In Canada, Newfoundland and Labrador is the third-largest oil-producing province. Credit: Philippe Put.

The government in Canada has launched a C$750m ($562.16m) fund to help oil and gas companies to reduce methane and other greenhouse gas (GHG) emissions.

The country is committed to achieving net-zero emissions by 2050 and also to surpass its Paris Agreement targets by 2030.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to Natural Resources Canada, methane is among the ‘most potent’ GHG emissions. It is responsible for 43% of all GHGs in the oil and gas sector in Canada.

The fund, called ‘Emissions Reduction Fund’, will mainly offer repayable funding ‘to eligible onshore and offshore oil and gas companies’ for backing their investments in greener technologies to cut down greenhouse gas emissions.

It will allocate funding of approximately C$675m ($505.95m) to eligible onshore oil and gas companies to help them invest in ‘green technologies’ for reducing GHG emissions.

The remaining C$75m ($56.22m) will be dedicated to reducing emissions from oil and gas production (O&G) in the waters of the Newfoundland and Labrador province.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Canada Natural Resources Minister Seamus O’Regan said: “We’re taking action to reduce greenhouse gas emissions in partnership with Canada’s oil and gas sector. This will maintain good jobs and make sure our companies remain globally competitive for years to come.”

The Government of Canada committed C$320m ($238.6m) to support the struggling offshore oil industry.

In Canada, Newfoundland and Labrador is the third-largest oil-producing province. The province produced approximately 5% of the country’s crude in 2018.

The economy of the province is dependent on oil, fishery and tourism.