Canadian government launches Clean Energy Fund

The Canadian government has officially launched the Clean Energy Fund – a $1 Billion initiative aimed at developing the advancement of clean energy technologies in Canada.

“By investing in the Clean Energy Fund, our government is encouraging new technologies now to help protect and preserve our environment for future generations,” said Lisa Raitt, minister of natural resources. “Not only will this funding protect our long-term energy security, but this additional stimulus creates high-quality jobs for Canadians at a time when they’re most needed.”

The fund will invest $850 Million over five years in technology development and demonstration, $650 million of which is allotted to large-scale carbon capture and storage projects and $200 million to small-scale renewable energy technology projects. The investment also includes a $150 Million research component, funding initiatives ranging from basic research to pre-demonstration pilot projects for next generation technologies, clean energy systems and other technologies that address environmental challenges such as the Alberta oil sands.