Canadian Government supports Clean Technology Investments
On November 21, 2023, the Government of Canada announced that systems utilizing waste biomass to produce heat and/or electricity are now eligible for the country’s Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit. This expansion is particularly beneficial for the agriculture sector and joineries & sawmills, where residual and waste wood are abundant. By turning this waste into energy, these industries can significantly reduce their carbon footprint while utilizing materials that would otherwise go to waste.
As part of the 2023 Fall Economic Statement, the Department of Finance Canada revealed that the 30 % Clean Technology Investment Tax Credit will now include systems that generate electricity, heat, or both from waste biomass. This expanded credit applies to eligible properties acquired and operational from the date of the Fall Economic Statement onward.
Additionally, the 15 % Clean Electricity Investment Tax Credit will also cover systems producing electricity or combined heat and power from waste biomass, effective from the date of Budget 2024, for projects starting after March 28, 2023.
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