CIAC pleased to see steps taken to reduce business costs in Ontario Fall Economic Statement 

November 03, 2023

The Chemistry Industry Association of Canada (CIAC) congratulates the Hon. Peter Bethlenfalvy, Ontario Minister of Finance, on delivering the 2023 Fall Economic Statement. CIAC commends the government on the important steps taken to reduce the cost of doing business in Ontario and invest in essential infrastructure and attract new manufacturing investments. We urge that more work is needed to address business competitiveness and investment attraction for the chemistry and plastics sectors. 

Among the initiatives contained in the 2023 Fall Economic Statement, CIAC is very pleased to see the province: 

  • Restate Ontario’s plans to return the Emission Performance Standard’s proceeds in full to eligible industries.  
  • Announce $100 million in additional funding for Invest Ontario fund for which the chemistry sector is eligible. 
  • Call on the federal government to provide clear commitments on federal Investment Tax Credit (ITC) funding for clean energy projects in Ontario, so that they can be advanced without additional risk or potential cost to ratepayers. 
  • Continue investments to support skills training and apprenticeships. 

The chemistry sector is on the cusp of two major transformations – the transformation to net-zero carbon emissions, and the transformation to a circular economy for plastics. 

Ontario’s $29-billion chemistry industry is the third-largest manufacturing industry and second largest exporting sector in the province. The sector is a key employer in the Sarnia-Lambton, GTA/Niagara and eastern Ontario regions and directly employs 42,000 Ontarians in well-paying jobs and supports another 210,000 Ontario jobs.  

Our sector supports and enables key manufacturing sectors in the province including automotive, critical minerals, forest products, construction, and food and beverage. The chemistry sector is a key source of innovation and solutions provider to address the challenges of climate change, clean air and water and plastics circularity. Ontario’s chemical manufacturers must compete globally both for market share and investment funding. 

CIAC is pleased to continue to work with the Ontario Government on the many priorities to create a prosperous Ontario that is once again the economic engine of the country.