Highlights from the PPF Growth Summit – Is the US eating Canada’s lunch on transition finance?

Lisa Raitt: What I liked is the recognition that there has to be a response to the competitive nature of the IRA. So from a business perspective, at least they’re getting it. And it was a large part of the budget too, it was a significant portion of the budget. All of the resources have gone into this one specific area because we have to meet the challenge from the United States. Devil’s in the details, and Roman can tell you that clients are waiting to see exactly how this is going to shake out so that folks at CIBC could do the analysis and tell them which way this is all going to go and how well you’re going to do or not going to do depending upon where you choose to put your capital.

Roman Dubczak: 25% of emissions in the US are transportation, roughly 25% are power. Canada, 25% roughly are transportation. 28% is the production of oil and gas and 8% is power. We already have a green grid, so it’s not a very heavy lift to decarbonize our energy grid, whereas in the states, it’s the job, right? And so, when looking at that carbon capture, jumps over…leaps over, rather, the other priorities in order to get to our goals, Canadian goals. So let’s be focused here. We’re talking about Canada and for Canada to achieve its goals. Not so much competing with the United States on who’s got the shinier programs. It’s like we’ve got to get to 440 by 2030.