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Major funding for diversified, low-carbon economy

posted Dec 12, 2017, 12:32 PM by Action for Agriculture

Alberta’s industry leaders will create new jobs, diversify the economy and reduce carbon pollution with $1.4 billion, over seven years, for innovation projects funded by the Climate Leadership Plan.

The innovation funding has five categories:

  • $440 million for oil sands innovation to help companies increase production and reduce emissions while adjusting to improved rules for large emitters that will be released later this week by Minister Phillips.
  • $225 million for innovation projects across sectors that support research, commercialization and investment in new technologies that reduce emissions.
  • $240 million for industrial energy-efficiency projects that help companies reduce emissions and costs by upgrading equipment or facilities to lower energy use. Support will be available for large industrial, agricultural and manufacturing operations.
  • $63 million in grants for bioenergy projects, including biodiesel and ethanol – as well biomass-based electricity generation.
  • $400 million in loan guarantees to support investment in efficiency and renewable energy measures to reduce risk for financial institutions and make it easier for companies to invest.

These investments build on the legacy of former premier Peter Lougheed’s support for innovation and technology that helped develop steam-assisted gravity access to oil sands without excavation or tailings ponds. The new funds will extend that legacy to the next generation of technology.

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