The federal government will invest $370 million in a new biofuel production incentive.
Prime Minister Mark Carney announced the new investment Friday morning as part of a new slate of measures to transform Canada’s strategic industries and help businesses in the face of tariffs and job loss.
“Canada’s government will introduce a new biofuel production incentive, providing more than $370 million to assist domestic producers and help them restructure their value chains,” Carney said.
The measure is meant to address competitiveness for Canadian canola farmers and other producers.
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Carney also promised the government will make “targeted amendments” to the clean fuel regulations to “spur the development of a vibrant biofuels industry in Canada,” temporarily increase loan limits for Canadian canola producers to half a million dollars, and invest in agri-marketing and trade diversification measures “to support our entire agriculture and seafood sectors.”
It will also extend reimbursement timelines and introduce new non-reimbursable contributions up to one million dollars in all sectors, including agriculture.
The new measures also included a more comprehensive “Buy Canadian” strategy, “that will move from best efforts to buy Canadian to a clear obligation to do so.”
The full list of measures is available here.
