|An area of B.C. identified for geothermal energy |
exploration by B.C. Energy and Mines.
The 2017 budget builds on commitments made in 2016 to invest in Canadian technology, including clean-tech – a sector that is particularly strong in B.C. The 2016 budget earmarked $1 billion over four years for clean technology.
It also provides $14.5 million over four years to establish a Clean Growth Hub.
One undeveloped resource in B.C. that may benefit from the 2017 federal budget is geothermal energy.
B.C. has an abundance of potential geothermal energy due to its position on the Pacific Ring of Fire, but has remained undeveloped, thanks to the high costs of finding productive geothermal energy sources.
The 2017 budget includes new policies aimed at helping develop geothermal energy. They include extending accelerated capital cost allowances to a range of geothermal projects and expenses, as well as expanding the range of expenses that are eligible as Canadian renewable and conservation expenses.