EDMONTON, AB – Emissions Reduction Alberta is committing $12 million through the new Small Producers Energy Efficiency Deployment (SPEED) stream, part of the $55 million Energy Savings for Business (ESB) suite of funding. The investment will help the province’s small- and medium-sized oil and gas facilities reduce greenhouse (GHG) emissions, decrease operating costs, and become more competitive.
SPEED expands on the list of 60 commercial-ready, high-efficiency technologies currently available through the Energy Savings for Business Program with more targeted offerings for oil and gas operators. Incentivizing these upgrades will drive immediate and cost-effective GHG reductions, offer long-term economic benefits, and support job creation.
“Alberta’s small- and medium-sized producers now have even more opportunity to invest in technology upgrades that will improve operational efficiency and reduce their emissions. These investments are helping create jobs and boost economic development in the province.”
Jason Nixon, Minister of Environment and Parks
“SPEED expands the list of business focus technologies we currently support with additional, targeted offerings for smaller oil and gas operators. These investments help ensure Alberta can deliver both the energy and emissions reductions we so urgently need.”
Steve MacDonald, CEO, Emissions Reduction Alberta
SPEED gives eligible organizations access to incentives up to $1 million. The minimum request is $10,000. Eligible projects must occur at facilities located within Alberta. SPEED is supported in part by the Technology Innovation and Emissions Reduction (TIER) fund paid for by large industry. This investment will help the oil and gas industry accelerate and unlock the private investment needed to reduce emissions and cut operational costs.
The deadline to apply is Monday, May 9, 2022, at 5 p.m. Mountain Standard Time (UTC-7h). Projects will be chosen through a competitive evaluation process. An informational webinar will take place on Thursday, March 10 at 2 p.m.
“Energy efficiency is the most successful approach to economically reducing GHG emissions. PTAC’s network has facilitated collaboration among producers, technology providers, and government organizations in reducing both GHG emissions and operating costs. ERA has played a pivotal role in this space, helping create a robust clean tech sector, and this new initiative will be another giant step.”
Soheil Asgarpour, president and CEO, Petroleum Technology Alliance Canada (PTAC)
“Capital investment provided through program funding is crucial for Alberta energy producers. These finances provide leverage to implement meaningful emissions reductions, meet stringent regulatory obligations, as well as create jobs and economic development for all Albertans. Ember Resources fully supports the utilization of industry provided carbon tax funding towards the completion of profound energy efficiency and emissions reduction related objectives.”
Doug Dafoe, President and CEO, Ember Resources
“Investments in energy efficiency programs for oil and gas producers is key to accelerating the implementation of technologies that will strategically position the sector for a lower emissions future. It enables oil and gas producers to support the growth in the economy, while prioritizing technologies that achieve emission reductions and energy efficiency.”
Earl Reynolds, President & CEO, Bona Vista Energy
The ESB initiative launched in February 2021 with up to $55 million of available funds and was designed to support more than 160,000 small- and medium-scale enterprises in Alberta. This suite of funding, which now includes the ESB Program, Expanded Technologies Pilot, and SPEED, was designed to account for lifetime greenhouse gas (GHG) reductions of 1.2 million tonnes of lifetime CO₂e, create about 1,400 jobs, and drive $385 million in economic activity—providing a positive five times benefit to Alberta’s GDP. Uptake to date indicates that the program will exceed the expected GHG reduction target.
The Government of Alberta committed up to $30 million for the ESB suite of funding through the TIER fund. Up to $25 million in additional funds will also be available from the Government of Canada’s Low Carbon Economy Leadership Fund.
For more information contact:
Emissions Reduction Alberta
ABOUT EMISSIONS REDUCTION ALBERTA (ERA):
For more than 12 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since we were established in 2009, we have committed $796 million toward 220 projects worth $6.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative GHG reductions of 42 million tonnes by 2030.
ABOUT THE TECHNOLOGY INNOVATION AND EMISSIONS REDUCTION (TIER) FUND
The TIER system is funded by large industry that pay into the fund when they do not meet emissions targets. Alberta is using up to $700 million from the TIER fund for a range of programs that are reducing emissions, boosting the economy and getting Albertans back to work. This investment supports Alberta’s economic recovery from the COVID-19 pandemic and low oil prices.
ABOUT LOW CARBON ECONOMY LEADERSHIP FUND
The Low Carbon Economy Leadership Fund provides $1.4 billion to provinces and territories to reduce carbon pollution and help Canada meet its 2030 climate target. The funding recognizes the key role provinces and territories play in addressing climate change, and it supports their efforts to reduce emissions, encourage innovation, save money, and create jobs and healthier communities.