PM: $1.7B investment in energy sector

Trudeau said that not only will the investment help the energy sector directly but also the agriculture sector.

“Think of the farmer who can’t grow anything on his land because of an abandoned well a few steps away from his home,” Trudeau said.

Alberta Premier Jason Kenney responded to the announcement on Twitter.

Thank you to the Prime Minister and the fed govt for announcing $1.7 billion to accelerate cleanup of orphaned and abandoned wells in Canada's energy sector.

This is critical to getting thousands of people in the energy sector back to work immediately.https://t.co/FMW6RYX4FG

— Jason Kenney (@jkenney) April 17, 2020

“Also encouraging to hear of new measures to enhance credit support for mid-sized energy companies. We look forward to reviewing the details of this support in the days ahead,” Kenney added.

The premier later released a full statement on the aid package.

Trudeau also announced a plan to create a $750 million Emission Reduction Fund, with a focus on methane. Jobs will be maintained and created through pollution reduction.

All told, the energy investments are expected to create close to 10,000 jobs.

Observers say the federal government’s multibillion-dollar oilpatch bailout package announced Friday should come with strings attached.

“(Money) should be tied to regulatory change in Alberta to ensure the province puts in place a polluter-pays program, so the public is not left with these liabilities in the future,” said Greenpeace Canada spokesman Keith Stewart.

Merran Smith at Clean Energy Canada called the spending “a smart approach.”

Asked about doing more for the oil sector such as buying shares in companies as was done with the auto industry, the PM said the focus was on families and workers first and foremost. He said families have particularly hard hit by not only the COVID-19 pandemic but also the price war between Saudi Arabia and Russia.

“We will continue to work with partners and concerned sectors across the country to see if there’s a need to do more,” he said.

A portion of the Emission Reduction Fund, $75 million, is specific for the offshore oil industry Newfoundland and Labrador to cut emissions.

“Just because we’re in a health crisis doesn’t mean we can neglect the environmental crisis,” Trudeau said.

Speaking from Rideau Cottage, Trudeau also announced the government will provide $962 million to regional development agencies to help more businesses, particularly those that don’t have relationships with traditional financial institutions and $500 million for Heritage Canada to support the arts, culture and sport sector.

“From the start our goal as a government has been clear – to help all Canadians get through these trying times, standing shoulder to shoulder,” he said.

Following discussions with the premier last night, Trudeau said there will be re-opening of the economy.

On the Canada-U.S. border, Trudeau said the government doesn’t feel “re-opening the border anytime soon is likely,” characterizing conversations on the U.S. on the matter as “aligned and productive.”

As of Friday morning, Canada had 30,659 confirmed cases, 11 probable cases and 1,250 deaths. There have been 503,003 Canadians tested.

In Alberta, there are 2,158 cases and 50 deaths. A total of 85,317 Albertans have been tested. As was the case Thursday, a new total for recovered cases was unavailable due to an unexpected network issue that limited reporting.

by Chris Brown

PM: $1.7B investment in energy sector

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