CIAC applauds reduced business costs in Ontario Fall Economic Statement
Andrew SnookNews Chemistry Industry Association of Canada CIAC
The Chemistry Industry Association of Canada (CIAC) recently commended Ontario’s Minister of Finance Peter Bethlenfalvy and the provincial government for taking vital steps to help reduce business costs in Ontario.
Some of the key initiatives within the Ontario Fall Economic Statement that the CIAC acknowledged were:
- Restate Ontario’s plans to return the Emission Performance Standard’s proceeds in full to eligible industries;
- Announce $100 million in additional funding for Invest Ontario fund for which the chemistry sector is eligible;
- Call on the federal government to provide clear commitments on federal Investment Tax Credit (ITC) funding for clean energy projects in Ontario, so that they can be advanced without additional risk or potential cost to ratepayers; and
- Continue investments to support skills training and apprenticeships.
Following the announcement, the CIAC urged further work by the province to improve business competitiveness and investment attraction for the chemistry and plastics sectors. It added that the industry is “on the cusp of two major transformations – the transformation to net-zero carbon emissions, and the transformation to a circular economy for plastics.”
The association stated that Ontario’s $29-billion chemistry industry is the third-largest manufacturing industry and second largest exporting sector in the province; and is a key employer in the Sarnia-Lambton, GTA/Niagara and eastern Ontario regions, and directly employs 42,000 Ontarians and supports another 210,000 Ontario jobs.
“Our sector supports and enables key manufacturing sectors in the province including automotive, critical minerals, forest products, construction, and food and beverage. The chemistry sector is a key source of innovation and solutions provider to address the challenges of climate change, clean air and water and plastics circularity. Ontario’s chemical manufacturers must compete globally both for market share and investment funding,” the association stated in a press release. “CIAC is pleased to continue to work with the Ontario Government on the many priorities to create a prosperous Ontario that is once again the economic engine of the country.”
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