On April 7, Canada released its 2022 federal budget, “A Plan to Grow Our Economy and Make Life More Affordable.” The budget is focused on Canada’s post-pandemic recovery, encompassing issues such economic growth and resiliency, housing affordability and climate change.
Funding programs of potential relevance to the composite panel industry, include:
- $15 billion over five years to the Canada Growth Fund for projects that reduce emissions, diversify the economy, support growth of new and traditional industrial sectors and support natural resource sector supply chains
- $1.0 billion over five years to the Canadian Innovation and Investment Agency to support innovation and R&D in new and established industrial sectors
- Up to a 30% clean technology tax credit
- $194 million over five years to the Industrial Energy Management System program to support ISO 50001 certification, energy managers, training, audits and retrofits for small- to moderate industrial projects
- Return of $30 million in fuel charge proceeds to Emissions Intensive and Trade Exposed (EITE) small and medium-sized businesses in backstop jurisdictions (Alberta, Saskatchewan, Manitoba and Ontario)
- New tools, guidelines and targets from Public Services and Procurement Canada (PSPC) to support the adoption of green procurement across the federal government.