Projects valued at more than $34 million
EDMONTON – The Climate Change and Emissions Management (CCEMC) Corporation plans to fund 13 new clean technology projects led by small and medium sized businesses. The projects will advance carbon capture and storage efforts, enhance energy efficiency and reduce emissions from fossil fuels. Combined, the projects are valued at more than $34 million.
The CCEMC is investing more than $6 million in these projects that will each receive up to $500,000 to advance their technology.
“Great ideas can come from anywhere. Small and medium enterprises are incredible sources of creative ideas that will reduce greenhouse gas emissions and demonstrate that clean technology is an increasingly important element of our economy,” said CCEMC Chair Eric Newell.
According to the Canadian Clean Technology Industry Report, released yesterday, clean technology is now employing more than 52,000 people across Canada and generating more than $10 billion in revenues.
“Investing in technology is critical to reducing emissions and a key theme of Alberta’s Climate Change Strategy,” said Diana McQueen, Minister of Environment and Sustainable Resource Development. “I’m pleased that the clean energy fund has become a viable mechanism for Alberta businesses to pioneer technology that will help us achieve our climate change targets.”
Three carbon capture projects are receiving funding:
Six energy efficiency projects are receiving funding:
Four projects to reduce emissions from fossil fuels are also receiving support:
The projects are at all stages of the innovation scale, from development to commercialization. Combined the 13 projects are estimated to reduce emissions by an estimated 676,000 tonnes over 10 years. While projects in the development stage produce no emissions reductions they are selected because they have real potential to produce reductions as they move to commercialization and broad scale adoption.
The 13 projects are from the CCEMC’s fifth round of funding that was announced in July 2011. With this announcement, the CCEMC is supporting a total of 43 clean technology projects with a commitment of more than $161 million. Combined the projects announced to date are estimated to reduce emissions in Alberta by more than eight megatonnes over 10 years. Eight megatonnes is the equivalent to removing about 1.6 million cars off the road.
Funding for CCEMC is collected from industry. Since 2007, Alberta companies that annually produce more than 100,000 tonnes of greenhouse gas emissions over a baseline are legally required to reduce their greenhouse gas intensity by 12 per cent. Companies have three options to meet their reduction target: improve the efficiency of their operations, buy carbon credits in the Alberta-based offset system or pay $15 into the Climate Change and Emissions Management Fund for every tonne over the reduction limit. The CCEMC invests the money collected in clean technology.
The Forward Momentum Quarterly Newsletter will keep you apprised of projects the CCEMC supports, while the monthly CCEMC Update highlights stories, conference information and upcoming funding opportunities.