moved for leave to introduce Bill C-269, An Act to amend the Income Tax Act (heat recovery tax credit).
Mr. Speaker, I am introducing a bill today that would fill an oversight that the government has left open in its latest investment tax credits for clean energy production and also for emissions reduction. We have to take the two hand in hand.
Waste heat to power is the most important method we have to make sure we have emissions-free power coming forward. It is low-hanging fruit, quite frankly, and the fact that it has been missed by the government in its investment tax credits is a shame. I am here to correct that today by putting it on the page and making sure that we debate in the House of Commons how we can attain more efficiency in our energy production in Canada and reduce our emissions for that power that is already being produced.
With waste heat to power, an industrial process, we lose 30% to 50% of the heat in the process. Having an investment tax credit to capture that heat would capture about 30% of what is lost and effectively give more power to Canadians with no new emissions, which is the main thing here. It would be a strict win all the way along. The fact that it has not been included, at this point in time, in the government's approach to investment tax credits is purely because most of these industrial processes involve hydrocarbons. Hydrocarbons are a part of our present and a part of our future.
We need to debate this very clearly. I hope the government takes this on and makes it an even better bill.
(Motions deemed adopted, bill read the first time and printed)