June 25, 2018
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The Low Carbon Economy Fund is an important part of the Pan-Canadian Framework on Clean Growth and Climate Change.
The Low Carbon Economy Fund is designed to leverage investments in projects that will generate clean growth and reduce greenhouse gas emissions.
There are two parts to the Low Carbon Economy Fund:
- The Low Carbon Economy Leadership Fund provides $1.4 billion to provinces and territories that have adopted Canada’s clean growth and climate action plan, the Pan-Canadian Framework, to deliver on their commitments to reduce carbon pollution and help Canada meet its 2030 climate target.
The funding recognizes the key role provinces and territories play in implementing the Pan-Canadian Framework to address climate change, and it supports their efforts to reduce emissions, encourage innovation, save money, and create jobs and healthier communities.
Provinces and territories are allocated $30 million in base funding plus per-capita funding to support projects including
- energy-efficiency measures for buildings;
- energy efficiency, fuel switching, and process changes in the industrial sector; and
- the enhancement of the amount of carbon stored in forests and agricultural land.
- Over $500 million will be available through the Low Carbon Economy Challenge. The Challenge will support ambitious projects that can be submitted by all provinces and territories, municipalities, Indigenous communities and organizations, businesses, and not-for-profit organizations. Projects will leverage Canadian innovation across the country to reduce emissions and generate clean growth.
All applicants must ensure their projects will achieve emission reductions that are
- material (measurable and verifiable);
- incremental to existing or planned actions;
- in-line to achieving Canada’s 2030 emissions reduction target; and
- as cost effective as possible.
Projects in Nova Scotia
Under the Leadership Fund, each province and territory has identified priority projects that offer cost-effective ways to reduce emissions given their unique circumstances.
In Nova Scotia, almost $56 million will be invested, in partnership with Efficiency Nova Scotia, to support efforts to improve energy efficiency in homes. Nova Scotia’s funded projects will help homeowners adopt energy-efficiency measures, save money, and manage energy costs throughout the province.
Current status of Leadership Fund proposals
Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Quebec, Newfoundland and Labrador, and the Northwest Territories have already submitted formal proposals for consideration under the Leadership Fund. The Government of Canada is collaborating with other provinces and territories to identify additional priority projects for funding through the Leadership Fund.
Manitoba recently signed on to the Pan-Canadian Framework, and it will be eligible to submit proposals for funding for projects that contribute to clean growth and reduce greenhouse gas emissions.
Additional Leadership Fund proposals are being reviewed for decision in 2018.