$150 million earmarked for emission-reduction projects
Alberta announced it is funding $100 million for Emissions Reduction Alberta’s (ERA) Shovel-Ready Challenge through the Technology Innovation and Emissions Reduction (TIER) fund.
“The TIER system is key to Alberta’s economic recovery, supporting projects that cut emissions, attract investment, keep industry competitive and get Albertans back to work. This investment comes at a critical time when Alberta must be bold in driving economic recovery,” says Premier Jason Kenney.
Up to $50 million in additional funds will also be available from the federal Low Carbon Economy Leadership Fund.
ERA’s Shovel-Ready Challenge will provide vital financial support to companies ready to implement leading-edge technologies in applications for both greenfield and brownfield operations. This support will be leveraged with private funding, leading to projects valued at over $500 million.
This will result in operational efficiencies, cost and emissions reductions, new investment, job creation and retention, and address longer-term environmental sustainability priorities.
“The Government of Canada is pleased to support made-in-Alberta solutions to create good jobs and grow a cleaner, more sustainable economy. This announcement underlines the federal government’s focus on supporting industry to adopt clean technology in order to fight climate change and put people to work. Announcements like this will enable Canada to achieve its climate goals while ensuring that we have a sustainable and prosperous economic future,” says Jonathan Wilkinson, Minister of Environment and Climate Change.
ERA is seeking commercial demonstration and deployment projects that have the highest potential to immediately create economic stimulus and environmental resiliency. Projects must begin within 60 days of funding approval and outcomes must include commercial demonstration or deployment of technologies in operational environments. New projects and projects at early stages of execution that have been initiated but stalled due to the current economic situation are also eligible to apply.
“This investment will accelerate development and deployment of technologies that will stimulate the economy and reduce greenhouse gas emissions and help jump start projects that may have been delayed or stopped because of the COVID-19 pandemic and economic uncertainty,” says Steve MacDonald, CEO, Emissions Reduction Alberta.
Successful applicants are eligible for up to $15 million with a minimum request of $2 million. ERA will identify opportunities to leverage funding for this call with support from other funding partners. Since funding will be leveraged with public and private investments, the potential for employment and GDP creation is increased.