Investment will help create jobs and support technologies that turn carbon dioxide into clean fuels
SQUAMISH, BC, June 25, 2019 /CNW/ - Canada is committed to companies developing innovative solutions to tackle climate change. By investing in clean technologies, Canada supports a dynamic and emerging sector that creates good jobs, grows the economy and contributes to global emissions reductions.
Today the Honourable Jonathan Wilkinson, Minister of Fisheries, Oceans and the Canadian Coast Guard, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a $25-million investment in Carbon Engineering, a Squamish-based company developing technologies to extract carbon dioxide directly from the atmosphere and use it to produce clean synthetic fuels.
Carbon Engineering's $114.6-million project will create a research and development facility and support the design and engineering of an industrial-scale commercial plant. The project will pave the way for world-class research, position Canada as a global leader in the area of clean technology and contribute to reducing greenhouse gas emissions from vehicles.
This investment will contribute to the creation of 450 jobs as well as co-operative learning positions for post-secondary students, the development and retention of intellectual property in Canada, and increased opportunities for women in science, technology, engineering and math (STEM) fields.
"Our government firmly believes that the economy and a clean environment go hand in hand. Canadian ingenuity is at work to find solutions to one of the world's most pressing challenges, climate change. Our investment in Carbon Engineering will help reduce greenhouse gas emissions to leave cleaner air, while also creating good middle-class jobs and positioning Canada at the forefront of clean technologies."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"At the forefront of our government's plan for Canada's economy is support for innovation and clean technology—to create good quality jobs for the economy of tomorrow, while fighting climate change. The economy and the environment go hand in hand, and by investing in the important work of companies like Carbon Engineering in Squamish, B.C., we are helping to build a cleaner, stronger, more sustainable economy. The community in Squamish will benefit from these good quality jobs, and so will all Canadians from the further development of clean technology to fight climate change. Since 2015 Canadians have created over 1 million new jobs. With clear results from our government's strategic investments like this, our plan is working."
– The Honourable Jonathan Wilkinson, Minister of Fisheries, Oceans and the Canadian Coast Guard
"With an increasing focus worldwide on the need to transition to a low carbon economy, companies that provide cost-effective and scalable solutions for lowering carbon levels will be leaders in an emerging global economy. Carbon Engineering's air treatment technologies have the potential to realize significant greenhouse gas reductions, create jobs and investment in Canadian projects, and deliver clean fuels to consumers. We are grateful for this support as we work to commercialize our technology and cement our position as a world leader in this field."
– Steve Oldham, CEO, Carbon Engineering
- Founded in 2009, Carbon Engineering is a Canadian-based clean energy company developing and commercializing two clean technologies: 1) Direct Air Capture extracts carbon dioxide from the atmosphere, and 2) AIR TO FUELS™ process synthesizes atmospheric carbon dioxide into clean, affordable transportation fuels.
- From its pilot plant in Squamish, British Columbia, Carbon Engineering has been removing carbon dioxide from the atmosphere since 2015 and converting it into fuels since 2017.
- The UN Intergovernmental Panel on Climate Change projects that the use of large-scale carbon dioxide removal from the atmosphere is necessary in order to meet global goals of limiting global warming to 1.5°C.
- This investment supports the Pan-Canadian Framework on Clean Growth and Climate Change, as well as Canada's commitments towards Mission Innovation, a global initiative of 23 countries and the European Union to dramatically accelerate global clean energy innovation.
- This investment is being made through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy by encouraging R&D that will accelerate the transfer of technology and the commercialization of innovative products, processes, and services and will facilitate the growth of innovative firms.
- Carbon Engineering is one of hundreds of companies the Clean Growth Hub has worked with to advance clean technology projects in Canada. The Hub's team of experts from across government helps companies and researchers pursuing clean technology projects identify the federal programs and supports most relevant to their needs.
- In addition to the Strategic Innovation Fund and the Clean Growth Hub, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada's economy. With its simple, story-based user interface, the Innovation Canada platform can match businesses with the most fitting programs and services in about two minutes.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, firstname.lastname@example.org