Entertainment Federal government unveils rules for $750-million emissions reduction fund

01:25  30 october  2020
01:25  30 october  2020 Source:   msn.com

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CA million of the CA$ 750 million amount will go to offshore oil and gas companies in the Province of Newfoundland and Labrador to reduce their emissions . The fund is part of larger package of funding for Canada’s energy sector in order to retain and create approximately 10,000 well-paying jobs.

The multi-billion-dollar Emissions Reduction Fund is under review and one idea being considered is to use taxpayer money to subsidise power generators, including The federal fund set up to fight climate change and reduce Australia's carbon emissions could be used to help extend the life of coal-fired

OTTAWA — Oil and gas companies that use federal cash to help cut methane emissions from their operations won't have to repay every penny if they eliminate the methane emissions entirely.

Seamus O'Regan wearing a suit and tie © Provided by The Canadian Press

Natural Resources Minister Seamus O'Regan unveiled rules for the $750-million emissions-reduction fund first announced by the federal government at the end of April.

"Any time we are able to help companies reduce emissions … that is a very good investment for Canada and is a very good investment for Canadians," said O'Regan.

"It's an incredibly effective way for us to reach our targets."

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Alberta will drain its $ 750 - million environmental piggy bank funded by its carbon tax on large emitters to pay for a host of programs it hopes will help the Some of it is earmarked to pay down Alberta’s deficit, but the rest is supposed to fund programs that encourage industry to reduce emissions and

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Methane has more than 80 times the global-warming potential of carbon dioxide over a 20-year period and accounts for more than one-tenth of Canada's total emissions each year.

Almost half of them come from the oil and gas sector.

Canada has committed to cutting methane emissions between 40 and 45 per cent by 2025, but current regulations are only expected to cut 29 per cent by then.

The government has not estimated yet what emissions will be cut through this new program, but said up to half the cost of the loan can be forgiven if a project eliminates methane emissions.

If projects only cut some but not all emissions, the entire loan will have to be repaid.

Several environment groups were critical of the government for tentative agreements it reached with Alberta and Saskatchewan on methane emissions, which the groups argue won't be as strict as the regulations Canada laid out.

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The Government of Canada is taking targeted action to reduce methane emissions by providing access to funding for oil and gas companies to adopt Eligible conventional and offshore oil and gas companies can apply to the Government of Canada’s new $ 750 million Emissions Reduction Fund

The Emissions Reduction Fund mostly pays polluters to emit less greenhouse gas. The Federal Government 's central climate change policy appears to be in reverse, with its total carbon Key points: The Emissions Reduction Fund contracted 192 million tonnes of abatement, compared to

The equivalency agreements on methane emissions with Alberta and Saskatchewan will allow them to use their own regulations instead of having to follow Ottawa's.

But Environmental Defence, the David Suzuki Foundation and the Environmental Defense Fund, asked the government not to finalize those agreements until they can be improved to get Canada closer to its target.

Dale Marshall, national climate program manager at Environmental Defence, said the reason Ottawa can't say how many emissions this fund will cut is because it's not tying the cash to meeting the regulations.

"That's the difference with regulations," he said. "The level of reductions doesn't depend on industry coming forward with proposals. It ensures that every oil and gas facility is doing what is needed, especially given that these are very, very cost-effective."

Patrick McDonald, climate director at the Canadian Association of Petroleum Producers, said the new program offers some flexibility which is good, but how much impact it will have will depend on what companies apply and get accepted.

He said most companies are already looking to move to cut methane emissions, with or without regulations.

This report by The Canadian Press was first published Oct. 29, 2020.

Mia Rabson, The Canadian Press

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usr: 0
This is interesting!