Federal budget shows good movement, but more should be done: PSAC
Canada's oil and natural gas services sector association, the Petroleum Services Association of Canada (PSAC), has stated it is pleased to see a number of measures that will help the natural resources sector in the 2021 budget released by the federal government. Debt and deficit reduction and restoring investor confidence to ensure long-term growth and economic prosperity, however, remain to be addressed.
Elizabeth Aquin, Interim President and CEO of PSAC says, "We appreciate the inclusion of several measures that align with PSAC's advocacy including an extension of the Canada Emergency Wage Subsidy (CEWS), investment and resources for clean tech development (carbon storage and utilization), and a border adjustment tax."
January McKee, Chair of PSAC and President of AMGAS, agreed adding, "With the oil and gas industry as Canada's largest investor in clean tech, we look forward to reviewing the details of new programs that focus on technology, innovation, carbon capture and storage and welcome the opportunity to continue to contribute to Canada's environmental goals."
Canada's oil and natural gas industry supports jobs for over 500,000 Canadians across the country. With a supply chain that stretches across the country including manufacturers in Ontario and Quebec, this industry can be the engine of recovery and growth and can play an important role in the development of other sources of energy like geothermal and hydrogen.
Aquin continued, "PSAC sees the Border Carbon Adjustment initiative as positive and aligned with our advocacy to level the playing field and attract much needed capital investment in Canada. Additional measures to restore investor confidence and growth in Canada's responsible development of resources are needed. Getting people back to work, innovating, and being the supplier of choice helping to reduce global emissions while providing jobs and economic benefits to Canadians should be the priority."
PSAC looks forward to working with government on sector specific measures and policies that support this vital sector to ensure we continue to contribute the Canada's economic recovery and growth.