The Government of Alberta is setting aside close to $1.4 billion from climate levies to help industry reduce carbon emissions through investment and innovation. The government says the funding, spread over seven years, will make it easier for industries to invest in new technologies, stay competitive, and create jobs.Energy Minister Margaret McCuaig-Boyd said in a release, “Albertans have a proud history of energy innovation. These investments will ensure we continue to be the energy and innovation leader the world needs as it transitions to a low-carbon economy.”
The funds will be used to help update and upgrade existing facilities, invest in research and development project related to carbon reduction innovations, and improve industrial energy efficiency. Read the government news release. The funding falls into five categories:
- 440 million for oil sands innovation to help companies increase production and reduce emissions;
- $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;
- $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.
"Our made-in-Alberta Climate Leadership Plan is giving Albertans and Albertan businesses the resources they need to be resilient and successful. By reinvesting revenue from the carbon levy, we’re helping business leapfrog to low-carbon, more efficient technologies so that Alberta remains an energy leader and provides Albertans with good jobs and opportunities,” said Shannon Phillips, Minister of Environment and Parks.