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Climate Change and Emissions Management (CCEMC) Corporation Releases Annual Report
Projects valued at more than $837 million
By: Marketwired .
Jan. 25, 2013 01:20 PM
EDMONTON, ALBERTA -- (Marketwire) -- 01/25/13 -- The Climate Change and Emissions Management (CCEMC) Corporation has released its annual report that includes information on the organization's 43 clean technology projects announced to date. The CCEMC has invested more than $160 million in projects that have a combined value of more than $837 million.
"The CCEMC is effectively spurring investment in innovative technology that will help Alberta reduce greenhouse gas emissions," said the CCEMC Chair, Eric Newell. "In the coming year, we will strive to cast a wider net as we continue to seek out new ideas that will help Alberta transition to a lower carbon economy."
Combined, the 43 projects are estimated to reduce greenhouse gas emissions by about eight megatonnes over 10 years - enough to remove about 1.6 million cars from the road. Additional greenhouse gas emissions reductions will be realized as projects in development stages are completed, commercialized and deployed into the marketplace.
The CCEMC's current portfolio touches all levels of innovation in the areas of carbon capture and storage, energy efficiency, renewable energy, and projects that reduce emissions from fossil fuels.
In the past year, the CCEMC also committed to fund three adaptation projects and entered into an agreement with Alberta Innovates - Bio Solutions to advance projects that will reduce emissions from biological sources.
The CCEMC began funding projects in 2010. The organization typically invites expressions of interest for new projects twice each year.
Funding for the 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.
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