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New offshore emissions reduction fund helps economy and environment

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Advancing Canada’s offshore oil and gas sector

The $75 million offshore investment as part of the Emissions Reduction Fund (ERF) will help Canada meet its environmental commitments, rebuild the economy, and create a lower carbon economy, especially towards reducing greenhouse gas emissions (GHGs).

The offshore portion of the ERF has two components:

  • The Offshore Deployment Program is a $42 million investment supporting capital projects designed to either reduce offshore GHGs or improve the environmental performance of offshore oil spill monitoring, detection and response activities.
  • The Offshore RD&D Program is a $33 million investment supporting research, development and demonstration projects that advance solutions to decarbonize Newfoundland and Labrador’s offshore industry. It is being delivered in collaboration with Energy Research & Innovation Newfoundland & Labrador.

Both portions will support the offshore oil and gas sector to invest in green solutions to reduce GHGs and retain jobs in the sector.

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