CCEMC annual report: $213M in funds supports $1.56B in value
CCEMC says the 51 projects it currently supports have a combined value of more than $1.56 billion and will reduce greenhouse gas emissions by an estimated 10.2 megatonnes
EDMONTON—Alberta-based climate change technology fund The Climate Change and Emissions Management Corp. (CCEMC) has outlined 12 new renewable energy and energy efficiency projects in its annual report.
In total, the CCEMC now supports 51 active clean tech projects with $213 million in committed funding.
“The CCEMC knows that renewable energy and energy efficiency are vital in global efforts to reduce greenhouse gas emissions,” said CCEMC Chair Eric Newell. “Many of these projects will provide near term greenhouse gas emission reductions, spur additional investment and encourage broader adoption of clean technologies.”
The bulk of the CCEMC investment, $108.2 million, is supporting technology at later stages of development, which will produce near-term greenhouse gas emission reductions. However, the organization supports projects all along the innovation chain, including basic research and development.
CCEMC says the 51 projects it currently supports have a combined value of more than $1.56 billion and will reduce greenhouse gas emissions by an estimated 10.2 megatonnes by 2020—about equivalent to removing more than two million cars from the road.
The CCEMC also launched an international $35-million Grand Challenge in early 2013 to find innovative uses for carbon.
he five-year, three-round open innovation challenge is expected to identify multiple technologies that could provide significant reductions in greenhouse gas emissions by transforming carbon from a liability into an asset. Winners from the first round of the competition will be announced at the Zero 2014 conference in Edmonton on April 15.
In addition to the 51 clean tech projects, the not-for profit corporation supports three projects to help Alberta adapt to climate change. The annual report also covers three projects that the CCEMC supports through its biological greenhouse gas management program, administered on its behalf by Alberta Innovates Bio Solutions.
The CCEMC is currently accepting submissions for funding from projects that will reduce or avoid greenhouse gas emissions or enhance carbon sequestration through the use of biological organisms.
The CCEMC operates independently of government, focusing on stimulating transformative change by funding projects that reduce greenhouse gas emissions and help Alberta adapt to climate change.
Funding for the organization is collected from industry. Since 2007, facilities that annually produce more than 100,000 tonnes of greenhouse gas emissions are required to reduce their greenhouse gas intensity by 12 per cent relative to a historic baseline. Paying $15 into the Climate Change and Emissions Management Fund for every tonne over the reduction limit is one compliance option.