TORONTO—Natural Resources Minister Joe Oliver has announced $97 million for research, development, and demonstration projects in clean energy technologies.
Speaking to reporters at Ryerson University in downtown Toronto on Tuesday, Oliver said the money was marked out in the budget but not allocated. The investment in clean tech is part of the government’s effort to spur jobs and growth in the face of a fragile global economic recovery.
“We realize the potential to create high-quality Canadian jobs and support Canadian business innovation through investment in clean energy technology. This is a win-win-win formula for Canadians,” Oliver said.
“There is tremendous potential for technology to ensure that future generations enjoy a healthy environment and a prosperous economy.”
The program will divide funding into two streams, with most of the money geared toward funding research and development projects to a maximum of 75 percent of the project. A second smaller stream will fund up to 50 percent of demonstration projects.
Demonstration projects are better able to get investors because they are lower risk and follow after proof of concept, explained Marin Aube, a director general at Natural Resources.
Money will be directed towards five areas: energy efficiency, clean electricity and renewables, bioenergy, R & D of electric vehicles, and unconventional oil and gas.
The door for proposals will be open for two years for projects up to five years in length.
Speaking to reporters at Ryerson University in downtown Toronto on Tuesday, Oliver said the money was marked out in the budget but not allocated. The investment in clean tech is part of the government’s effort to spur jobs and growth in the face of a fragile global economic recovery.
“We realize the potential to create high-quality Canadian jobs and support Canadian business innovation through investment in clean energy technology. This is a win-win-win formula for Canadians,” Oliver said.
“There is tremendous potential for technology to ensure that future generations enjoy a healthy environment and a prosperous economy.”
The program will divide funding into two streams, with most of the money geared toward funding research and development projects to a maximum of 75 percent of the project. A second smaller stream will fund up to 50 percent of demonstration projects.
Demonstration projects are better able to get investors because they are lower risk and follow after proof of concept, explained Marin Aube, a director general at Natural Resources.
Money will be directed towards five areas: energy efficiency, clean electricity and renewables, bioenergy, R & D of electric vehicles, and unconventional oil and gas.
The door for proposals will be open for two years for projects up to five years in length.
