Funding Opportunities for Emissions Reduction Activities in Oil and Gas

With increasing regulatory requirements and pressure from shareholders and stakeholders, cost-effective emissions reduction activities have never been so important. Oil and Gas companies have many priorities including maximizing profit, attracting investment, regulatory requirements, and focus on the environment, social, and governance. Juggling all of this – along with ensuring day-to-day operations are running smoothly – can leave little time to navigate the changing landscape of emissions funding opportunities.

Recently, provincial and federal governments have made numerous funding announcements to provide funding for emissions reduction activities. Companies can leverage these funding opportunities to support their reduction activities. Highwood Emissions Management estimates that over $1 billion in funding has been announced over the past year. Examples of the funding announcements are as follows:

• Canada Wide
  • Emission Reduction Fund – Onshore Program
    • 3rd intake round closing March 31, 2022
  • Clean Resource Innovation Network Technology Competitions
    • Funding of 50% of project costs who are in the innovation stage. Funding timelines may have passed.
    • Currently Closed to new applications
  • Natural Gas Innovation Fund
    • Grant and equity financing available for innovative projects and technologies
  • Alberta
    • Methane Technology Implementation Fund
      • Funding is available for up to 50% of eligible technologies
    • Alberta Emissions Offset Program
      • Pneumatic gas protocol
        • Funding is available for the generation of offsets through reduction or elimination of gas venting through pneumatics
      • Quantification protocol for vent gas reduction
        • Funding is available for the generation of offsets through reduction or elimination of gas venting on oil and gas sites
  • British Columbia
    • CleanBC Industry Fund
      • • • • Funding for commercial-scale projects as well as technology pilot
  •  Saskatchewan
    • Petroleum Innovation Incentive
      • Tax incentives for innovative projects

Taking advantage of these opportunities could put companies at an advantage, providing much-needed funding to Oil and Gas companies.