The Fund will help support projects from provinces and territories, municipalities, Indigenous governments, businesses, and other organizations aimed at reducing greenhouse gas emissions and generating clean growth. The Fund will provide funding over five years and will deliver clean, sustained growth for years to come. The Low Carbon Economy Fund will be split into two parts: the Low Carbon Economy Leadership Fund and the Low Carbon Economy Challenge.
The Low Carbon Economy Leadership Fund will provide $1.4 billion to provinces and territories to help them deliver on leadership commitments on their emission reduction priorities and those they outlined in the Pan-Canadian Framework on Clean Growth and Climate Change. This funding will help them build on the leadership they have shown to date and deliver on their commitment in reducing emissions. This summer, the Government of Canada will work closely with the provinces and territories to find out more about their proposed projects and will review and assess the projects for eligibility to the Low Carbon Economy Leadership Fund.
The remainder of the funding will be available for the Low Carbon Economy Challenge and the implementation of the Pan-Canadian Framework. All provinces and territories, municipalities, Indigenous governments and organizations, businesses and both not-for-profit and for-profit organizations will be eligible to apply for the Low Carbon Economy Challenge.
“Our Government is showing leadership on reducing our emissions in line with our commitment to the Paris Agreement. The $2 billion Low Carbon Economy Fund will play a crucial role in reaching our 2030 emissions reduction target. The Fund will work to accelerate Canada’s transition to a clean growth economy by helping us find the best ways to reduce our emissions, create good middle class jobs for Canadians, and promote a healthier environment for our children and grandchildren”, said Jonathan Wilkinson, Member of Parliament for North Vancouver and Parliamentary Secretary to the Minister of Environment and Climate Change