This new program, part of the Ontario Green Investment Fund, is aimed at helping Ontario meet its greenhouse gas emission reduction targets by encouraging large industrial plants to adopt leading-edge technology and supporting Ontario’s entrepreneurs in developing creative new solutions.
OCE’s TargetGHG for industrial emitters addresses two key issues: the need to support the adoption of innovative technologies for emitters to meet upcoming greenhouse gas reduction targets and the need for solutions that will help industry meet more aggressive future targets.
It is recognized that the development and adoption of clean technology solutions continue to be impeded by the high cost of demonstrating and commercializing low carbon technologies and a lack of knowledge of potential solutions that will help Ontario companies meet their emissions reduction targets. The program will address both objectives through a range of initiatives that bring together large industry, cleantech SMEs, and research consortiums to develop and catalyze the early adoption of technologies that will reduce greenhouse gas emissions. Program criteria will be tailored to the specific requirements of industry and the state of development of the technology solution.
The program is supported by the Ontario government with $74 million in funding from its Ontario Green Investment Fund, which is dedicated to projects that reduce greenhouse gas emissions, increase energy efficiency, support cleantech innovation and drive job creation and economic development.
The government’s new $325-million Green Investment Fund was announced in the 2015 Ontario Economic Outlook and Fiscal Review. The Fund is helping to put into action the provincial government’s Climate Change Strategy, which was announced in November 2015. In May 2015, Ontario became the first province in Canada to set a mid-term greenhouse gas pollution reduction target of 37 per cent below 1990 levels by 2030.