The CleanBC Industry Fund has opened applications for its next round of funding to reduce industry emissions through co-investment in innovation.
As a provincial agency, CleanBC directs a portion of British Columbia’s (BC) carbon tax paid by industry into incentives for cleaner operations. The CleanBC Program for Industry was introduced as part of the province’s 2018 budget to regulate large industrial operations such as pulp and paper mills, natural gas operations and refineries, and large mines.
In its 2022 budget, the BC government said it will also provide $174 million to the CleanBC Program for Industry in 2024 to 2025 to continue the program.
“Communities need the kind of low-carbon industry that will be here for the long haul, and these investments create more opportunity to meet that need.”
– George Heyman
For those looking to apply for the Industry Fund, the company or project must outline the technologies or processes the facility plans to implement and the amount of emissions it expects to reduce; as well as a business case with financial details, outlining the need for funding support.
CleanBC’s previous calls for projects resulted in a combined investment of nearly $310 million from the province, industry and partners. The projects included in the past funding rounds are expected to reduce approximately six million tonnes of CO2 emissions over the next decade, which the province compares to removing 130,000 cars from the road each year over the same period.
Brucejack Mine general manager Sean Masse said the CleanBC fund helped in accelerating Brucejack Mine’s investment in reducing its carbon footprint. With government financial support, the company is on track to replace its entire fleet of 13 diesel mine-haul trucks with non-polluting, zero-emission battery vehicles.
BC is home to a wide array of companies looking to reduce their carbon footprint; however the province has also been the target of a number of environment-related disasters.
In late June last year, BC experienced a hotter summer than usual. Temperatures rose to heights that were unprecedented in the province, leading to hundreds of deaths.
With these tragedies, the province has been active in its push to become a global leader in clean technology and think bigger.
RELATED: Inside the province-wide push to make BC a global leader in cleantech
More than 98 percent of BC’s electricity is generated from clean or renewable sources. BC’s budget for 2022 focused largely on investing in cleantech. The National Democratic Party reemphasized the establishment of a new $500 million strategic investment fund with InBC Investment Corporation to invest in the development of clean energy through initiatives such as the Centre for Innovation and Clean Energy, and by creating 2,000 new tech-relevant spaces in BC’s public post-secondary institutions.
As one of the province’s initiatives that addresses the climate crisis, Minister of Environment and Climate Change Strategy George Heyman said the CleanBC roadmap recognizes the urgent need to act faster in the face of climate change.
“Communities need the kind of low-carbon industry that will be here for the long haul, and these investments create more opportunity to meet that need.”
Feature image from Alejandro Luengo via Unsplash