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Alberta unveils energy innovation fund

The Government of Alberta will launch $1.4 billion in funding over seven years for cleantech innovation projects to create new jobs, diversify the economy and reduce carbon pollution.

The bulk of the money will come from the Climate Leadership Plan, which recycles carbon levies back into Alberta industries to help them compete and grow the economy.

This innovation funding has five categories:

  • Oil sands innovation fund: $440 million
  • Innovation across sectors: $225 million
  • Industrial Energy Efficiency: $240 million
  • Bioenergy: $63 million
  • Green loan guarantees: $400 million

This new funding is part of Alberta’s response to recommendations from the Climate Technology Task Force and the Oil Sands Advisory Group. The two institutions suggested expanding and diversifying markets available to Alberta energy producers and helping ensure they continue to be global innovation leaders.

Deron Bilous, the Minister of Economic Development and Trade, said Alberta’s energy industry is one of the most responsible across the globe.

“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,” he said.

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