TORONTO, Jan. 10, 2019 /CNW/ - Supporting Canadian innovation will reduce emissions, promote Canadian businesses and ingenuity, and grow the clean economy. Climate change is our biggest challenge and one of our biggest economic opportunities, which is why the Government of Canada is committed to championing projects that will reduce emissions and drive job creation.
Today, the Minister of Environment and Climate Change, Catherine McKenna, announced the first-ever recipient of funding from the Low Carbon Economy Challenge's Champions stream, Enwave Energy Corporation. The Government is investing $10 million in the expansion of Enwave's deep lake water cooling system. This technology draws cold water from Lake Ontario and uses it to cool hospitals as well as government, educational, and high-rise buildings in Toronto's downtown core. Buildings are typically energy intensive, and this project can reduce the amount of energy needed to air-condition buildings by up to 80 per cent, which is especially impactful as temperatures continue to rise due to climate change. By leveraging investments made by Enwave, the Government is working together with Canadian businesses to support ingenuity and grow Canada's clean economy.
Canadians are feeling the effects of climate change in more frequent extreme weather—from forest fires, to floods, to deadly heatwaves—which is having real human and economic costs across the country. As we look forward to 2019 and further, it's important to invest in projects that will help Canada reduce emissions and take action on climate change.
The Government of Canada's Low Carbon Economy Fund is an important part of Canada's climate plan. The Fund helps put our climate plan into action by leveraging investments in projects that will reduce carbon pollution, generate clean growth, save Canadians money on their energy bills, and help create the jobs of the future.
The Champions stream is part of a challenge issued under the Low Carbon Economy Fund for ambitious projects that directly reduce Canada's emissions. Further projects from provincial and territorial governments, municipalities, Indigenous communities and organizations, businesses, and not-for-profit organizations will be announced over the coming months.
"Canadians across the country are coming up with innovative methods to increase energy efficiency and reduce emissions, saving people money and creating good jobs along the way. By investing in these projects, from coast to coast to coast, the Government is making sure we are positioned to succeed in the $26 trillion global market for clean solutions and to create good middle-class jobs today and for the future."
– Catherine McKenna, Minister of Environment and Climate Change
"This funding is an investment in Toronto's future. As Toronto grows over the next 20 years, Enwave is committed to making our city more resilient by providing innovative, sustainable heating and cooling in support of the city's growth."
– Carlyle Coutinho, President and Chief Operating Officer, Enwave Canada
- According to Clean Energy Canada, the energy-efficiency measures in Canada's climate plan will help improve Canada's economy and environment between now and 2030 by creating 118,000 new jobs, boosting our GDP by $356 billion, and saving Canadian households an average of $114 a year. The economic benefits of energy efficiency are enormous for Canadians. Every $1 spent on energy efficiency generates approximately $7 of GDP.
- The $2 billion Low Carbon Economy Fund is divided into two parts:
- The Leadership Fund provides up to $1.4 billion to provinces and territories to leverage investments in projects and programs that will generate clean growth and reduce greenhouse gas emissions to support the Pan-Canadian Framework.
- The Challenge provides over $500 million in funding to support projects that will leverage ingenuity across the country to reduce emissions and generate clean growth.
The Challenge is being delivered through two streams.
- The Champions stream, valued at $450 million, was open to provinces, territories, municipalities, Indigenous communities and organizations, businesses, and not-for-profit organizations.
- The Partnerships stream, valued at $50 million, was launched on December 20, 2018, and is targeting smaller applicants, including small businesses, not-for-profit organizations, smaller municipalities, and Indigenous communities and organizations.
- Low Carbon Economy Challenge
- Low Carbon Economy Fund
- Pan-Canadian Framework on Clean Growth and Climate Change
SOURCE Environment and Climate Change Canada
For further information: Sabrina Kim, Press Secretary, Office of the Minister of Environment and Climate Change, 819-743-7138, [email protected]; Media Relations, Environment and Climate Change Canada, 819-938-3338 or 1-844-836-7799 (toll-free), [email protected]