SURREY, BC, July 15, 2020 – FortisBC is implementing a Clean Growth Innovation Fund to help accelerate work to reduce greenhouse gas emissions as part of its strategy to support the transformation to a lower carbon economy. FortisBC recently received approval from its regulator, the British Columbia Utilities Commission, to implement this Fund as part of its 2020-24 Multi-Year Rate Plan.
Starting August 1, 2020, FortisBC will commit $4.9 million dollars per year until 2024 to the Fund, which will help FortisBC work with government and industry to advance projects that are expected to help decarbonize its natural gas supply and accelerate climate action. The Fund is financed through an additional $0.40 monthly charge to all FortisBC natural gas customers, which amounts to less than $5 per year. Through the Fund, FortisBC expects to co-fund numerous clean growth initiatives with government, academic and/or industry partners.
“As the single largest provider of energy in British Columbia, FortisBC has an important role to play in helping the province reduce emissions to help advance a lower carbon energy future,” said Douglas Stout, vice-president of market development and external relations with FortisBC. “Technological innovation is crucial for climate action and the Clean Growth Innovation Fund will accelerate our already substantial efforts in driving climate solutions.”
The Fund will help explore technologies such as Renewable Gases, carbon and methane capture, fuel cell and remote power technologies and more, with partners in industry and government. These new technologies are expected to reduce emissions, which may advance a lower carbon future while improving the long term viability of British Columbia’s extensive natural gas system.
“This is an exciting and progressive initiative from FortisBC. The pace of technology development, commercialization and industry adoption for clean energy must accelerate if we are to meet CleanBC targets,” said Jeanette Jackson, CEO of Foresight Cleantech Accelerator Centre. “The Fund’s collaborative and co-funding model is exactly what is needed to scale the entire sector and become a global leader in clean energy innovation.”
Selection criteria for these innovative projects include the amount of co-funding secured from the applicants, estimated emissions reduced in British Columbia, estimated cost reductions for FortisBC customers and the relevant experience of the project team. Senior FortisBC management and an external advisory council will oversee these projects, and FortisBC will report all updates through an Annual Review process.
For more information on the Clean Growth Innovation Fund, visit fortisbc.com/cleangrowthfund.