Canada Supports Energy Jobs with New Measures
The Canadian government has announced new measures to help retain and create approximately 10,000 “well paying” jobs in the energy sector.
As part of the measures, the government has pledged to provide up to $1.72 billion - including funding to the governments of Alberta, Saskatchewan, British Columbia and the Alberta Orphan Well Association - to clean up orphan and/or inactive oil and gas wells.
It will also provide up to $750 million to create a new proposed Emissions Reduction Fund to reduce emissions in Canada’s oil and gas sector, with a focus on methane. The fund will provide primarily repayable contributions to conventional and offshore oil and gas firms to support their investments to reduce greenhouse gas emissions, according to the Canadian government.
In addition, the government said it will expand eligibility for the new Business Credit Availability Program, announced on March 13, to help Canadian businesses “get the financing they need during this period of uncertainty”. The government said the support will be available to medium-sized businesses with larger financing needs, beginning with companies in Canada’s energy sector.
“Many Canadian businesses are facing economic hardships and uncertainty during the Covid-19 pandemic,” Canada Prime Minister Justin Trudeau said in a government statement.
“They give hardworking Canadians the jobs they rely on to provide for their families and they need our help in these difficult times. We will continue to take decisive action to support Canadian businesses, protect Canadian jobs, and keep our economy strong,” he added.
Bill Morneau, Canada’s minister of finance, said the pandemic has had a “profound impact” on the Canadian economy.
“That is why we are taking unprecedented measures today to protect Canadian jobs. We are working in close consultation with all impacted businesses across the country to take action where it is required and are prepared to take further targeted action as needed,” he stated.
As of April 19, Canada has seen 32,400 confirmed cases of the coronavirus, with 1,346 deaths, according to the latest figures from the World Health Organization (WHO). Globally, there have been 2.2 million confirmed cases with 152,551 deaths, as of April 19, WHO data shows.
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