Canada Launches $1B Clean Energy Fund
June 7, 2009 // Published as a news service by IHS
This includes $650 million for large-scale carbon capture and storage demonstration projects and $200 million for small-scale demonstration projects of renewable and alternative energy technologies.
The government also announced there will be a $150 million research component, which will fund basic research to pre-demonstration pilot project initiatives ranging from renewable and cleaner energy systems to new technologies addressing environmental challenges in the oil sands, such as water use and tailings.
In addition to advancing clean energy technologies in Canada, investments through the Clean Energy Fund will also support Canada's work with the U.S. in building a cleaner energy economy for North America through the Canada-U.S. Clean Energy Dialogue, according to Natural Resources Canada (NRC).
As part of Canada's 2009 Economic Action Plan, the Clean Energy Fund is touted as generating new economic activity in the short term, while strengthening the foundation for sustainable prosperity in the future, experts said.
The Economic Action Plan includes new measures totaling almost $2.4 billion to support a cleaner and more sustainable environment and help meet Canada's climate change objectives.
Source: Natural Resources Canada.