New projects around British Columbia will reduce climate pollution and help businesses create new opportunities for people in the clean economy, thanks to significant investmentsfrom government and industry.
As part of the CleanBC Industry Fund’s third round of investment, the Province announced 25 projects that will support the adoption of cleaner technologies and reduce emissions in sectors, such as pulp and paper, mining, oil and gas, and others. The funding brings the total emissions reduction from this program to six million tonnes of carbon dioxide equivalent (CO2e), which is equal to taking 130,000 cars off the road each year for approximately 10 years.
“This CleanBC program and the commitment of industry are creating greater opportunities to compete in a global economy that is increasingly seeking low-carbon products,” said George Heyman, Minister of Environment and Climate Change Strategy. “By working with industry, we’re unlocking new investments in the province to significantly cut carbon pollution and support innovative, clean technologies to address the climate crisis and benefit communities.”
The CleanBC projects are supported by more than $70 million in carbon tax revenues paid by industry and are part of the program’s Emissions Performance stream. Industry proponents are contributing $74.5 million, with an additional $22 million coming from sources such as BC Hydro, FortisBC and other government programs, for a total combined investment of more than $166 million.
“These projects demonstrate our government’s commitment to working with industry to invest in cleaner technologies and to reduce emissions across all sectors,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “We’re building new opportunities in a low-carbon economy that works for people and communities across B.C.”
Katrine Conroy, Minister of Forests, Lands, Natural Resource Operations and Rural Development, said: “B.C.’s natural resource companies, including in the forestry sector, are transitioning to cleaner, more innovative technologies and our government is helping accelerate this process with CleanBC. This latest round of CleanBC funding is leveraging new investment in B.C.’s pulp and paper mills and supporting good jobs for people in communities across the province.”
Funded projects will support a wide range of clean technologies, including energy-efficiency improvements at pulp and paper mills, electrification of equipment in the mining and oil and gas sector using renewable energy, gas-capture systems at the Vancouver landfill and at oil and gas operations.
The projects were announced at a virtual event with Heyman and Conroy, accompanied by Levi Sampson, president of Nanaimo Forest Product’s employee-owned Harmac Pacific pulp mill. The mill, which was awarded two CleanBC Industry Fund projects, will see substantial energy-efficiency upgrades and investments in its biomass boiler system, pulp dryer and building heating and ventilation system.
“By working through the CleanBC Industry Fund, we will be making significant energy efficiency improvements to Harmac Pacific’s operations by investing in cleaner technology that will substantially reduce our greenhouse gas emissions,” Sampson said. “This is fantastic news for our employees and will help reduce energy costs and make our mill even more efficient and attractive for buyers looking for high-quality, low-carbon pulp products.”
The CleanBC Industry Fund is part of the Province’s plan to reduce emissions from industry, which includes aiming to eliminate all industrial methane by 2035, integrating emissions goals in the oil and gas royalty system, supporting electrification through BC Hydro, and helping all new industrial developments meet B.C’s climate targets in 2030 and beyond.
The fund is an important part of the CleanBC Roadmap to 2030, which is B.C.’s plan to expand and accelerate climate action by building on B.C.’s natural advantages – abundant, clean electricity, innovative technology and a highly skilled workforce.
Quick Facts:
The third round of CleanBC Industry Fund projects are expected to reduce approximately 4.6 million tonnes of CO2e over the next decade – the same emissions impact as removing 100,000 cars from the road each year over that same period.
The previous two rounds of the CleanBC Industry Fund have supported a total of 35 projects with $43 million from the Province and another $99 million from industry and other sources.
These projects are expected to reduce approximately 1.4 million tonnes of CO2e over approximately 10 years.
CleanBC Industry Fund projects are chosen based on a competitive process and an evaluation of detailed project plans, business cases and the potential to cost-effectively reduce emissions.
To be eligible, applicants must have paid carbon tax and have emissions over 10,000 tonnes of CO2e per year under the Greenhouse Gas Industrial Reporting and Control Act.
Learn More:
To learn more about CleanBC Industry Fund and to see the full list of projects from round three, visit: www.cleanbc.gov.bc.ca/industryfund
To read the CleanBC Roadmap to 2030 visit: www.cleanbc.ca
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
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.
