Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that Canada’s major investment tax credits are enabling Dow to build the world's first net-zero emissions ethylene cracker and derivatives site in Fort Saskatchewan, Alberta. She was joined by the Chair and CEO of Dow, Jim Fitterling, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, and the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages.

“When we announced our major investment tax credits—a pillar of our government’s economic plan—we said that they would attract new investment and create great careers for Canadians. With hundreds of new Canadian jobs on the way, today’s investment by Dow in Fort Saskatchewan is proof that our economic plan is delivering for Canadians.”

- The Honourable Chrystia Freeland,
Deputy Prime Minister and Minister of Finance

“Alberta has been an important manufacturing hub for Dow for more than 60 years and we’re excited to bring this first-of-its-kind net-zero emissions facility to the region to ensure an even brighter future for Dow in Canada. Government support is critical to projects of this size and complexity, and the support we’ve received locally, provincially, and federally was an important factor in Dow’s selection of Fort Saskatchewan for this investment.”

- Jim Fitterling,
Chair and CEO of Dow

“Our government knows that if we want to decarbonize, we need to work with industry, particularly when it comes to plastics. That’s why we are so thrilled to be partnering with a global industry pioneer like Dow, as we work to secure Canada’s clean-growth future. Dow’s project will not only significantly reduce greenhouse gas emissions from their operations here in Fort Saskatchewan, but it will also triple production capacity. And that means more good jobs for the people of Alberta, significant economic benefits for the province, and a cleaner, greener future for all of us.”

- The Honourable François-Philippe Champagne,
Minister of Innovation, Science and Industry

“This announcement represents an historic investment in the Edmonton Region, and is a strong vote of confidence for the workers and businesses in Alberta, and Canada,  as we build the economy of the future.”

- The Honourable Randy Boissonnault,
Minister of Employment, Workforce Development and Official Languages

"As we move towards net-zero by 2050, clean growth projects will be a key driver of delivering on decarbonization and bringing investment into Canada. As announced today, using Canada’s investment tax credits, Dow’s project will reduce emissions and create hundreds of sustainable jobs for Canadians. This project exemplifies how climate action and economic growth go hand in hand, bringing benefits for Canadians today and into the future and ensuring Canada is a leader in the global clean economy."

- The Honourable Jonathan Wilkinson,
Minister of Energy and Natural Resources

• This world-first net-zero Scope 1 and 2 greenhouse gas emission ethylene cracker and derivatives site is supported by C$11.5 billion in total private investment (US$8.5 billion total with US$6.5 billion from Dow and US$2 billion from partner companies).  

• According to the OECD, in the first half of this year, Canada received the third-most foreign direct investment of any country in the world—and the highest per capita in the G7.

• A key pillar of the federal government’s economic plan to create jobs and growth are the major investment tax credits:

  • Carbon Capture, Utilization, and Storage investment tax credit;
  • Clean Technology investment tax credit;
  • Clean Hydrogen investment tax credit;
  • Clean Technology Manufacturing investment tax credit; and,
  • Clean Electricity investment tax credit. 

• The federal government is delivering these major investment tax credits on a priority basis, with legislative implementation concluding in 2024.

• On November 28, 2023, the federal government announced the Fall Economic Statement Implementation Act, 2023, which would deliver the:

  • Carbon Capture, Utilization, and Storage investment tax credit; and,
  • Clean Technology investment tax credit. 

• The Fall Economic Statement Implementation Act also implements labour requirements to ensure Canadian workers benefit from Canada’s major investment tax credits. These labour requirements will require businesses to pay prevailing union wages and provide apprenticeship opportunities in order to receive the maximum credit rates for the:

  • Carbon Capture, Utilization, and Storage investment tax credit;
  • Clean Technology investment tax credit;
  • Clean Hydrogen investment tax credit; and,
  • Clean Electricity investment tax credit.

• The federal government’s economic plan is already delivering results. Over the past three years alone, more than 90 clean growth projects valued at a total of more than $50 billion, including private investment, are underway or will soon move forward into construction across Canada. 

Associated links

• November 28, 2023: Government of Canada announces legislation to make life more affordable, build more homes, and create good jobs for Canadians
• November 21, 2023: Government of Canada releases 2023 Fall Economic Statement
• 2023 Fall Economic Statement Backgrounder: Building an Economy That Works for All Canadians
• 2023 Fall Economic Statement

Media may contact:

Katherine Cuplinskas
Press Secretary and Senior Communications Advisor
Office of the Deputy Prime Minister and Minister of Finance
Katherine.Cuplinskas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries:

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca

Audrey Champoux

Press Secretary and Senior Communications Advisor
Office of the Minister of Innovation, Science and Industry
audrey.champoux@ised-isde.gc.ca

Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca

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