Businesses that plan to build renewable energy projects are eligible to receive up to 25% of project-related costs, with funding ranging from C$20,000 to C$250,000, under the Climate Action Incentive Fund.
The government of Canada has launched a new incentive program, the Climate Action Incentive Fund (CAIF), to help fight climate change, the federal minister of environment and climate change, Catherine McKenna has announced.
The fund is a part of the Pan-Canadian Framework on Clean Growth and Climate Change and is planning on delivering up to C$218M in its first year (2019-2020). The funding will be sourced from the proceeds of the federal carbon pollution pricing system.
The program is initially available in Saskatchewan, Manitoba, Ontario, and New Brunswick, where provinces have not committed to their own carbon pollution pricing systems. Eligible recipients would benefit from funding for projects to decrease energy usage, save money, and reduce carbon pollution.
“In communities across Canada, small- and medium-sized businesses are proving that taking action on climate change is good for business,” said Catherine McKenna, Canada’s Federal Minister of Environment and Climate Change. “To build on their leadership and ensure more small- and medium-sized businesses have the means to take action, we are helping business owners invest in new equipment and retrofits to be more energy efficient, cut pollution and save money.”
The CAIF would consist of three funding streams to support projects and measures undertaken by small- and medium-sized enterprises (SMEs), municipalities, universities, schools, hospitals (“MUSH sector”), and not-for-profit organizations.
Businesses that plan to build renewable energy projects are eligible to receive up to 25% of project-related costs, with funding ranging from C$20,000 to C$250,000. The list of eligible projects includes clean transport initiatives, as well as the production of renewable energy, such as solar. In the coming weeks, businesses can start applying for funding from the program. Through next year, the fund will offer up to C$150 million, with C$102 million to be allocated to Ontario, C$30 million to Saskatchewan, C$13 million to Manitoba, and C$5 million to New Brunswick.