The Canadian Geothermal Energy Association (CanGEA)
Registration:
10
of
10
(2024-10-04
to
present)
Details Regarding the Identified Subject Matter
Subject matters
|
Details
|
Categories
|
Energy, Environment, Natural Resources, Taxation and Finance
|
CanGEA is advocating against legislative proposals that have been released to amend Bill C-59 with "preliminary work" provisions, which would largely exclude our industry from the Clean Technology Investment Tax Credit (ITC) by way of excluding drilling of wells.
|
Legislative Proposal, Bill or Resolution
|
Energy, Environment, Natural Resources, Taxation and Finance
|
CanGEA is advocating for federal funding of a geothermal direct-use portfolio to assess the engineering feasibility of switching various industrial applications that require heat (which are usually on natural gas) to geothermal heat.
|
Grant, Contribution or Other Financial Benefit, Policies or Program
|
Energy, Environment, Natural Resources, Taxation and Finance
|
Seeking tax credit parity with the CCUS investment tax credit (ITC) in Bill C-59. Our industry may receive up to 30% via the Clean Technology Investment Tax Credit, whereas the CCUS ITC provides up to 60%. We are grateful for geothermal's eligibility under the Clean Technology ITC, though 60% would of course be preferred over 30%.
Furthermore, we may seek eligibility ammendments which currently exclude "any equipment that is part of a system that extracts fossil fuel for sale.” Geothermal projects that may co-produce hydrocarbons will still reduce net emissions and should not be excluded from the Clean Technology ITC entirely.
|
Legislative Proposal, Bill or Resolution
|