MONTREAL, Sept. 24, 2018 /CNW Telbec/ - The Inlandsis Fund, based in Quebec, has announced today that it is providing support to Bluesource's Methane Reduction Program in Alberta. The innovative program reduces methane emissions from upstream oil & gas operations, and will generate offset credits under Alberta's Carbon Competitiveness Incentive Regulation.
The Bluesource Methane Reduction Program is in the process of installing thousands of low-emitting pneumatic devices across Alberta and is projected to reduce over 3 million tonnes of carbon dioxide equivalent from 2017 through the end of 2022. The first offset credits are expected to be delivered this Fall, and the program will make an important and early-action contribution to the Federal and Alberta governments' objectives to reduce methane emissions in the oil and gas industry by 45% by 2025.
The Inlandsis Fund CEO David Moffat said, "Inlandsis is excited to support Bluesource's strong team to expand its groundbreaking methane reduction program. This is our first engagement in Alberta's carbon market, and we look forward to further work with Bluesource in Alberta and in fact, across North America."
"Our program is generating high-quality reductions and helping oil & gas companies materially reduce the GHG intensity of natural gas and oil production in Alberta, and capital from the Inlandsis Fund is instrumental for accelerating the growth of our program. Inlandsis understands methane reduction projects and carbon markets, making it an ideal partner" said Yvan Champagne, President of Bluesource Methane.
Bluesource has been a leader in developing and marketing environmental attribute projects in North America, creating some of the first projects for the voluntary and compliance carbon markets. It is the longest-standing firm of its type in North America and has the largest and most diverse portfolio of environmental assets. Bluesource was most recently recognized in the 2017 Environmental Finance Market Rankings as the Best Project Developer in all North American markets.
The Inlandsis Fund was established by Fondaction, a 1.8 billion dollar labour-sponsored fund based in Montreal (QC), and Coop Carbone in 2017 with a shared commitment to harness markets to address climate change. Capitalized by Fondaction, Inlandsis is the only Canadian fund, and one of a handful globally, that exclusively finances carbon emission reductions. It offers a unique project finance solution that provides upfront capital in return for carbon credits – a critical innovation for making many carbon reduction projects a reality. The Fund deploys a variety of financing structures and is able to quickly close investments. Its growing portfolio includes 25 projects in Alberta and linked California & Quebec carbon markets.