Companies are getting a $282 million incentive to develop more climate-friendly ways of doing business in B.C.
The CleanBC Industry Fund has opened up applications for sustainable industry investment supplied by provincial carbon tax funds. Firms can apply to the province’s fourth edition of the fund in three areas:
emissions performance, which supports emission reduction through commercial technology;
innovation acceleration, which supports clean technology development to create solutions to emissions;
and project feasibility studies opening April 1, which supports studies towards removing barriers and risks of potential emission reduction projects.
Industry applicants must have paid B.C.’s carbon tax and reported more than 10,000 tonnes of CO2 emitted per year.
“Our government is accelerating the adoption of clean technologies to reduce emissions and support good, stable jobs for people across our province. Communities need the kind of low-carbon industry that will be here for the long haul, and these investments create more opportunities to meet that need,” George Heyman, Minister of Environment and Climate Change Strategy said in a news release.
CleanBC Industry Fund has offered emissions performance funding three times previous. These iterations totalled $310 million from the province, industry and partners to reduce about six million tonnes of CO2 emissions over the next decade, according to the news release. An additional $282 million will be provided by B.C. towards the CleanBC Fund in the fiscal years 2022/23 and 2024/25.
CleanBC Fund’s new innovation accelerator will help expand investment in the province’s competitive tech sector, said Foresight Cleantech Accelerator Centre CEO Jeanette Jackson.
“By connecting large corporate leaders to innovation in a way that incentives the implementation of cleantech, and through investing in B.C.’s green future, we will see remarkable economic growth. B.C. is already a global leader in cleantech, and this will truly accelerate by building on existing strengths and capabilities,” she said in the release.
According to a report from the International Institute for Sustainable Development, the government of B.C. provided more than $1.3 billion in fossil fuel industry subsidies ranging from royalty reductions, to tax measures to direct transfers during fiscal years 2020/21 and 2021/22.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
