Funding Still Available Via New Brunswick Low Carbon Economy Leadership Fund – Industrial Stream
The Canadian government has placed a large, nationwide emphasis on converting many businesses and facilities to be more energy efficient by significantly reducing the amount of carbon that is produced per building. This goal is directly related to the 2030 Emissions Reduction Plan: Clean Air, Strong Economy, an initiative undertaken by Environment and Climate Change Canada. This plan commits to reducing carbon emissions to 40% below 2005 levels by 2030 and net-zero emissions by 2050.
“The 2030 Emissions Reduction Plan describes the many actions that are already driving significant reductions as well as the new measures that will ensure that we reduce emissions across the entire economy to reach our emissions reduction target of 40 to 45 percent below 2005 levels by 2030 and put us on a path to achieve net-zero emissions by 2050.”
Environment and Climate Change Canada
As a part of Canada’s Federal Budget 2022, many programs have received additional funding. One Canadian program, the Low Carbon Economy Leadership Fund, has committed $1.4 billion in funding contributions since 2017 to address climate change and carbon emissions goals. Although the Low Carbon Economy Leadership Fund has closed intakes for some provinces across the country, the New Brunswick program is still open.
With the Low Carbon Economy Leadership Fund – Industrial Stream, industrial facilities will be able to implement energy- and cost-saving technologies and undertake climate change-related projects. By utilizing these technologies, both greenhouse gas emissions and energy costs will be reduced.
Funding Amount
Eligible applicants may receive up to 25% of eligible project costs to a maximum of $1 million per application. Moreover, applicants can also receive up to $300,000 for electricity-saving upgrades through NB Power (French: Énergie NB) per application.
Applicant Eligibility
To be eligible for the Low Carbon Economy Leadership Fund, applicants must be a business with an industrial facility that is physically located in New Brunswick. Applicants must also be a part of a significant sector, such as:
- Manufacturing;
- Mining and metals;
- Oil, gas, and chemicals;
- Forestry;
- Sawmills;
- Pulp and paper;
- Newspaper;
- Agriculture, including peat moss extraction, cannabis, etc.; and
- Food & beverage.
If your business is not located in New Brunswick or does not fall under one of the above industries, you may qualify for other government funding opportunities or eco grants. To see a comprehensive list of the top programs available in Canada, visit the Canadian Government Funding Directory today.
Eligible Activities
Projects may be eligible for funding under the Low Carbon Economy Leadership Fund if they are measurable greenhouse gas emissions reduction projects that include, but are not limited to, the following:
- Facility efficiency upgrades;
- Fuel switching initiatives; and
- Energy intensity reductions.
Program Timelines
Applications for the Low Carbon Economy Leadership Fund are accepted on a first come, first served basis with incentives available until December 2023 or until all available funds have been awarded. All projects must be completed and have proof of payment submitted to NB Power by December 2023.
Government Funding Programs for Atlantic Canada
There are significant government funding opportunities and other energy efficiency grants available for Canadian businesses that are in New Brunswick and other Atlantic provinces. To view these initiatives, visit our Atlantic Canada Funding Directory which offers a wide breadth of programs which can be easily filtered.
Prudent companies ensure they sign up for the government funding newsletter to make sure they’re aware of opportunities as they present themselves. This tool provides weekly updates regarding new programs, funding resources, and strategies for ensuring the highest possibility of success.
Mentor Works truly believes in connecting Canadian businesses with government funding news, resources, and opportunities to foster innovation, productivity improvements, and strong economic growth throughout Canada.
