Details announced for federal Clean Energy Fund
Last Updated: Tuesday, May 19, 2009 | 4:29 PM MT
CBC News
Two-thirds of the money set aside for the new federal $1-billion Clean Energy Fund will go towards developing carbon capture and storage (CCS) demonstration projects, Canada's natural resources minister announced in Edmonton Tuesday.
"Not only will this funding protect our long-term energy security, but this additional stimulus creates high quality jobs for Canadians at a time when they're most needed," Natural Resources Minister Lisa Raitt said in a news release.
The Clean Energy Fund was announced as part of the federal budget in January, but no dollar amounts were given at the time. Raitt provided some of those details in a speech at the University of Alberta on Tuesday.
The $1 billion will be spent over five years, with $650 million going towards CCS projects. Another $200 million will be set aside for smaller renewable and alternative energy demonstration projects. The remaining $150 million will fund research and development into new types of renewable and clean energy as well as ways to deal with tailings ponds and water use in the oilsands.
A request for proposals for smaller projects was issued on Tuesday.
In carbon capture and storage technology, CO2 from oil and gas operations that would normally go into the atmosphere is instead stored underground.
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