The Alberta government has announced they will invest $1.4 billion over 7 years into oil and gas industry leaders through their Climate Leadership Plan. The funds are designated to reduce carbon emissions while diversifying Alberta’s economy and creating jobs. In a press release the government outlined the 5 categories where the money will go and how much will be spent on each one.
$440 million for oil sands innovation. The goal is to reduce emissions while also implementing improved rules for large emitters, an announcement will be released later on in the week by Minister Responsible for the Climate Change Shannon Phillips.
$225 million for innovation projects that support research, commercialization and investment in new technologies that reduce emissions in Alberta.
$240 million for energy-efficiency projects that are designed to help companies reduce emissions. This category will also go to the costs of upgrading equipment or facilities to higher efficiency options.
$63 million in grants for bioenergy projects, including biodiesel and ethanol, as well biomass based electricity generation.
$400 million to invest in efficiency and renewable energy measures.
The money is coming from the carbon tax that we pay at the gas pump and the money that gas companies pay if they go over their emissions limit. Essentially this money is recycled from revenue gas companies would have made if not for regulations put in place to limit emissions.