested in Smart Renewables and Electrification Pathways Program which supports grid modernization to create more efficient grids.
- $25 million will be put into developing and establishing net-zero energy plans for all the provinces and there is $250 million going into clean electricity projects.
Achieving a Net Zero Future
The 2022 national budget highlights Canada’s commitment to achieving a net zero future by providing consumers and businesses the funding to make a green choice. This is great news and is a step in the right direction towards achieving Canada’s goal of net-zero emissions by 2050. Capitalize on this funding today by partnering with a company that has worked with new construction and retrofits for the past 25 years.