CAPP's Response to the Federal Budget
The Canadian Association of Petroleum Producers (CAPP) recently issued a statement regarding the 2024 Federal Budget, highlighting key points and implications for the oil and natural gas industry in Canada.
Insights from Lisa Baiton, CAPP President and CEO
In her statement, Lisa Baiton, CAPP president and CEO, emphasized the significance of Canada's resource base as a competitive advantage and called for leveraging it to address national economic challenges.
Key Highlights from the Statement
Baiton praised the inclusion of the oil and natural gas industry in the National Indigenous Loan Guarantee Program, seeing it as a step towards economic reconciliation and self-determination for Indigenous communities.
The Carbon Capture Investment Tax Credit, set to receive Royal Assent, was also noted as crucial for Canada's competitiveness in CCUS projects and attracting essential investment while meeting climate goals.
Industry Concerns and Future Outlook
However, Baiton expressed industry uncertainty regarding proposed emissions policies and emphasized the need for clarity to inform investment decisions and maintain Canada's economic and environmental leadership.
She cautioned against adding new corporate taxes amidst regulatory uncertainties, highlighting the existing royalty and tax frameworks that significantly benefit Canadians and support critical infrastructure and social programs.
About CAPP
The Canadian Association of Petroleum Producers (CAPP) is a non-partisan industry association representing companies involved in oil and natural gas exploration, development, and production across Canada. CAPP's advocacy and industry efforts contribute significantly to Canada's economy, job creation, and energy sector development.
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