Since the turn of the year, the Canadian federal government has jumped onto the zero emission train and started making headway through multiple incentive and funding programs aiming at effectively integrating battery and other zero emission technologies within passenger, and commercial vehicle sectors. However, in an unprecedented move that very few countries have chosen to make in their manifestos of clean transportation, the Canadian government has called for direct funding for zero emission technologies within construction and mining vehicles as well.
The mining and construction industries will get a boost for transitioning to zero-emission heavy-duty vehicles through a new tax credit from the federal government, which will begin in the spring of 2023. The 30% refundable tax credit will apply to hydrogen and electric heavy-duty equipment used in mining and construction industries, as well as charging and refuelling infrastructure. Credits will also be available for the generation of renewable energy generation and storage and are expected to cost $6.7 billion over five years. By 2032, they will phase down and will no longer be available by 2035.
This move may be a major attraction for global construction equipment manufacturers considering the size of Canada’s mining market. Canada’s mining industry is one of the largest in the world, with Canadian mining activities revolving around nickel, cobalt, graphite or lithium, and potash, the world’s third-largest diamond producer and the world’s fourth-largest uranium producer.
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