Alberta Minister of Economic Development and Trade Deron Bilous

The Government of Alberta has unveiled a new C$1.4bn ($1.09bn) funding plan set for implementation over the next seven years, directed at promoting innovation in the oil and gas sector in an attempt to reduce emissions.

The development comes in the wake of a proposed system of carbon pricing for large emitters in Alberta.

Funded by the Climate Leadership Plan, the innovation projects will focus on the creation of new jobs, and diversification of the economy, in addition to a reduction of carbon pollution.

The new funding plan is part of the government’s response to recommendations from the Climate Technology Task Force and the Oil Sands Advisory Group.

Alberta Minister of Environment and Parks Shannon Phillips said: “Our made-in-Alberta Climate Leadership Plan is giving Albertans and Albertan businesses the resources they need to be resilient and successful.

“Our made-in-Alberta Climate Leadership Plan is giving Albertans and Albertan businesses the resources they need to be resilient and successful.”

“By reinvesting revenue from the carbon levy, we’re helping business leapfrog to low-carbon, more efficient technologies so that Alberta remains an energy leader and provides Albertans with good jobs and opportunities.”

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In an attempt to ensure greater accountability, the government will subject companies that leave wells or other oil and gas infrastructure without cleaning up to greater scrutiny.

In this regard, the government worked with the Alberta Energy Regulator (AER) on amending a key requirement, known as Directive 67.

Alberta Minister of Energy Margaret McCuaig-Boyd said: “We’re taking action to protect Albertans and the environment by ensuring consequences for those who try to get around the ‘polluter-pays’ principle.

“Closing this loophole helps ensure Albertans are protected from financial and environmental liabilities, and that the vast majority of companies that behave responsibly are protected from those who attempt to offload their obligations onto others.”

Alberta Minister of Economic Development and Trade Deron Bilous, Minister of Energy Margaret McCuaig-Boyd, Minister of Environment and Parks Shannon Phillips, and Canadian Manufacturers and Exporters vice-president David MacLean.