In a new report, the Business Council of Canada urged the federal government to adopt a more comprehensive regulatory and policy strategy to ensure a smooth energy transition, particularly in sectors like clean hydrogen, critical minerals, green electricity and electric vehicles. The organization, which represents over 170 large companies, published the report as part of its pre-budget recommendations for government. (The Logic)

Talking point: Heavy emitters have long been calling for more government support as they look to meet their net-zero targets. But U.S. President Joe Biden’s Inflation Reduction Act, which will disperse US$369 billion in direct spending and tax relief measures for American companies, has intensified calls for a more robust, economy-wide strategy to spur energy innovation. “While governments at all levels have advanced foundational pieces to support Canada’s energy evolution, what is missing is a sense of urgency,” the business council said. With a “mere seven years” remaining before the government’s 2030 targets are due, the group recommended a suite of production and investment tax credits to spur low-carbon fuels, renewables and other technology development.