Canadian projects eligible for Defense Production Act financing, says U.S. ambassador
Vast U.S. government spending powers unleashed through the Inflation Reduction Act (IRA) and Defense Production Act (DPA) and intended to kickstart a made-in-America green industrialization effort have Europeans worried they will be shut out of a U.S. green-tech bonanza.
The IRA contains protectionist language that favours American-made components for things such as electric vehicles. Canadians have likewise raised concerns that Canadian companies will be shut out of the U.S. market, or that the Canadian government will not be able to match lavish American subsidies.
David Cohen, U.S. ambassador to Canada, recently attempted to calm some of those fears. He said American and Canadian policies that incentivize green investments are already producing mutually beneficial results.
“It presents huge opportunities for the United States, for Canada and for First Nations to open new avenues for trade and manufacturing and clean energy and to strengthen regional supply chains,” Cohen said April 24 at the First Nations Major Projects Coalition conference in Vancouver.
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