Brian Zinchuk is editor and owner of Pipeline Online
Prime Minister Mark Carney and Minister of Finance and National Revenue Francois-Philippe Champagne make their way into the House of Commons for the tabling of the federal budget on Parliament Hill in Ottawa, on Tuesday, Nov. 4, 2025. THE CANADIAN PRESS/Justin Tang
OTTAWA – Mark Carney’s first budget as prime minister had a few concessions for the energy sector, but still insists on an industrial carbon tax for many years to come.
And it appears that Saskatchewan might be in the crosshairs on that point, as earlier this year Premier Scott Moe said this province would no longer be collecting that carbon tax, known as the Output Based Pricing System (OBPS). At the Oct. 30 Premier’s Dinner in Estevan, Crown Investments Corp. Minister Jeremy Harrison noted on that day 80 per cent of that industrial carbon was being paid by one company, SaskPower. And eliminating it reduced power bills as a result.
The Saskatchewan government had passed a law making the minister responsible for all the liability of the carbon tax. Harrison had noted on Oct. 30 he has correspondence from the federal government seeking $261 million in carbon tax currently tacked onto his fridge. It looks like those bills are going to keep piling up on the minister’s fridge, as the budget clearly indicates extension of the industrial carbon tax.
It said, “Fix the benchmark and improve the backstop: The government will improve its application of the benchmark—the tool that ensures all provincial and territorial (PT) industrial pricing systems are harmonised across the country in providing a common, strong price signal. The government will promptly and transparently apply the federal backstop whenever a PT system falls below the benchmark. The government will engage with PT governments about improvements to the benchmark and to PT pricing systems such as harmonising or linking carbon credit markets.”
This clearly sets up Saskatchewan for a fight with the federal government, as a backstop will reverse the provincial decision to end implementation, and enforcement will mean Saskatchewan ratepayers will be paying that backstop.
But there are some points to the budget that will be beneficial to Saskatchewan, especially when it comes to nuclear power developments.
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Nuclear
Investment tax credits are also being extended to new nuclear projects, via “Modifying the Small Nuclear Energy Eligibility under the Clean Technology Investment Tax Credit,” according to the budget.
It’s going to be at least four years before any reactors start construction in Saskatchewan, but if that measure still applies, it could have considerable impact on the financial viability of nuclear projects in this province.
To that end, the Government of Saskatchewan said in a statement to Pipeline Online, “The federal budget re-commits to making Canada an energy superpower. The federal government needs to engage with provinces and territories on policies and decisions in ways that they simply have not in the past. What we hope we are seeing in this federal budget is a recognition of the role that provinces and territories must play in our federation.
“Saskatchewan has a significant role to play in Canada’s energy future. While we await more details on the proposed changes in the budget, we are optimistic that the federal government will allow for the long overdue flexibility to implement different solutions as we all work toward common goals of making Canada the strongest economy in the G7.
“Specifically, supports for nuclear energy in addition to allowing public utilities to be eligible for funds is an example of positive steps in this year’s budget”
Harrison added in a statement, “As President Reagan said in negotiating with the Soviet Union – Trust, but verify. I am encouraged that the budget appears to reflect ongoing discussions we are having with Ottawa. Those discussions will continue.”
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Emissions cap
The budget also talks of possibly getting rid of the emissions cap on oil and gas producers, as the industrial carbon tax and carbon capture, utilization and storage are expected to deal with emissions in other ways.
“Canada is committed to bringing down the emissions associated with the production of oil and gas. Effective carbon markets, enhanced oil and gas methane regulations, and the deployment at scale of technologies such as carbon capture and storage would create the circumstances whereby the oil and gas emissions cap would no longer be required as it would have marginal value in reducing emissions,” the budget document said.
Greenwashing bill
The greenwashing Bill C-59 may also be toned down, as “The Competition Act was recently amended to create new enforcement provisions for false claims of environmental benefit. These “greenwashing” provisions are creating investment uncertainty and having the opposite of the desired effect with some parties slowing or reversing efforts to protect the environment.
“To provide more certainty to the marketplace, Budget 2025 announces the government’s intention to propose legislative amendments to remove some aspects of these provisions, while maintaining protections against false claims.”
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Carbon capture
While there’s substantial talk about carbon capture, utilization and storage (CCUS), there’s a major issue that remains unchanged. There’s tax credits if you just put the CO2 in the ground, but not if you use it for enhanced oil recovery.
The budget said, “The extent to which the CCUS tax credit is available to a CCUS project and respective eligible equipment depends on the end use of the carbon dioxide (CO2) being captured. Eligible uses include dedicated geological storage and storage in concrete, but not enhanced oil recovery (EOR).”
MP reaction
Steven Bonk is the MP for Souris-Moose Mountain, whose riding includes the entirety of Saskatchewan’s coal mining and coal-fired power generation. He said in a statement to Pipeline Online, “This budget talks a lot about growth and innovation, but it forgets who built Canada’s prosperity in the first place — the men and women working in our resource sector. Out here in Saskatchewan, we don’t just talk about energy security or food security — we live it every day. Our oil, gas, potash, and uranium don’t just power our province, they help power the entire country. Yet instead of supporting the industries that feed our economy and our families, this government continues to regulate, tax, and delay them at every turn.
“Ottawa’s approach treats our producers like a problem to be managed, not partners to be trusted. If the federal government truly wanted to grow the economy, it would be empowering provinces like Saskatchewan to develop our resources responsibly, not tying our hands with more red tape and empty promises.”
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Direct passages
Notably, in the 493 pages, the term “pipeline” does not show up once in a search. But “climate” comes up 64 times, and “gender” comes up 94 times.
Here’s some direct passages in the budget pertinent to energy:
Canada’s Climate Competitiveness Strategy
Climate action is not just a moral obligation—it’s an economic necessity. The world economy is undergoing a historic transformation towards low-carbon energy and clean technology. In 2024, global investments in clean energy reached USD $2 trillion—nearly double the level of investment in fossil fuels—and the global clean technology market is expected to triple by 2035. On the other hand, the Canadian Climate Institute estimates that climate disruption, if left unchecked, could cut median Canadian household income by nearly 20 per cent by the end of the century, disrupting many elements of the economy, from food supply chains to financial markets.
To compete internationally, Canada will need to reduce its carbon intensity to meet the growing demand from global markets for products with low associated greenhouse gas emissions. Buyers of Canada’s resources—oil and gas, steel, and aluminum—are increasingly looking for low-carbon sourcing. Fortunately, Canada is well positioned to take advantage of these new growth opportunities. For example, our electricity grid, one of the cleanest in the world, guarantees access to the clean power businesses around the world are looking for, in sectors ranging from aluminum to steel to AI. In conventional energy too, Canada is one of very few large-scale suppliers committed to strong environmental, social, and governance standards, and we have reduced the emission intensity of overall oil production by 8 per cent, and the emission intensity of oil sands operations by almost 40 per cent between 1990 and 2022.
Lowering our emissions is critical to protecting the competitiveness of Canada’s oil and gas and steel sectors. Reducing emissions is not only essential for environmental reasons, but also a key factor in securing access to markets that prioritise sustainability. By becoming a global leader in clean technology and clean energy, Canada can strengthen its competitive advantage and expand its exports, particularly in sectors where low-carbon solutions are increasingly seen as a requirement rather than a bonus.
Canada’s natural resources, workforce, and commitment to fighting climate change position us to surpass economies that fail to adapt. We will build new infrastructure and capitalise on projects that further Canada’s standing as a clean energy superpower. We will explore initiatives such as nuclear energy, electricity grid interties, and investments in low-carbon fuels such as hydrogen, renewable energy projects, high-speed rail, and critical mineral development.
As the new government moves decisively to build major nation-building projects and millions more homes, we are doing so while reducing emissions and growing our economy. Our investments in clean growth technologies will propel Canada’s competitive advantage. For example, the Darlington New Nuclear Project will support the construction of small nuclear reactors, while LNG Canada Phase 2 will supply cleaner energy compared to other LNG facilities worldwide. We will continue to prioritise clean growth and climate objectives as new projects are considered.
Budget 2025 outlines the new government’s Climate Competitiveness Strategy, creating the conditions for the investment needed to build an affordable net-zero future in which Canadian businesses are well-positioned to compete and succeed in the global economy.
The strategy is a central pillar of the government’s plan for Canada to become the strongest economy in the G7. It is based on driving investment, not on prohibitions, and on results, not objectives. It aims to maximise carbon value for money, prioritising measures that will result in the greatest emissions reductions and competitiveness benefits at the lowest cost for Canadians.
Strengthening Industrial Carbon Pricing
An effective industrial carbon pricing system, underpinned by a long-term price trajectory, is essential to providing certainty to businesses looking to invest and compete internationally.
Industrial carbon pricing drives investment to reduce emissions and build the competitiveness of Canadian business. It is expected to deliver more emission reductions than any other policy, with negligible impacts on affordability for Canadians.
However, carbon markets are not functioning as well as they should be. The government will improve the effectiveness of carbon markets to provide confidence that credit prices will be predictable and sufficient to support clean growth investments without adversely affecting competitiveness or leading to carbon leakage.
Improving the effectiveness of industrial carbon pricing will ensure every dollar spent delivers maximum impact. Industrial carbon pricing rewards innovation and spurs investment in cleaner technologies—helping Canada’s industrial sectors to grow and compete.
To improve the effectiveness of Canada’s industrial carbon pricing system, the government will take the following actions:
- Develop a post-2030 carbon pricing trajectory: The government will engage provincial and territorial (PT) governments in setting a multi-decade industrial carbon price trajectory that targets net-zero by 2050. Setting a long-term trajectory will allow businesses to make investment decisions with confidence now and into the future. Securing pan-Canadian agreement on this trajectory will increase certainty.
- Fix the benchmark and improve the backstop: The government will improve its application of the benchmark—the tool that ensures all PT industrial pricing systems are harmonised across the country in providing a common, strong price signal. The government will promptly and transparently apply the federal backstop whenever a PT system falls below the benchmark. The government will engage with PT governments about improvements to the benchmark and to PT pricing systems such as harmonising or linking carbon credit markets.
- Carbon contracts for difference: Canada Growth Fund will continue to issue contracts as a means of further improving future carbon price certainty for investors making large, long-duration capital investments.
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Clarity on Greenhouse Gas Regulations
Greenhouse gas (GHG) emissions increase the Earth’s temperature, causing climate change and its associated effects—extreme weather events, intense wildfires, and rising sea levels. Canada has been working to reduce its emissions, and from 2005 to 2023, Canada’s GHG emissions decreased by 8.5 per cent—even as our population grew from 32 to 40 million and our GDP expanded by 38 per cent. As we transition to a net-zero economy, Canada’s new government is committed to reducing GHG emissions.
Buyers of Canada’s resources are increasingly demanding they be sourced and produced in a way that reduces emissions and promotes sustainability. Reducing our emissions will make our industries more competitive and gives them an advantage in the global economy.
The government will take the following approach to ensure its regulations complement industrial pricing:
- Electricity: The transition to net-zero by 2050 will require clean, reliable power. The Clean Electricity Regulations will aim to reduce emissions to protect the environment and human health from the threat of climate change. The government will work with provinces and territories to advance these goals and ensure that Canada’s grid is clean as electricity demand grows.
- To enable long-term agreements with provinces and territories, Budget 2025 announces the government’s intention to propose legislative amendments to the Canadian Environmental Protection Act.
- Methane: Methane emissions are potent greenhouse gas emissions that are not effectively covered by carbon pricing. The government will finalise enhanced methane regulations for the oil and gas sector and landfills, and intends to work with provinces and territories to negotiate equivalency agreements as appropriate.
- Update on the Oil and Gas Emissions Cap: Canada is committed to bringing down the emissions associated with the production of oil and gas. Effective carbon markets, enhanced oil and gas methane regulations, and the deployment at scale of technologies such as carbon capture and storage would create the circumstances whereby the oil and gas emissions cap would no longer be required as it would have marginal value in reducing emissions.
- Electric Vehicles: In September, the government announced its intent to make targeted regulatory adjustments to help the automotive sector stay competitive during a period of upheaval and uncertainty in response to immediate challenges from U.S. trade and policy actions. This included the initial step of removing the 2026 target from the Electric Vehicle Availability Standard and launching a 60-day review of the overall regulation. Following this review, the government will announce next steps on electric vehicles in the coming weeks.
- Clean Fuel: Targeted updates to the Clean Fuel Regulations will help reduce reliance on imported fuels, strengthen domestic supply chains, and support jobs in agriculture, forestry, and waste sectors.
Boosting Clean Economy Investment Through Tax Credits
A substantial increase in energy supply is required to support the growth of Canada’s population and economy. In Canada, a major driver of this demand growth will come from several large, energy-intensive economic sectors as they expand and electrify, including manufacturing, pulp and paper, oil and gas extraction, and metal and non-metallic mineral product manufacturing sectors, including steel and aluminum, and emerging drivers such as AI data centres and electric transportation.
To meet this growing demand for clean energy, Canada will need to modernise its electrical grids. To achieve this, we will attract significant new investments to the sector, enabling infrastructure upgrades, energy storage, and new technologies, while also expanding wind and solar investments. Expanding interprovincial interties can also lower costs while ensuring grid reliability. The degree of investment needed in that timeframe will be significant. Forecasts indicate that the annual pace of investment needs to nearly triple from current levels to meet anticipated future demand.
To seize the investment opportunities from this, the government has now delivered four of its clean economy investment tax credits. These are now available to be claimed with the Canada Revenue Agency and investors are starting to avail themselves of those tax credits.
- The refundable investment tax credits available include the:
- 5 to 60-per-cent Carbon Capture, Utilization, and Storage investment tax credit, available as of January 1, 2022.
- 30-per-cent Clean Technology investment tax credit, available as of March 28, 2023.
- 15 to 40-per-cent Clean Hydrogen investment tax credit, available as of March 28, 2023.
- 30-per-cent Clean Technology Manufacturing investment tax credit, available as of January 1, 2024.
With these investment tax credits now set out in law, businesses can move forward with the certainty they need to make final investment decisions to invest and build in Canada.
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The government will soon be introducing legislation to deliver the Clean Electricity investment tax credit and enhancements to the investment tax credits that have already been implemented. While legislation progresses, investors already have the certainty of retroactive eligibility:
- The Clean Electricity investment tax credit would be available as of April 16, 2024, for projects that did not begin construction before March 28, 2023.
- Expanded eligibility to include systems that produce electricity, heat, or both electricity and heat from waste biomass and changed the eligibility requirements for small nuclear energy property under the Clean Technology investment tax credit, both measures would be available retroactively as of November 21, 2023, and March 28, 2023, respectively.
- Expanded eligibility to include qualifying equipment used in eligible polymetallic mining projects under the Clean Technology Manufacturing investment tax credit would be retroactively available as of January 1, 2024.
- Expanded eligibility to include hydrogen produced from methane pyrolysis under the Clean Hydrogen investment tax credit would be available as of December 16, 2024.
- Building on these existing measures, the government is announcing further changes to the clean economy investment tax credits to ensure that they remain competitive and effective in attracting projects and high-paying careers to Canada.
- Budget 2025 confirms the government’s intention to proceed with the implementation of the Clean Electricity investment tax credit and proposes to remove the conditions imposed on provincial and territorial governments for their Crown corporations to be eligible. Removing the conditions will ensure that provincial and territorial Crown corporations can access the investment tax credit and effectively and efficiently support clean electricity investment while reducing administrative burden.
- Budget 2025 proposes to extend, by five years, the availability of the full credit rates for the Carbon Capture, Utilization, and Storage (CCUS) investment tax credit, that would apply from 2031 to 2035. Credit rates would remain unchanged from 2036 to 2040.
- Budget 2025 proposes to expand the list of critical minerals eligible for the Clean Technology Manufacturing investment tax credit to include antimony, indium, gallium, germanium, and scandium, in order to support investments in the extraction, processing, and recycling of co-product and by-product critical minerals.
- The government will also consult on the possibility of introducing a domestic content requirement under the Clean Technology and Clean Electricity investment tax credits.
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Mobilising Capital for Transition to Net-Zero
Canada has the resources and talent to develop technology that can deliver low-carbon energy. As the global demand for low-carbon goods and processes rises, Canada’s new government is seizing this opportunity by mobilising public and private capital that promotes investment in sustainability.
To accelerate the flow of private capital into sustainable activities across priority economic sectors:
- Budget 2025 reconfirms the government’s support for the arm’s length development of made-in-Canada sustainable investment guidelines (also known as a taxonomy) by the end of 2026. These investment guidelines will become an important, voluntary tool for investors, lenders, and other stakeholders navigating the global race to net-zero, by credibly identifying “green” and “transition” investments. The government will select and announce, by the end of 2025, an external organisation with the expertise to develop the sustainable investment guidelines.
- To finance government spending that helps industrial and agricultural sectors get cleaner and more competitive, Budget 2025 announces the government’s intention to explore the development of a Sustainable Bond Framework that would allow for the issuance of both green and transition bonds to be aligned with a Canadian taxonomy, and to expand the Framework to incorporate economic sectors as the taxonomy is being developed.
- Budget 2025 announces that the government will work with provinces and territories to improve climate disclosure across the economy. This work will seek alignment with international standards and harmonised rules across federal-provincial-territorial jurisdictions.
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Updating Greenwashing Legislation
The Competition Act was recently amended to create new enforcement provisions for false claims of environmental benefit. These “greenwashing” provisions are creating investment uncertainty and having the opposite of the desired effect with some parties slowing or reversing efforts to protect the environment.
- To provide more certainty to the marketplace, Budget 2025 announces the government’s intention to propose legislative amendments to remove some aspects of these provisions, while maintaining protections against false claims.
- 0104 SaskPower SASPO-2907 Hero Video_30sec0104 SaskPower SASPO-2907 Hero Video_30sec
- 0102 Lori Carr Coal Extended0102 Lori Carr Coal Extended
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- 0100 Turnbull Project Manager0100 Turnbull Project Manager
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- 0097 Eagle Sky Ventures LTD0097 Eagle Sky Ventures LTD
- 0095 Fast Trucking nearly 70 years good at it0095 Fast Trucking nearly 70 years good at it
- 0053 Kingston Midstream Westspur Alameda Click Before You Dig0053 Kingston Midstream Westspur Alameda Click Before You Dig
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- 0046 City of Estevan This is Estevan Teaser0046 City of Estevan This is Estevan Teaser
- 0087 Lori Carr Coal Expansion0087 Lori Carr Coal Expansion
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
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- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
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Supporting the Implementation of the Climate Competitiveness Strategy
Canada is committed to building a competitive, low-carbon economy and to continue to drive down industrial emissions-intensity, including in the energy sector. To demonstrate that commitment, the government will report on its progress.
- To support the implementation of this strategy, the government will develop and communicate new metrics to show how companies and households are reducing their carbon footprint, how the clean economy is growing, and how exports are tracking to achieve world-leading emissions intensity.
Investment Tax Credit for Carbon Capture, Utilization, and Storage
The Carbon Capture, Utilization, and Storage (CCUS) investment tax credit is a refundable tax credit that provides support for eligible expenditures relating to CCUS.
The CCUS tax credit provides three different credit rates depending on the purpose of the equipment, with the following credit rates applying to eligible CCUS expenditures incurred from the start of 2022 to the end of 2030:
- 60 per cent for eligible capture equipment used in a direct air capture project;
- 50 per cent for all other eligible capture equipment; and
- 5 per cent for eligible transportation, storage and use equipment.
Eligible expenditures that are incurred from the start of 2031 to the end of 2040 are subject to the lower credit rates set out below:
- 30 per cent for eligible capture equipment used in a direct air capture project;
- 25 per cent for all other eligible capture equipment; and
- 75 per cent for eligible transportation, storage and use equipment.
The extent to which the CCUS tax credit is available to a CCUS project and respective eligible equipment depends on the end use of the carbon dioxide (CO2) being captured. Eligible uses include dedicated geological storage and storage in concrete, but not enhanced oil recovery (EOR).
Extension of Full Tax Credit Rates
Budget 2025 proposes to extend the availability of the full credit rates by five years, so that the full rates apply to eligible expenditures incurred from the start of 2022 to the end of 2035. Eligible expenditures that are incurred from the start of 2036 to the end of 2040 would continue to be subject to the lower credit rates described above.
The government will also postpone by five years the review of the CCUS investment tax credit rates that was announced in Budget 2022. Under this new timeline, the review will be undertaken before 2035 (rather than before 2030).
Clean Electricity Investment Tax Credit and Canada Growth Fund
The Clean Electricity investment tax credit is a refundable credit equal to 15 per cent of the capital cost of eligible investments in equipment related to low-emitting electricity generation, electricity storage, and the transmission of electricity between provinces and territories.
This tax credit would be available to taxable Canadian corporations, provincial and territorial Crown corporations, corporations owned by municipalities or Indigenous communities, pension investment corporations, and the Canada Infrastructure Bank. The capital cost of property that is eligible for the Clean Electricity investment tax credit may be reduced by government assistance that a taxpayer receives.
Budget 2025 proposes to include the Canada Growth Fund as an eligible entity under the Clean Electricity investment tax credit.
Budget 2025 also proposes to introduce an exception so that financing provided by the Canada Growth Fund would not reduce the cost of eligible property for the purpose of computing the Clean Electricity investment tax credit.
These measures would apply to eligible property that is acquired and that becomes available for use on or after Budget Day.
- 0104 SaskPower SASPO-2907 Hero Video_30sec0104 SaskPower SASPO-2907 Hero Video_30sec
- 0102 Lori Carr Coal Extended0102 Lori Carr Coal Extended
- 0093 Estevan OTS 20250093 Estevan OTS 2025
- 0101 VP Energy Road to adventure0101 VP Energy Road to adventure
- 0100 Turnbull Project Manager0100 Turnbull Project Manager
- 0099 Mryglod Steel 1080p0099 Mryglod Steel 1080p
- 0097 Eagle Sky Ventures LTD0097 Eagle Sky Ventures LTD
- 0095 Fast Trucking nearly 70 years good at it0095 Fast Trucking nearly 70 years good at it
- 0053 Kingston Midstream Westspur Alameda Click Before You Dig0053 Kingston Midstream Westspur Alameda Click Before You Dig
- 0092 Turnbull projects big and small0092 Turnbull projects big and small
- 0046 City of Estevan This is Estevan Teaser0046 City of Estevan This is Estevan Teaser
- 0087 Lori Carr Coal Expansion0087 Lori Carr Coal Expansion
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0076 Latus only0076 Latus only
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001