Canada plans $20 bln in subsidies for carbon capture and clean tech by 2023
Feb 16,2024 | DAXTROMNSOLAR
Canada is set to allocate $20 billion in subsidies for carbon capture and clean technology by 2023. This plan aims to support the development and deployment of technologies that can help reduce greenhouse gas emissions and combat climate change. According to a source familiar with the matter, the funds will be allocated towards projects including carbon capture, utilization, and storage (CCUS), as well as initiatives related to hydrogen production and electric vehicle charging infrastructure.
The decision to provide such substantial subsidies reflects Canada's commitment to transition towards a more sustainable and low-carbon economy. The country has been actively seeking innovative solutions to address climate change and reduce its reliance on fossil fuels.
The subsidies will not only encourage the adoption of carbon capture technology in industries that produce significant emissions but also stimulate the growth of clean tech industries. By supporting the development of these technologies, Canada aims to create jobs, boost economic growth, and position itself as a global leader in the fight against climate change.
Furthermore, Canada's plan to invest in carbon capture and clean technology aligns with its pledge to achieve net-zero carbon emissions by 2050. By funding projects that can capture and store carbon dioxide, the country is taking a proactive approach in reducing its carbon footprint and protecting the environment.
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Overall, Canada's commitment to providing substantial subsidies for carbon capture and clean technology demonstrates its dedication to combating climate change. By supporting the development of innovative solutions and investing in clean tech products, Canada paves the way for a more sustainable and environmentally conscious future.
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Note: The content of this article is a modified version of the news article from Reuters.
