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Quebec's green economy plan addresses RNG, bioenergy – Biomass Magazine

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The government of Quebec on Nov. 16 unveiled its 2030 Plan for a Green Economy. The plan focuses primarily on clean electricity, but also addresses the use of renewable natural gas (RNG) and bioenergy for heating.

The 2030 PGE lays the groundwork for a green economic recovery and reiterates Quebec’s commitment to reduce its greenhouse gas (GHG) emissions by 37.5 percent below 1990 levels by 2030. An initial implementation plan is being introduced for 2021-2026 which, in addition to reducing GHG emissions, aims to stimulate economic recovery and job creation. The plan in part, aims to require a 10 percent share of RNG in the natural gas network by 2030 and a 50 percent increase in bioenergy production by 2030.

To reach its goals, the government of Quebec said it is launching a major electrification undertaking, primarily of the transportation industry, but also for building heating and other industrial sectors. Over the next five year, $3.6 billion is expected to be invested in the transportation sector. The government has also described several measures it will take to stimulate the electrification of transportation, buildings and industries and reduce GHG emissions. Those measures include a $550 million investment to reduce GHG emissions linked to heating residential, commercial and institutional buildings by 50 percent. “This target will be achieved by optimal complementarity between the electricity and gas networks and by the use of bioenergy, energy efficiency, and converting from fuel oil to electricity, as well as through the use of renewable natural gas and other renewable energy sources,” the government said.

Quebec also said it will invest $213 million to support the emerging RNG sector and $15 million to support development and innovation in the green hydrogen sector. “The very first Québec green hydrogen and bioenergy strategy, whose aim is to establish Québec as a future leader in these fields, will be unveiled in 2021,” said the government in a statement.

Xebec Adsorption Inc. has spoken out to applaud Quebec’s 2020 PGE. “Thanks to our local talent, Xebec has developed world leading renewable natural gas and hydrogen technologies that are sold around the world,” said Kurt Sorschak, chairman, CEO and president of Xebec Adsorption. “We are very pleased to see the government’s confidence in the potential of both RNG and green hydrogen in Québec. Our strong presence in the province will allow us to offer a local, reliable and economical solutions to organizations that will develop projects in these sectors. We are ready to take up the challenge and contribute to job creation and enrich our local economy, while transitioning the world to a clean energy future.”

Additional information on the 2030 PGE is available on the government of Quebec’s website.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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