Canada News Wire
The Honourable Scott Brison, President of the Treasury Board of Canada today echoed yesterday’s announcement (June 15) from the Minister of Environment and Climate Change on the Government’s $2 billion Low Carbon Economy Fund. The Fund will help support projects from provinces and territories, municipalities, Indigenous governments, businesses, and other organizations aimed at reducing greenhouse gas emissions and generating clean growth. The Fund will provide funding over five years and will deliver clean, sustained growth for years to come. The Low Carbon Economy Fund will be split into two parts: the Low Carbon Economy Leadership Fund and the Low Carbon Economy Challenge.
The Low Carbon Economy Leadership Fund will provide $1.4 billion to provinces and territories to help them deliver on leadership commitments on their emission reduction priorities and those they outlined in the Pan-Canadian Framework on Clean Growth and Climate Change. This funding will help them build on the leadership they have shown to date and deliver on their commitment in reducing emissions. This summer, the Government of Canada will work closely with the provinces and territories to find out more about their proposed projects and will review and assess the projects for eligibility to the Low Carbon Economy Leadership Fund.
The remainder of the funding will be available for the Low Carbon Economy Challenge and the implementation of the Pan-Canadian Framework. All provinces and territories, municipalities, Indigenous governments and organizations, businesses and both not-for-profit and for-profit organizations will be eligible to apply for the Low Carbon Economy Challenge.
“The $2 billion Low Carbon Economy Fund will play a crucial role in reaching our 2030 emissions reduction target. This funding will also help us generate clean economic growth and will create jobs by growing the economy and protecting the environment.”
– Hon. Scott Brison, President of the Treasury Board of Canada.
“Canada has great expertise and a proven history of innovation in our natural resource and energy sectors. This investment will help to build on this capacity, to create and capture new opportunities in the low-carbon economy across a broad range of industry sectors.”
– Hon. Jim Carr, Minister of Natural Resources.
. The Pan-Canadian Framework on Clean Growth and Climate Change was released in 2016 and is a comprehensive plan to reduce emissions across all sectors of Canada’s economy, accelerate clean growth, and build resilience to the impacts of climate change. Actions outlined in this Framework will enable Canada to meet its target to reduce emissions to 30 per cent below 2005 levels by 2030.
. The $2 billion Low Carbon Economy Fund is an important part of the Pan-Canadian Framework on Clean Growth and Climate Change. Provinces and territories that are part of the Framework can apply to the fund for projects that will reduce greenhouse gas emissions, innovate, create jobs, reduce pollution and create cleaner and healthier communities.