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.
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.
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 Canada’s 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.
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