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Classified in: Oil industry, Environment, Science and technology, Covid-19 virus
Subjects: ENP, CFG

Minister O'Regan Launches $750-Million Fund for Oil and Gas Companies to Reduce Methane Emissions


OTTAWA, ON, Oct. 29, 2020 /CNW/ - Canada is committed to achieving net zero by 2050 and exceeding our Paris Agreement targets by 2030. Methane is one of the most potent greenhouse gas (GHG) emissions, accounting for 43 percent of all GHGs in the oil and gas sector, which is why reducing methane emissions is a significant part of our climate plan. Taking action now to reduce these emissions will help Canada achieve its goal to protect the environment while growing the economy as we recover from the COVID-19 pandemic.

The Honourable Seamus O'Regan, Minister of Natural Resources, today launched the $750-million Emissions Reduction Fund to reduce methane and GHG emissions. This fund provides primarily repayable funding to eligible onshore and offshore oil and gas firms to support their investments to reduce GHG emissions by adopting greener technologies and help maintain jobs in a time of economic hardship and uncertainty.

Announced by Prime Minister Justin Trudeau in April 2020, the fund provides up to $675 million to eligible onshore oil and gas companies to invest in green technologies to reduce methane emissions. The remaining $75 million is available to offshore oil and gas companies for capital investments and research, development and demonstration (RD&D) to reduce GHGs from offshore production in Newfoundland and Labrador.

Effective immediately, eligible onshore oil and gas companies can apply to the onshore stream via the Emissions Reduction Fund website. Additional details on the offshore streams can also be found online. Beginning November 9, offshore oil and gas companies will be able to apply for the offshore deployment portion of the fund.

This investment will greatly benefit the environment, the oil and gas industry, and workers and communities. It will help position the sector as a leader in building a low-carbon future and a key player in the growing global clean technology market. It will also ensure Canadian oil and gas companies remain globally competitive as the world continues to move toward a clean energy future.

Quotes

"We're taking action to reduce greenhouse gas emissions in partnership with Canada's oil and gas sector. This will maintain good jobs and make sure our companies remain globally competitive for years to come."

Seamus O'Regan
Canada's Minister of Natural Resources

Quick Facts

Related Information
Prime Minister announces new support to protect Canadian jobs 
New Oil and Gas Sector Emissions Reduction Fund Helps Economy and Environment 

Follow us on Twitter: @NRCan (http://twitter.com/nrcan)

SOURCE Natural Resources Canada


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