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Blog: Trudeau Announces Federal Government Spending to Support Canada's Energy Sector

29-Apr-20

By the McLennan Ross Energy, Environmental and Regulatory and Corporate & Tax Teams

On Friday April 17, 2020, Prime Minister Justin Trudeau announced additional measures specifically to support Canada’s energy sector. These new measures include the following:

  • $1.7B of funding to clean up orphan wells in Alberta, Saskatchewan and British Columbia. This funding to clean up orphan wells is expected to “maintain’ 5,200 jobs in Alberta alone;
  • The Federal Government will provide credit though BDC and EDC to help medium-sized energy companies; and
  • The Federal Government will also create a $750 Million emission-reduction fund which will focus on the reduction of methane, to create jobs in efforts to cut pollutions, including $75 Million to assist offshore industry cut emissions in Newfoundland and Labrador.

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