Canada responds to the US, 58 billion for clean energy

Canadian response to the US Inflation Reduction Act, with a federal budget providing C$80 billion (US$58 billion) in tax credits for clean tech over the next decade, including C$25 billion (17 billion US dollars) for investments in clean electricity.

"Our friends and partners around the world - first and foremost the US - are investing heavily to build clean economies and zero-emission industries of tomorrow," Finance Minister Chrystia Freeland said as she illustrated the budget to the Canadian parliament.

The US measure offers up to 369 billion dollars in incentives for clean energy.

"Without swift action, the scale of US incentives will undermine Canada's ability to attract the investment needed to establish Canada as a leader in the growing and highly competitive global clean economy. If Canada doesn't keep up, we will fall behind." , reads the budget document.