The fall economic statement advances a little more clarity on a couple of points, in particular the Canada growth fund, which is a key instrument of our net-zero industrial policy, although there are still question marks there. That's perhaps the brightest light within the fall economic statement.
I would say that some of the announcements around our tax credits are perhaps encouraging, but we're failing to provide the certainty in terms of the actual specifics of those instruments as well as the certainty in terms of the actual mechanics. An example is hydrogen. Are we providing tax credits based on an overall investment, or are we providing, as in the U.S., tax credits based on a kilogram of hydrogen produced?
There are some encouraging signs, but I think what I would like to emphasize is that even with the Canada growth fund, we are concerned that we're creating an array of funding instruments from the strategic innovation fund to the net zero accelerator initiative to the Canada growth fund, and each of these is being set up effectively in isolation from the others. There are certain barriers to pursuing particularly these medium-term investment pathways that are not going to be overcome. It's going to be too difficult for the market participants to work out where those pathways are and to access and combine these various financing mechanisms. Although in general they are well conceived, it's the strategic aspect of them that's importantâidentifying where the strategic opportunities are and ensuring that those funds are aligned with strategic opportunities. That means taking more than a passive approach and just accepting applications.