Calgary, January 30, 2024 – With the federal government resuming sitting this week, the Calgary Chamber of Commerce calls for a necessary focus on business in the session ahead. Specifically, we call for strategic investments in emerging economic sectors like clean tech, targeted support for business to mitigate the impacts of rising costs and inflation and measures to address housing affordability. We also call for government to withdraw the oil and gas emissions cap, and instead focus on advancing decarbonization technologies and existing policy frameworks such as Investment Tax Credits.
“While Alberta is better positioned to weather economic uncertainty compared to other provinces across the country, businesses need a stable policy environment in order to invest and continue driving the economy forward,” said Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “We encourage the government to focus on supporting businesses and people in addressing ongoing affordability challenges and minimize the layering of regulation – particularly on Canada’s energy industry.”
We are pleased to see progress made toward building an inclusive economy and the development of clean growth initiatives but continued fiscal prudence is necessary to reach our shared short-term and long-term economic goals. In the session ahead, we encourage government to focus on:
- Reversing the decision on CEBA loans knowing many businesses are already suffering from increased interest and higher inflation and were unable to meet the repayment deadline.
- Withdrawing the emissions cap. After consultation with members across economic sectors including traditional energy, aviation, agriculture, telecommunications, finance, petrochemicals, electricity, clean technology, and others, we contend that the emissions cap, as drafted, imposes untenable financial and regulatory consequences on industry.
- Implementing the Investment Tax Credit for Carbon Capture, Utilization and Storage to advance and bolster further investment in decarbonization technologies.
- Measures that encourage fiscal prudence, address rising costs and reduce red tape. Lowering Canada’s debt-to-GDP ratio, as well as initiatives that reduce burdensome government processes and support businesses in addressing rising costs are crucial to sustained economic growth.
- Policies to support technology adoption and digital growth across sectors. This includes a commitment to working with Canada’s early-stage companies to ensure they have the support required to grow and succeed and providing incentives for businesses to adopt new technologies to boost productivity.
- Efforts to address housing affordability, recognizing employees need a place to live.
- Canada’s ongoing labour shortages, recognizing the importance of immigration as a long-term solution to persistent talent gaps.
- Implementing Carbon Contracts for Difference (CCfD), providing clarity on proposed investment tax credits, and collaborating with other orders of government to establish a national GHG-offset market.
- Advancing the National Supply Chain strategy to guide strategic infrastructure investments needed to support supply chain resilience.
As the government resumes sitting, the Calgary Chamber encourages engagement with the business community. We also urge an increased focus on fiscal prudence, investments in emerging economic sectors, targeted supports to mitigate the impacts businesses are facing as a result of rising costs and inflation, and policies that address housing affordability.
ABOUT THE CALGARY CHAMBER OF COMMERCE
The Calgary Chamber of Commerce exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.
MEDIA OPPORTUNITIES
For media inquiries, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.
