April 17, 2017 by Canadian Underwriter
The province of Ontario has launched a global climate change challenge, urging local and international companies to develop the “next generation of transformative clean technologies” to help combat the phenomenon.
The provincial Ministry of Research, Innovation and Science said in a press release last week that the Solutions 2030 Challenge encourages companies to develop breakthrough technologies that will help Ontario’s industrial plants reduce their greenhouse gas emissions, meet the targets set in the province’s Climate Change Action Plan and increase innovation and entrepreneurship in the province. Ontario has provided support for the Solutions 2030 Challenge, with proceeds from the province’s carbon market through the Green Investment Fund, a “$325 million down payment” to support the province’s new cap and trade program.
“The challenge will position Ontario as a global leader in building a low-carbon future while supporting job growth and strengthening the economy,” the ministry said in the release.
Eligible teams can apply through the Solutions 2030 online application portal by Sept. 22, 2017. Selected teams will be awarded funding to take their transformative idea through prototype and demonstration stages in Ontario. International applicants are expected to establish a significant presence in the province and help Ontario meet its greenhouse gas targets beyond 2030, the release added. In May 2015, Ontario became the first province in Canada to set a mid-term greenhouse gas pollution reduction target of 37% below 1990 levels by 2030.
The Solutions 2030 Challenge is part of Ontario’s TargetGHG program, which is supported by funding from the Green Investment Fund. The TargetGHG program is designed to “catalyze the adoption of innovative low-carbon technologies and foster leading-edge technology development targeting greenhouse gas reductions for industry emitters.”
“Challenging local innovators and inviting the best from around the globe to tackle greenhouse gas emissions is good for job growth and for our province’s economy,” said Reza Moridi, Minister of Research, Innovation and Science, in the release. “Most importantly, this initiative will improve the air we breathe and the water we drink for generations to come.”
Glen R. Murray, Minister of the Environment and Climate Change, added that “global competitions such as this one play a key role in developing clean technologies that will help Ontario businesses and industries reduce greenhouse gas emissions. Working together to develop innovative solutions will help us fight climate change while preparing industries to thrive in a competitive, low-carbon economy.”