The report highlights that by 2030, the province aims to phase out coal-fired plants and expand renewable energy.
The latest Cleantech Canada report released by Cleantech Directions and called 2018 Cleantech Directions, was released earlier this week (November 8), giving emphasis to “key trends and market drivers spurring innovation growth in Alberta,” as well as the rest of Canada.
Conducted in July and August of this year, the report obtained insight from 470 companies–206 of those from Alberta–as well as insight from a “roundtable discussion of industry insiders.”
The roundtable discussion found that the growth of cleantech in Alberta has “never been more favorable,” as climate policy, funding and market demand create a signal boost that the province’s cleantech businesses, government, and even investors are “all systems go.”
Alberta cleantech growing, coal on its way out
“Advancing GHG-reducing technologies is essential work to ensure continued economic and environmental success for Alberta and Canada,” ERA (Emissions Reduction Alberta) CEO Steve MacDonald said in the release summary. “Cleantech Directions provides a great overview of the opportunities across all sectors for innovators.”
While it was reported late last year that Alberta plans to phase coal out by 2030, a broader carbon levy went into effect on January 1, 2017, the report states. As it stands, coal plants account for roughly 40 percent of Alberta’s 16 gigawatts of installed electricity. The report continued, stating that the remaining 14 coal power plants will close or even be converted to lower-emitting sources, effectively dropping the provinces installed coal capacity to zilch.
According to the report, members of the roundtable discussion agreed that the province of Alberta is “well on its way to shaping an environment that encourages emerging cleantech companies to put down roots.”
“I think this is the right place, and we’re in the right position to really make this happen,” Dan Wicklum, chief executive of Canada’s Oil Sands Innovation Alliance (COSIA) said in the report. “The yardstick’s moving, but we’re really moving hard on the innovation system to get us there and to get it right.”
Other cleantech companies to receive funding
On that note–albeit somewhat separately– Cleantech Canada also reported earlier this week that 11 Alberta cleantech projects will receive $28.9 million in funding form the federal government and the province.
The publication states that most of the funding will go towards two projects focused on reducing emissions in the province’s oilsands.
Of the overall funding, Acceleware (TSXV:AXE) is the only publicly traded company to receive funding, and will receive $10 million from Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA) to go towards testing its RF XL. As the company’s release states, the funding “supports the goals set out by the federal and provincial governments to reduce GHG emissions.”
Since the announcement on November 3, shares of Acceleware have soared 29.02 percent to close at $0.20 on Thursday (November 9).
In sum, from eliminating coal and cutting down on emissions in its oilsands, it’s clear to see that Alberta’s cleantech sector is well on its way to thriving.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.