Remarks by the Deputy Prime Minister announcing first major investment tax credit project to create good jobs

All told, our Investment Tax Credit for Carbon Capture, Utilization, and Storage as well as our Investment Tax Credit for Clean Hydrogen will provide up to $400 million in support of this project. That is money that is going to be delivered up-front, to get shovels in the ground on a truly, first-of-its-kind, best-in-class, world-leading facility.

Fort Saskatchewan, AB - November 29, 2023

Good morning. Today is a great day for Fort Saskatchewan, for Alberta, and for Canada.

There are some moments when you have the work of many people—everyone who is here—and it comes together to do something really positive and important.

First, I would like to acknowledge that the land we are gathered on is Treaty 6 Territory and the homeland of the Métis.

I am delighted to be back in Alberta with my colleagues, Minister Champagne, Minister Boissonnault, with the Premier of Alberta, Premier Smith, and Ministers Jean and Jones, with Mayor Katchur, and with Jim Fitterling and the great team from Dow.

Our economic plan is about building an economy that works for everyone, with good jobs that people and communities can count on.

When we announced the Investment Tax Credit for Clean Hydrogen and the Investment Tax Credit for Carbon Capture, Utilization, and Storage—two of the five investment tax credits which are a pillar of our economic plan—we said they would give businesses the certainty they needed and the support they needed to make historic investments in Canada.

We said those tax credits would create great careers for Canadians—for people like the great Canadians who are here with me—that they would build stronger communities and help reduce our emissions at the same time.

Today is proof that it is working. Proof that our tax credits are delivering.

Dow's new Fort Saskatchewan Path-2-Zero expansion project is historic. This is a first-of-its-kind net-zero petrochemicals facility—it will be the first announced major project in Canada that is getting off the ground thanks to support from our Investment Tax Credit for Carbon Capture, Utilization, and Storage as well as our Investment Tax Credit for Clean Hydrogen.

That includes support for Dow and for its partners who will be building, owning, and operating a hydrogen production facility here in Fort Saskatchewan. Right here on these grounds.

All told, our Investment Tax Credit for Carbon Capture, Utilization, and Storage as well as our Investment Tax Credit for Clean Hydrogen will provide up to $400 million in support of this project. That is money that is going to be delivered up-front, to get shovels in the ground on a truly, first-of-its-kind, best-in-class, world-leading facility.

We are so proud that it is happening here. We are so proud you have chosen Alberta and Canada.
And most importantly, this project will support up to 8,000 great jobs during construction—and up to 500 full-time jobs once the facility is up-and-running, with a multiplier factor many, many times over.

I know that there was some concern in Canada about whether our tax credits—and the other elements of Canada's economic plan that was our response to the US Inflation Reduction Act—would attract investment on the scale that we all know Canada needs.

They can and they will.

Today's announcement is proof of that. The first investment through the new Canada Growth Fund—another part of our economic plan—was in Calgary, just last month. And that is further proof that we have an economic plan to drive investment in Canadian industry and innovation, to create great jobs and great communities.

And I was so glad to hear just yesterday, from Pathways, that thanks to our Fall Economic Statement and the details we provided there about our Investment Tax Credit for Carbon Capture, Utilization, and Storage, Pathways are more confident than ever that their project—which will be one of the world's largest carbon capture and storage projects—will go ahead.

There is no other country in the world that has responded to the Inflation Reduction Act as competitively as Canada has done. And that means Canadian workers who are at the heart of our economic plan will be leading the way as the global economy moves towards net-zero and creates the great careers of today and tomorrow. That is exactly what you guys are doing right now. It is amazing.

I want to offer you a final proof point: in the first half of this year, Canada received the most foreign direct investment per capita of any country in the G7—and the third-most investment, in gross dollar terms, in the entire world.

More investment per capita than the United States. More investment, total, than China—whose population is a little bigger than ours.

And that is just the beginning. Because our economic plan is working. 

Our investment tax credits attract significant investment to Canada. The labour requirements we have tied to our investment tax credits guarantee workers prevailing union wages. 

These requirements came into effect on November 28th and they guarantee more opportunities for apprentice training. This is good news for Canada and wonderful news for workers here in Alberta.

So as a proud daughter of Alberta, I want to conclude by saying that our economic plan is delivering for Alberta, and most of all it is delivering for the hardworking, entrepreneurial people of Alberta.

This province has the resources, the smart, talented, entrepreneurial hardworking people, and the expertise that Canada—and the world—needs.

Jim and his team at Dow—one of the world's leading companies—clearly believe in Alberta. And so do I.

Today's announcement is concrete proof of that—and our economic plan will continue to create great jobs—great careers—for working people here in Alberta.

The hardworking, entrepreneurial people of Alberta are at the heart of Canada and Canada's economy.
I am so glad, so proud that this landmark investment—a historic moment for our country—is happening here in the great province of Alberta.

Thank you very much.