Housing affordability, Canada’s green transition key budget planks as feds’ fiscal plan addresses ‘uncertain world’

The budget is about half the size of last year’s 724-page document, which was Freeland’s first in the post and the Liberals’ first since the 2019 election. In that blueprint, Canada’s first female finance minister’s big pledge was tied toover five years. Budget 2022 devotes little to that promise, but earmarks “significant further investments in affordable childcare,” in particular to build facilities.

Speaking to reporters, Freeland said the government was “very mindful” of elevated inflationary pressures and the focus is, therefore, on driving supply. To help fill that gap, Budget 2022 earmarks $4-billion over five years to launch a new Housing Accelerator Fund to create 100,000 net new housing units in the next five years.

But she said the government can “put money on the table” and build policies to attack the problem. “This is the most ambitious housing plan to tackle supply any Canadian government has ever put forward and it’s also a first step.”The budget’s second chapter sets out $12.4-billion on climate- and clean-tech-related initiatives over the next five years to meet Canada’s climate targets and start what it calls the “green transition. The funding kicks off at $1.3-billion this year, rising to $2.

Prime Minister Justin Trudeau said Canada will cut between 40 and 45 per cent before 2030 as part of the effort to reach net zero by 2050 and promised at the COP26 climate summit in November 2021 to put a hard cap on oil and gas emissions. Emissions from this sector have climbed since 2005, but the Liberal climate plan places some of the most ambitious targets through cuts to oil and gas emissions, as well as the transportation sector.

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