VICTORIA — Mark Zacharias, executive director of Clean Energy Canada, made the following statement in response to B.C.’s 2024 budget:
“Budget 2024 is a thoughtful suite of investments and tax changes that takes meaningful steps forward on building a clean, competitive economy while making life more affordable for British Columbia families.
“New investments in building the clean economy and addressing climate change total $1.3 billion over three years, including $405 million to prepare for and respond to climate emergencies, which the budget rightly identifies as one of the key risks to the province’s economic outlook. Additionally, Budget 2024 provides $318 million to support grant and rebate programs to move toward cleaner transportation, buildings, and communities, alongside $474 million to support critical transportation and community infrastructure. This includes $40 million for heat pump rebates and another $30 million for EV charging upgrades.
“Budget 2024 strikes the right balance between preventing and preparing for climate change while simultaneously helping build a cleaner economy and improving our export competitiveness. It also makes thoughtful changes to B.C.’s industrial and consumer carbon pricing systems to address affordability and competitiveness and to bring B.C. more in line with the rest of Canada.
“Changes to the Climate Action Tax Credit will see 100% of the April 1 carbon tax increase returned to B.C. families. An eligible family of four will see their tax credit increase from $890 to $1,005, while individuals will see increases from $447 to $504. Additionally, more households will be able to access the credit, with the budget introducing a new target that 80% of residents will receive it by 2030. Most of these residents will receive more back than they pay, and those that adopt money-saving clean energy solutions like EVs and heat pumps can save even more.
“Economists widely consider carbon pricing to be the most cost-effective way to reduce climate pollution, and a recent analysis found that B.C.’s carbon tax had only increased food prices by a negligible 0.3%. With rebates and programs to support the shift to clean energy, families are well positioned to come out ahead as B.C. takes the necessary steps to fight climate change.
“Budget 2024 also brings in a new industrial carbon pricing system that is broadly supported by industry and levels the playing field with how businesses in other provinces pay under other provincial systems and the federal backstop. The revised system will improve competitiveness and encourage more investment in building new industries and growing existing ones.
“Combined with BC Hydro’s additional $36 billion capital plan to generate more clean electricity, investments in expediting mine permitting, new Indigenous equity financing, and $228 million to support skills training, B.C. is transforming itself into an energy, economic, and climate leader.”
