The government of Alberta has announced that it will commit $1.4bn over the next seven years in to promoting innovation within the energy industry, in the aim of making it easier for companies to turn to clean-energy based technologies.
“We are proud to work with our energy sector to take on the challenges of the 21stcentury,” said Deron Bilous, Alberta’s Minister of Economic Development and Trade. “Together with these investments, we will create the next generation of made-in-Alberta technology to help our energy industry attract investment, create more good jobs and reduce emissions.”
The majority of the funding comes from the Climate Leadership Plan - an organisation that looks to recycle carbon levies back into Alberta industries in order to help them grow and compete globally.
Two of the largest chunks of the funding will go to oil sands innovation that will help companies increase production whilst reducing emissions ($440mn), and loan guarantees to reduce the risk of such investments ($400mn).
The remainder will go towards promoting industrial energy-efficiency projects ($240mn), supporting research and innovation ($225mn), and providing grants for bioenergy projects ($63mn).
“Albertans have a proud history of energy innovation,” said Margaret McCuaig-Boyd, Alberta’s Minister of Energy. “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 funding initiative is part of Alberta’s aim of expanding and diversifying the market available to Alberta’s energy producers in order to facilitate innovation, as recommended by the Climate Technology Task Force and Oil Sands Advisory Group.