The Canadian government launched a new Clean Energy Fund today with a $1 Billion investment. The fund is designed to promote new innovation as well as create new jobs.

From the release – “By investing in the Clean Energy Fund, our Government is encouraging new technologies now to help protect and preserve our environment for future generations,” said the Honourable Lisa Raitt, Minister of Natural Resources. “Not only will this funding protect our long-term energy security, but this additional stimulus creates high-quality jobs for Canadians at a time when they’re most needed.”

The Fund invests $850 million in technology development and demonstration. This includes $650 million for large-scale carbon capture and storage (CCS) demonstration projects and $200 million for smaller-scale demonstration projects of renewable and alternative energy technologies.

Minister Raitt also announced that there will be a $150-million research component. This will fund initiatives ranging from basic research to pre-demonstration pilot projects of technologies ranging from next generation renewable and cleaner energy systems to new technologies to address environmental challenges in the oil sands such as water use and tailings.

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