Canadian province set to funnel millions from its Green Investment Fund into flagship carbon reduction and energy efficiency schemes
Ontario is set to invest $100m in green energy projects as part of its efforts to cut its greenhouse gas emissions by 37 per cent by 2030.
Speaking yesterday during a visit to Canadian clean tech firm Morgan Solar, Ontario premier Kathleen Wynne announced a $74m investment in a new government programme to encourage large industrial plants to adopt cleaner, more efficient technologies.
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She also confirmed a further $25m of funding will go into a "Green Smart" energy efficiency programme to help small and medium-sized businesses reduce their emissions, delivered in partnership with Canadian Manufacturers and Exporters, Canada's largest trade and industry association.
Wynne said the investments will help Ontario curb emissions while delivering business prosperity and future job prospects.
"Through these two new programs, we will help reduce greenhouse gas emissions, while promoting the innovative and disruptive technologies that will improve productivity and secure our economic future," she said.
The money will come from the Ontario Green Investment Fund, which was launched in November with $325m earmarked for projects that help tackle climate change and boost Canada's green economy.
Ontario has already committed $20m from the fund to building new public electric vehicle charging stations, and $100m to help 37,000 homeowners audit and retrofit their homes to improve energy efficiency performance.
The investment fund is also positioned as a "down payment" on Ontario's carbon trading system, which it plans to introduce in 2017.
In November, Ontario became the first province in North America to formally ban coal-fired electricity generation as part of its efforts to reduce carbon emissions. By 2050, it plans to reduce its carbon emissions by 80 per cent compared to 1990 levels.
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