As we continue to foster economic growth and build Canada's clean economy, significant investments and progress are being made in the production, distribution, and use of clean fuels, including low-carbon hydrogen. These advancements are guided by Canada's Hydrogen Strategy, which introduced a framework in 2020 to help position Canada as a global supplier and producer of low-carbon hydrogen on our path to net-zero by 2050.
Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, launched the Hydrogen Strategy for Canada: Progress Report. The Report is the result of three years of engagement, research and analysis, including with over 1,000 experts and stakeholders. It highlights the significant investments and notable developments that have advanced Canada's hydrogen sector since 2020, features projections of hydrogen's potential role in meeting Canada's climate objectives and provides a roadmap for next steps and priorities.
Interest in low-carbon hydrogen in Canada has increased significantly in recent years, with over 80 low-carbon hydrogen production projects currently in various stages of development, representing an economic opportunity of over $100 billion in potential investment in domestic clean energy opportunities and jobs.
This comes as Budget 2024 presents key investments to incentivize the development and adoption of clean fuels and accelerate innovation and investments in Canadian hydrogen, including the implementation of the Clean Hydrogen Investment Tax Credit and other major economic investment tax credits.
The federal government will continue to advance domestic low-carbon hydrogen opportunities to position Canada as a competitive and reliable supplier in the growing global market for clean fuels.
