The Government of Canada is taking bold action to strengthen communities by addressing the impacts of climate change. Industrial carbon pricing is a foundational element of Canada's plan to protect the environment and build a strong, competitive, and sovereign 21st-century Canadian economy.
Today, the Honourable Terry Duguid, Minister of Environment and Climate Change, announced investments of nearly $150 million from Canada's Output-Based Pricing System (OBPS) Proceeds Fund in 38 Decarbonization Incentive Program (DIP) projects in the four provinces where the federal OBPS applied in 2019 to current. This funding will help Canadian companies and organizations deploy cutting-edge clean technologies which cut pollution, enhance energy efficiency, create jobs, and strengthen Canada's economic footing.
Today's investments will support a range of initiatives, such as replacing expensive oil- and gas-fired boilers with more efficient electric ones, producing cleaner and stronger Canadian fibreglass, deploying advanced carbon-management technologies, and enhancing the durability of galvanized steel sheets, all of which help drive down costs for Canadian manufacturers and consumers across the supply chain. Projects funded by the Proceeds Fund will also help unlock new opportunities and markets for made-in-Canada clean technology and innovation, strengthening the Canadian economy while reducing an estimated 544,100 tonnes of greenhouse gas pollution in the year 2030.
The federal government recognizes the leadership role that industries and workers play in driving solutions to build a more competitive economy and protect the environment. Through partnerships with workers, industries, experts, enterprises, and Indigenous leaders, industrial carbon pricing supports projects that fight climate change and strengthen our economic security.
