U.S. President Joe Biden’s Inflation Reduction Act is driving many Canadian clean energy startups to shift their focus and resources south of the border to capitalize on the subsidies and the related influx of activity.
The Federal government (regardless of who is in charge) needs to get their butts in gear and start incentivizing green energies to a much greater degree. There’s no point in building a pipeline that no one is going to need (or want to buy) in however many years it takes to build. Not to mention the OBSCENE price tag it will take to build…which could be spent on green initiatives instead.
Continuing to focus on oil and gas to appease Alberta is going to lose us all of our opportunities in companies like this that are going to pack up and go where they are appreciated.
People talk about the private market driving innovation but to me it sure looks like what actually happens is entrenched wealthy interests do whatever they can to maintain the status quo that is making them wealthy. It was just the same with the music industry and their resistance to digital music. They were trying to put people in prison for literal years for downloading a song just to maintain their grip on that industry. Where the actual innovation in that era was being driven by the community via file-sharing. Piracy blew the old CD driven market out of the water for convenience, and now streaming is the standard as a result of that.
