New Oil and Gas Sector Emissions Reduction Fund Helps Economy and Environment
The Government of Canada is taking targeted action to help retain and create jobs in the hard-hit oil and gas sector, which is facing unprecedented challenges due to plummeting oil prices, a collapse in global oil demand and the COVID-19 pandemic.
Creating and retaining jobs while reducing greenhouse gas emissions
The new $750 million Emissions Reduction Fund program will help keep workers employed and assist firms that are preparing to take actions to reduce greenhouse gas emissions and conduct research and development.
Eligible conventional and offshore oil and gas companies will be able to apply to the new repayable contribution program, which was announced April 17, 2020.
Of the $750 million, up to $675 million is available to conventional oil and gas companies, primarily to reduce methane. The remaining amount, up to $75 million, is for investments in emissions reduction and research and development in the offshore sector. Some of these contributions may be non-repayable.
Methane emissions are one of the most potent greenhouse gases and Canada’s oil and gas sector is the source of 43 % of those emissions.
Details on the Emissions Reduction Fund will soon be available.
Register now to receive electronic notifications for updates on the program, as they become available.
- Regulations respecting reduction in the release of methane and certain volatile organic compounds (upstream oil and gas sector)
- Canada’s COVID-19 economic response plan
- Cleaning up orphan and inactive oil and gas wells
- Large Employer Emergency Financing Facility (LEEFF)
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