Funding the Low Carbon Economy Leadership Fund
The purpose of the Low Carbon Economy Fund (LCEF) is to reduce greenhouse gas (GHG) emissions under the Pan-Canadian Framework on Clean Growth and Climate Change (PCF). The PCF supports Canada’s commitment under the Paris Agreement and helps facilitate Canada’s long-term transition to clean growth through energy savings and jobs creation.
The LCEF is expected to have three primary outcomes - GHG reductions, energy savings and job creation. The LCEF also supports the implementation of the PCF. As these outcomes are tied to implementing programs and projects designed specifically to mitigate climate change, the LCEF is expected to positively affect the environment. Specifically, the LCEF will support the 2016 to 2019 Federal Sustainable Development Strategy goal of effective action on climate change by:
- supporting a transition to a low-carbon economy that contributes to limiting global average temperature rise to well below 2 degrees Celsius
- supporting efforts to limit the increase to 1.5 degrees Celsius
This initiative recognizes the key role that provinces and territories are playing in implementing the PCF and addressing climate change. It will support their efforts to reduce emissions, innovate, save money, and create jobs and healthier communities.
Reporting on the progress of this initiative is a challenge due to the long-term nature of both climate change and the targeted outcomes. Impacts of actions taken today may only result in observable emissions reductions and enhanced climate resilience at points in the future. Still, the Government of Canada will review annual progress reports submitted by provinces and territories and other funding recipients to monitor and assess proposal-specific outcomes. Federal reporting on the LCEF overall will be included in the following:
- Federal Sustainable Development Strategy reports
- Results and Delivery Charter for Effective Action on Clean Growth and Climate Change
- Environment and Climate Change Canada’s Departmental Results Framework
- as part of the Horizontal Management Framework for Clean Growth and Climate Change
- annual synthesis reports on the Pan-Canadian Framework provided to First Ministers
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