TORONTO—Ontario has announced a significant investment into green energy projects, targeting nearly $100 million from the Ontario Green Investment Fund into projects that will reduce greenhouse gas emissions, increase energy efficiency and support clean-tech innovation and jobs.
The government will invest $74 million in a clean-tech innovation initiative that will help reduce greenhouse-gas pollution by encouraging large industrial plants to adopt leading-edge technologies, while supporting entrepreneurs in developing creative solutions, a media statement released Feb. 17 reads.
The government is also investing $25 million in a Green Smart energy-efficiency program to help small and medium-sized businesses reduce emissions and become more energy efficient. The program will be delivered by Canadian Manufacturers and Exporters, Canada's largest trade and industry association.
Ontario's new $325-million Green Investment Fund was launched to finance projects that fight climate change while aiming to create jobs, the media statement says. The fund is part of the province's proposed cap and trade program and was announced in the 2015 Ontario Economic Outlook and Fiscal Review.
The moves drew support from the Ontario Society of Professional Engineers (OSPE), which had recommended investments in green initiatives in its 2016 pre-budget submission to the government.
"These announcements provide an excellent opportunity for engineers to be at the forefront of designing the technologies and planning the green economy that will make Ontario a leader in the global arena," said OSPE's CEO Sandro Perruzza in a media statement.