Canadian Budget Highlights – iZEV program funded over the next 5 years

Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled the 2022 Canadian Federal Budget this afternoon.

The highlights of the Budget included affordability, housing, dental care and military spending.

Although EVs did not get a top-line item in this year’s Budget, there is still some good news.

The Budget does the following in the EV space:

For the iZEV program

  • $1.7 billion over five years to Transport Canada to extend the Initiatives for Zero-Emission Vehicles (iZEV) Program.
    • The program will be broadened to support the purchase of more vehicle models. Transport Canada will release details on this in the coming weeks.

For EV charging infrastructure

  • The Canada Infrastructure Bank will invest $500 million in large-scale urban and commercial zero-emission vehicle (ZEV) charging and refueling infrastructure. The funding will come from the Bank’s existing green infrastructure investment priority area.
  • $400 million over five years to Natural Resources Canada to fund the deployment of ZEV charging infrastructure under the ZEV Infrastructure Program.
  • $2.2 million over five years to Natural Resources Canada to renew the Greening Government Operations Fleet Program.

For medium and heavy-duty ZEVs

  • $547.5 million over four years to Transport Canada to launch a new purchase incentive program for medium and heavy-duty ZEVs.
  • $33.8 million over five years to Transport Canada to develop and harmonize regulations and to conduct safety testing for long-haul zero-emission trucks.
  • $199.6 million over five years to Natural Resources Canada to expand the renamed Green Freight Program.

For EV batteries

  • $3.8 billion to create a Critical Minerals Strategy which includes minerals used in EV battery production.

Although some critics are not happy, there will certainly be more information and details coming down the line over the next few days and months.

You can see the details of Budget 2022 here.

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