The Government of Canada announces Low Carbon Economy Fund

The Low Carbon Economy Fund will help reduce greenhouse gas emissions, create jobs, and generate clean growth.

VANCOUVER, June 15, 2017 /CNW/ – Jonathan Wilkinson, Member of Parliament for North Vancouver and Parliamentary Secretary to the Minister of Environment and Climate Change, today echoed the announcement 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.

Quote

“Our Government is showing leadership on reducing our emissions in line with our commitment to the Paris Agreement. The $2 billion Low Carbon Economy Fund will play a crucial role in reaching our 2030 emissions reduction target. The Fund will work to accelerate Canada's transition to a clean growth economy by helping us find the best ways to reduce our emissions, create good middle class jobs for Canadians, and promote a healthier environment for our children and grandchildren.” 

– Jonathan Wilkinson, Member of Parliament for North Vancouver and Parliamentary Secretary to the Minister of Environment and Climate Change

Quick facts

• 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.
• The Low Carbon Economy Leadership Fund and the Low Carbon Economy Challenge will reduce emissions through targeted projects such as:
• Rebates for installing high performance equipment and incentives to retrofit homes and commercial buildings;
• Projects improving energy efficiency for industries, supporting changes in their processes and helping them switch to lower carbon fuels; and,
• Programs for reforestation, enhanced forest management, and utilizing dead wood after forest fires or insect infestations.
• The $2 billion Low Carbon Economy Fund will be split into two parts:
• The Low Carbon Economy Leadership Fund: $1.4 billion to support provinces and territories for the emission reduction priorities outlined in the Pan-Canadian Framework on Clean Growth and Climate Change.
• The Low Carbon Economy Challenge: The remainder of the funding will be available for the Low Carbon Economy Challenge and for 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 projects selected will be the ones that will best reduce greenhouse gas emissions and generate clean growth. The Low Carbon Economy Challenge will be formally launched in the Fall of 2017.

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SOURCE Environment and Climate Change Canada

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