Today, the Honourable Lin Paddock, Minister of Jobs, Growth and Rural Development announced an investment of $365,470 through the Green Transition Fund to help advance the province’s transition to a greener economy.
Our government committed to supporting innovation and green technology by investing in local research that drives sustainable solutions. The funding will support econext’s Marine Low-Carbon Fuels Green Transition Initiative, which will assess, test and demonstrate opportunities for renewable fuel adoption in Newfoundland and Labrador’s marine transportation sector.
Led by econext, the project will examine pathways to reduce emissions, enhance energy security and support the long-term sustainability and competitiveness of the province’s marine industry, while creating opportunities for innovation and sustainable economic growth.
As part of the initiative, econext will also assess renewable fuel options, review the province’s ability to test and support these fuels, and carry out a renewable diesel pilot project. This work will help advance cleaner marine transportation, strengthen Newfoundland and Labrador’s role in developing and adopting low-carbon fuel solutions, and aligns with the commitment to responsibly develop and maximize the value of our renewable and non-renewable resources to create jobs, attract investment and support long-term economic growth throughout the province.
The Green Transition Fund provides non-repayable financial assistance to businesses, organizations, post-secondary institutions and industry associations undertaking projects that support the province’s transition to a green economy. With a program budget of $7.75 million, the fund supports initiatives that advance sustainability, innovation, collaboration and investment in green technologies, clean growth and emerging economic opportunities.
Quotes
“Newfoundland and Labrador is well-positioned to play a leadership role in the development and adoption of low-carbon energy solutions. Through the Green Transition Fund, we are supporting innovative projects that help reduce emissions, strengthen our economy and create new opportunities for businesses and workers. This project will help advance the transition to cleaner marine transportation while building on our province’s strengths in the ocean sector.”
Honourable Lin Paddock
Minister of Jobs, Growth and Rural Development
“Innovation is one of econext’s key areas of focus, and is essential to building a stronger, more sustainable economy in Newfoundland and Labrador. By exploring low-carbon fuels for marine transportation, we have an opportunity to reduce emissions, strengthen marine industries, and unlock new opportunities across the province. We’re grateful for the provincial government’s support and recognition of this important initiative, which reflects the role that collaboration and innovation can play in advancing our green economy.”
Laura Barron
CEO, econext
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