Budget 2018 earmarks $3 billion for environmental initiatives
Feb. 28, 2018 - The federal budget tabled yesterday by Finance Minister Bill Morneau includes more than $3 billion for environmental initiatives to help address climate change, support conservation and move to a low-carbon economy.
Broken down, the budget includes $1.3 billion over five years to help protect lands and species at risk and $1 billion for agencies that regulate and assess the impacts of major projects such as pipelines, iPolitics reports. Another $109-million over five years will go to the federal carbon pollution pricing system. A $1.4-billion Low Carbon Economy Leadership Fund will support projects that generate clean energy and reduce greenhouse gas emissions.
The budget has encouraging opportunities for Canada’s forest products sector, Forest Products Association of Canada (FPAC) CEO Derek Nighbor said in a news release.
“FPAC is ready to work with the federal government, Indigenous communities, municipalities, and partners across the country so the government’s commitment to conservation supports positive environmental and economic outcomes for rural and northern Canada. We encourage the federal government to continue to support evidence-based decision making, sound science, and local and traditional knowledge that informs and considers the benefits and impact of conservation decisions,” Nighbor said.
“This will also complement our efforts as we transition to a low-carbon economy by removing 30 megatonnes (MT) of CO2 per year by 2030 and will position our sector to deliver on 13 per cent of the federal government’s commitment under the Paris Climate Agreement,” he said.