Prime Minister Mark Carney is promising “bold” action in the federal budget next week to begin transforming an economy battered by a US-led trade war while tackling crises ranging from housing shortages and job losses to runaway CO2 emissions and an energy transition that has slowed.

“My experience of being in them is — in a crisis you have to be bold. You have to act big,” he told a regional business summit in Malaysia this week.

Tuesday’s federal budget will make a “generational investment” that changes the scale and ambition of Canada’s economy, Carney said during an Asia trip to strengthen trade links and lure investors from the fast-growing region.

Cleantech investors, renewable energy developers and mass timber home builders are among the sectors looking for fresh investment, incentives and support to scale low-carbon solutions as fossil fuel production puts Canada’s 2030 climate targets out of reach and risks a collateral hit to the country’s GDP.

Cleantech investor Peter McArthur expected a budget focused on big infrastructure investments related to energy, a boost for housing and defence — and “some belt tightening.”