Alberta plans to invest $1.4bn to boost innovations in energy sector
Date: 2017-12-06   Author: Sunil Hebbalkar  Category: #industry

Alberta plans to invest $1.4bn to boost innovations in energy sector

The government of Alberta, in Canada, has apparently taken a significant step to curb greenhouse gas emissions from several industrial sectors. In fact, the government has decided to provide financial support to numerous industry verticals – primarily O&G sector to implement innovative solutions for the reduction of carbon emissions.

As per reports, the Alberta government will invest close to USD 1.4 billion for developing innovative projects over the coming seven years. Through this initiative, the Alberta government mainly intends to focus on coal-fired power generators, oil and chemical producers, and other industries that emit more than or equal to 100,000 tons of carbon dioxide per year.

Sources also cite that the government plans to reward the companies that undertake favorable initiatives to reduce carbon footprints, by investing in innovative product development. The Environmental Minister of Alberta, Shannon Phillips, was quoted stating that this system is also designed to maintain competitiveness among energy companies. Currently, the Alberta government has added carbon tax and other environmental regulations to minimize carbon emissions. This year, Alberta implemented USD 20 as a carbon tax for a ton, which will increase up to USD 30 from the beginning of 2018. Apart from this, it has also been reported that the government is looking forward to deploying other favorable legislations in order to exempt carbon tax.

Sources claim that in order to implement this notion rather effectively, the government is planning to set an emission benchmark by providing free GHG emission credits to heavy emitters. Every company will be judged depending on performance improvement against their competitors, with regards to carbon emissions rate, which would make the companies eligible enough for government rewards.

As per experts, this initiative by the government of Alberta is likely to attract more investors in Canada’s tremendously growing oil and gas industry, that would eventually lead to a rise in the development of energy and petroleum-based products.



About Author


Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

Read More

More from Sunil


Post Recommendents

Global Automotive Lighting Market Detail Analysis focusing on Key Players like General Electric Company, HELLA GmbH & Co. KGaA, Hyundai MOBIS, Koito Manufacturing Co., Ltd, Magneti Marelli S.p.A & more
Author: Partha Ray

MarketStudyReport.com offers 2018 report on global Automotive Lighting market that evaluates industry growth trends through historical data and estimates future prospects based on comprehensive research. The report extensively provides the market ...


Hybrid Solar Wind Energy Storage Market 2024 Key Information by Top Key Players Siemens Gamesa, UNITRON, Grupo Dragon, ReGen Powertech, General Electric, Goldwind, Suzlon
Author: Partha Ray

Market Study Report adds global Hybrid Solar Wind Energy Storage market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming...


East Africa Flat Glass Market 2018 to 2024 By Product - Laminated, Tempered, Basic Float, Insulating
Author: Rahul Varpe

According to estimates the East Africa flat glass market size from building and construction application during 2017 was valued at $115 million. Recently at East Africa BUILD, the East Africa International building mat...