Government of Canada Boosts 19 Clean Technology Projects Sustainable Development Technology Canada approves $57 million in new funding
Ottawa, July 2008 – Canada’s position as a world-leading developer of clean technologies was bolstered today as 19 clean technology projects from across Canada were approved to share $57 million in new investments.
The Honourable Gary Lunn, Minister of Natural Resources, the Honourable John Baird, Minister of the Environment and Vicky Sharpe, President and CEO of Sustainable Development Technology Canada (SDTC) made the announcement today in Ottawa.
Ranging from power generation, clean air and water, the Board of Directors of Sustainable Development Technology Canada approved funding for the development and demonstration of projects that benefit both the environment and the economy.
“Clean technologies supported by Sustainable Development Technology Canada are adding value to the Canadian economy and making significant environmental progress" said the Honourable Gary Lunn, Minister of Natural Resources. “Our government is committed to fostering a healthy, cleaner and more prosperous Canada..”
“The development of clean technology is a vital element of environmental sustainability” said Canada’s Environment Minister John Baird. “Our government is proud to support this initiative that offers innovative solutions to help tackle climate change, while providing opportunities for economic growth.”
“The continued high number of applicants and the addition of 19 promising projects to our portfolio show that SDTC is succeeding in its mission to support the development of clean technologies in Canada,” said SDTC Chairman Juergen Puetter. “The projects we support will contribute to securing Canada’s position as a leader in the development of clean technologies, while delivering economic, environmental and health benefits to Canadians.”
Some highlights of this round’s technologies include:
A project that will demonstrate the feasibility of storing CO2 in deep saline aquifers. The water contained in deep saline aquifers is unsuitable for drinking or agriculture, which means the geological formations can provide huge storage potential for large stationary industrial CO2 emitters around the world.
A project that will demonstrate that it can safely process waste creosote railway ties, while cogenerating electricity and process heat. This approach is an environmentally beneficial alternative to stock piling railway ties along tracks, sending them for incineration or land filling them, all polluting and costly methods of disposal.
SDTC’s SD Tech Fund™ has completed twelve funding rounds, committing $342 million to 144 clean technology projects, and leveraging $800 million from project consortia members. These figures include adjustments made to the portfolio.
“We are excited to add this new group of companies to our portfolio,” said Vicky J. Sharpe, President and CEO of SDTC. “By providing them with both financial support and our extensive knowledge and experience, we will work with them to make sure they have all the necessary tools to successfully bring their technologies to the marketplace once their projects are completed.”
SDTC will launch the next call for Statements of Interest (SOI) for the SD Tech Fund on September 3, 2008. The upcoming call for SOIs will include a request for projects with technologies that address climate change, clean air, clean water and clean soil issues. Solutions that address more than one focus area are of greatest interest.
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