Thanks carbon tax!
Alberta unveils $1.4B plan to drive innovation, boost energy industry, diversify economy
The Alberta government plans to direct nearly $1.4 billion over the next seven years toward fostering innovation in the oil and gas sector with the goal of reducing the carbon-emitting intensity of those industries while developing new ones.
"In a word, this is about competitiveness," Economic Development Minister Deron Bilous said Tuesday, as several senior members of the province's NDP government announced the broad strokes of the complex plan.
"This is about partnering with industry to ensure that they are investing in innovation so that they do reduce their carbon footprint but they also lower their costs and they remain competitive."
How the funding breaks down
The biggest chunk of funding — about $440 million — will be targeted directly at the oilsands.
Another $225 million will be aimed at driving innovations that reduce greenhouse gas emissions across a wider range of industries.
A further $240 million will be devoted to energy-efficiency projects in large-scale industrial, agricultural and manufacturing operations.
A more modest $63 million has been earmarked for bioenergy projects, including those dealing with combustible fuels like biodiesel and ethanol, as well as electricity generated from biomass.
And $400 million will be set aside for loan guarantees aimed at reducing risk for financial institutions and other corporations that invest in renewable energy and energy efficiency measures.
The bulk of the funding will come from the province's carbon tax, which came into effect this year at a rate of $20 per tonne and expands to $30 per tonne on Jan. 1.
Alberta unveils $1.4B plan to drive innovation, boost energy industry, diversify economy - Calgary - CBC News
Alberta unveils $1.4B plan to drive innovation, boost energy industry, diversify economy
The Alberta government plans to direct nearly $1.4 billion over the next seven years toward fostering innovation in the oil and gas sector with the goal of reducing the carbon-emitting intensity of those industries while developing new ones.
"In a word, this is about competitiveness," Economic Development Minister Deron Bilous said Tuesday, as several senior members of the province's NDP government announced the broad strokes of the complex plan.
"This is about partnering with industry to ensure that they are investing in innovation so that they do reduce their carbon footprint but they also lower their costs and they remain competitive."
How the funding breaks down
The biggest chunk of funding — about $440 million — will be targeted directly at the oilsands.
Another $225 million will be aimed at driving innovations that reduce greenhouse gas emissions across a wider range of industries.
A further $240 million will be devoted to energy-efficiency projects in large-scale industrial, agricultural and manufacturing operations.
A more modest $63 million has been earmarked for bioenergy projects, including those dealing with combustible fuels like biodiesel and ethanol, as well as electricity generated from biomass.
And $400 million will be set aside for loan guarantees aimed at reducing risk for financial institutions and other corporations that invest in renewable energy and energy efficiency measures.
The bulk of the funding will come from the province's carbon tax, which came into effect this year at a rate of $20 per tonne and expands to $30 per tonne on Jan. 1.
Alberta unveils $1.4B plan to drive innovation, boost energy industry, diversify economy - Calgary - CBC News
