As part of an ongoing commitment to position Newfoundland and Labrador as a globally preferred location for green economic investment, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced details of the Provincial Government’s new Green Transition Fund.
The Green Transition Fund will provide support to projects for businesses, organizations, post-secondary institutions and industry associations, as well as other collaborative efforts to assist with the province’s transition to a green economy.
As part of the restructuring of its agreement with the Provincial Government in May 2022 to restart the West White Rose project, project partners committed $100 million to establish a Green Transition Fund. The annual payment begins at $6 million in 2023 and increases to $12 million in 2033 and 2034.
Program guidelines for the fund were developed in consultation with key industry stakeholders and are targeted to meet industry expectations for green investments across all relevant industry sectors. Contributions may be used to support continued, expanded or new operations in the province that have a special focus on:
- Raising awareness;
- Conducting commercial research and development;
- Developing new markets; and
- Other initiatives supporting the green economy.
Program guidelines are available for viewing on the departmental website. Applicants are able to apply for funding under three categories of Rural, Indigenous, and General. Under these streams, the program will provide financial support in the form of non-repayable funding as follows:
- Commercial/Non-Commercial requests: $75,000 minimum to $3 million maximum (Indigenous and rural projects have no minimum project size).
- Non-Commercial project funding will not normally exceed 50 per cent of eligible project costs.
- Commercial funding will not normally exceed 40 per cent of eligible project costs.
The Green Transition Fund will commence with a call for Expressions of Interest that will be released in the coming days. The program will evolve and adapt to emerging trends within the green economy to effectively meet the needs of the stakeholders.
Quotes
“Our government is committed to attaining an effective, sustained and timely transition to a green economy, and to realize our net zero goals. The Green Transition Fund will invest in projects and initiatives that focus on the greening of commercial operations, research and development, manufacturing and extractive resource development, and other areas that enhance the green economy supply chain and production effectiveness. This will propel forward the development of renewable energy and clean technologies and position Newfoundland and Labrador as a leader in the global green transition.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“Newfoundland and Labrador has the necessary strategic assets to fuel the energy transition on a global scale. From our world-class renewable energy resources, to our emerging international clean fuels and energy storage hubs, to our rich cache of critical minerals, our province has a clean energy advantage that well-positions us internationally. Investments like the Green Transition Fund will help ensure that we both meet our net zero objectives and reach our economic growth potential.”
Kieran Hanley
Chief Executive Officer, econext
“The Green Transition Fund immediately becomes an important tool to help Energy NL members already engaging in the renewable sector, or considering doing so, to ready for the many opportunities coming our way in the near future. With our abundant energy resources, Newfoundland and Labrador stands to be a leading player in the energy evolution and a preferred provider of clean energy. The Green Transition Fund is just one example of cross-sectoral support to achieve our shared objectives of clean energy production within a green economy.”
Charlene Johnson
Chief Executive Officer, Energy NL
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Learn more
Green Transition Fund Program Guidelines
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