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Tuesday, Jun 6, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

Canada invests $174M into clean energy initiatives in Saskatchewan

The province’s Future Electricity Fund will receive money generated from Canada’s pollution pricing system

Canada invests $174M into clean energy initiatives in Saskatchewan
Regina, Saskatchewan. Photo by Henryk Sadura via Shutterstock

The government of Canada is investing $174 million derived from national pollution pricing proceeds into clean energy in Saskatchewan.

Canada’s Minister of Environment and Climate Change Steven Guilbeault announced the initiative on Friday, which will provide the funding to a Future Electricity Fund for clean energy projects and energy efficient technologies needed to help Canada attain its 2050 goal of having a net-zero emissions economy.

By implementing new smart-meter technologies, Saskatchewan aims to modernize the delivery of electricity to residential homes. This advancement will enable residents to optimize their home’s energy consumption, leading to increased efficiency and potential cost savings through reduced energy usage.

Funding will support upgrades to rural electricity infrastructure, reducing emissions and enhancing power reliability. It will also contribute to refurbishing the E.B. Campbell Hydroelectric Station, promoting renewable energy supply in the province.

“Today’s announcement in Saskatchewan will help the province modernize their electricity grid, while giving families the power to use electricity in affordable, reliable ways. Investments from this fund are helping to create clean air, good jobs and the development of a resilient low-carbon economy,” said Guilbeault.

Read more: Ottawa launches advisory council for net-zero electricity grid

Read more: Canadian environmental regulators green light Alamos Gold Lynn Lake project

The Future Electricity Fund consists of proceeds from electricity-generating facilities under the federal Output-Based Pricing System. These funds are returned through agreements with provincial or territorial governments to support clean electricity initiatives in areas where the federal carbon pollution pricing system applies or has applied in the past.

A recent report from the market firm DBRS Morningstar indicated that Canada was a top location for mining companies to invest in green technologies, which can be attributed to the country’s abundant hydropower, research expertise, mineral resources and skilled workers.

In March, Canada established an Indigenous-led council to manage the Wah-ila-toos clean energy hub in Ottawa comprised of Inuit, Métis and First Nations representatives.

In February, Canada launched a small modular reactor funding program valued at nearly $30 million to help reduce carbon emissions and mitigate fossil fuel usage in the country.


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