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New environmental fund launched for natural resources firms

Ottawa-based Natural Resources Canada launched a $155 million clean growth program that will inject assets into projects in the areas of energy, mining and forestry.

The funding will be open to all natural resources and clean technology firms which help in the efforts to reduce greenhouse gas emissions.

The fund is the first of its kind to promote and require collaboration with the provinces and territories. Aside from trimming greenhouse gas emissions, the fund will also focus on four other areas:

  • Minimizing landscape disturbances and improving waste management in natural resource operations;
  • The production and use of advanced materials and bioproducts in natural resource operations;
  • Efficient energy use and productivity in natural resource operations; and
  • Reducing water use and impacts on aquatic ecosystems from natural resource operations.

To recall, Budget 2017 committed $200 million to spur clean technology in the natural resource sectors. Natural Resources Canada will deliver $155 million of this funding under the Clean Growth Program.

The remaining $45 million will support clean technology research and the development, demonstration and adoption of clean technology through Agriculture and Agri-Food Canada and Fisheries and Oceans Canada.

Minister of Natural Resources Jim Carr said efforts like this play to Canada’s competitive advantage with the clean technology innovation.

“Strategically developing and using clean technologies in our natural resource sectors is one more way we can make Canada stronger and more sustainable, future-proof our economy and create new opportunities for generations to come,” he said.

This article has been edited. It first appeared on Private Capital Journal, a site managed by CPE Media Inc, the official data provider for PCMA. Read the rest of the article here.Click here to subscribe to the Private Capital Journal. PCMA members receive a 10% discount on all their subscriptions. Part of your subscription fee goes to support the PCMA.