EDMONTON, ALBERTA--(Marketwire - July 12, 2012) - The Climate Change and Emissions Management (CCEMC) Corporation is providing $46 million in funding to support six new clean technology projects. The projects have a combined value of more than $327 million.
"The CCEMC is supporting industry efforts to reduce greenhouse gas emissions from fossil fuels while helping to ensure Alberta can continue to be a global energy leader, even as we transition to other sources," said CCEMC Chair Eric Newell. "By addressing challenges facing Alberta's large emitters we are funding projects that have tremendous potential to reduce Alberta's greenhouse gas emissions over the long term."
The organizations receiving funding from CCEMC are:
- Cenovus Energy Inc. -- $10 million for a Chemical Looping Steam Generator - 10 MW Pilot at Christina Lake near Fort McMurray
- Husky Energy -- $2.9 million for the Lashburn CO2 Capture Demonstration Project near Lloydminster
- Imperial Oil -- $10 million for a Cyclic Solvent Process pilot in Cold Lake
- Inventys Thermal Technologies Inc. -- $3 Million for the VeloxoTherm™ CO2 Capture Project at Joffre
- MEG Energy Corp. -- $10 million for Heavy Crude Quality Improvement in the Alberta Industrial Heartland Region
- N-Solv Corporation -- $10 million for the N-Solv BEST Pilot Plant at Suncor Dover in Fort McMurray
"These innovative projects continue to demonstrate how Alberta leads the way in supporting and developing responsible, clean-energy technology," said Alberta Environment and Sustainable Resource Development Minister Diana McQueen. "I'm confident that continued innovation by industry will help Alberta demonstrate leadership in environmental management while meeting growing global energy demand."
CCEMC estimates these six projects will combine to reduce emissions by more than 183,000 tonnes over 10 years, and that does not consider further emissions reductions as technology is commercialized. The potential emissions reductions that could be realized through build out and commercialization of these technologies is estimated at five megatonnes by 2021. For every dollar CCEMC invests in these projects, about another seven dollars are also invested.
The six projects are from the CCEMC's fourth round of funding that was announced in April 2011. The maximum CCEMC funding per project for this round is $10 million.
With this announcement, CCEMC has announced plans to support 31 projects with a total commitment of more than $156 million. In total, these 31 projects are valued at more than $828 million. Combined, the CCEMC estimates they will reduce emissions by nearly eight megatonnes over 10 years in Alberta. In addition, the organization has also announced support for biological and adaptation projects.
The CCEMC focuses on stimulating transformative change. Enabled through regulation, the CCEMC is an independent not-for-profit organization that provides ongoing, dedicated funds to support the discovery, development and deployment of innovative clean technology.
Funding for CCEMC is collected from industry. Since 2007, Alberta companies that annually produce more than 100,000 tonnes of greenhouse gas emissions over a baseline are legally required to reduce their greenhouse gas intensity by 12 per cent. Companies have three options to meet their reduction target: improve the efficiency of their operations, buy carbon credits in the Alberta-based offset system or pay $15 into the Climate Change and Emissions Management Fund for every tonne over the reduction limit.
The CCEMC invests the money collected in clean technology. The CCEMC is now in the fourth year of operations. By the end of the 2011/12 operating year, the CCEMC expects to be involved in close to $1 billion of active projects that reduce emissions and spur innovation in clean technology and help our world move toward more sustainable practices.
To view the accompanying backgrounder with background on each project, please visit the following link: http://media3.marketwire.com/docs/712ccemc_bgd.pdf.