Calgary Chamber calls for clarity on federal energy subsidy framework

The following statement is attributable to Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce:

Calgary, July 24, 2023 – “The Calgary Chamber is assessing the impact of the federal government’s newly released framework to phase out fossil fuel subsidies, acknowledging industry receives very few subsidies from government, beyond those necessary to accelerate decarbonization. We remain focused on ensuring the energy sector and ongoing decarbonization initiatives continue to be competitive in the global context, particularly as it pertains to the U.S. Inflation Reduction Act.

“We recognize and welcome a focus on efficient policy development and fiscal responsibility and support the six exclusions identified in the framework, including recognition for economic reconciliation and support for clean energy such as CCUS investments. The Chamber encourages government to work with industry to advance emissions reduction opportunities that are core to our economic future, including LNG, hydrogen and other promising technologies and processes.

“At the same time, the framework also leaves room for potential unintended consequences including the possibility of stranding private investment in decarbonization due to uncertainty. For Canada to remain the most competitive and responsible jurisdiction for energy production, ongoing policy and regulatory measures must provide both certainty and clarity for investors and producers.

“With Alberta ideally positioned to provide the resources the world needs, and as a magnet for renewable energy investment, the Calgary Chamber looks forward to working with the government to ensure this framework advances and accelerates research and development and commercialization of decarbonization projects, to ensure Alberta’s energy sector is the most responsible producer globally.”

ABOUT THE CALGARY CHAMBER OF COMMERCE

The Calgary Chamber exists to help businesses thrive. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization, we build on our 132-year history to serve and advocate for businesses of all sizes, in all sectors and across the city.

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