CAPP Statement: Federal Budget
April 7, 2022, Calgary, Alberta
The natural gas and oil industry is proud to be a major contributor to Canada’s economy, providing significant social and economic benefits right across the country, and delivering substantial revenues to provincial and federal governments. The industry has increased its investment in Canada this year, protecting and creating jobs while delivering over an estimated $20 billion in desperately needed revenues to federal and provincial governments. In fact, since 2017 Canada’s natural gas and oil industry has contributed more than $40 billion in revenues to governments across the country.
The announced tax credit in this year’s budget for all industries to utilize Carbon Capture Utilization and Storage (CCUS) along with extending the Canadian Infrastructure Bank’s mandate to support investment into hydrogen, nuclear and carbon capture is an important step to achieve national reductions. The energy sector is keen to lead by making investments in CCUS and other emissions-reducing technologies. We will be reviewing the details of the budget in this regard to ensure these federal initiatives will work for the natural gas and oil industry.
- Tim McMillan, CAPP President & CEO