Monday, December 4, 2023

Ontario’s Clean Energy Credit Registry aims to increase competitiveness and employment

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By launching a clean energy credit (CEC) registry, Ontario is making use of its world-class clean electricity grid. This will help businesses meet their environmental and sustainability goals, increase competitiveness, and attract jobs. Through the Future Clean Electricity Fund, which was just established, funds for the construction of clean electricity projects in Ontario will come from the sale of CECs. This will help keep electricity rates low for ratepayers. As Ontario competes for and attracts new investments in electric vehicle and battery manufacturing, clean steel, and other sectors while continuing to build its clean economy, this fund will help build the province’s clean energy advantage.

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“Companies around the world want to invest in jurisdictions that have affordable, dependable, and clean energy, so clean energy has become an economic necessity. Our perfect energy credit library will help us contend and draw in additional significant interests in Ontario’s economy,” said Todd Smith, Priest of Energy. ” Through our Future Clean Electricity Fund, we can now leverage the clean supply to reduce the cost of new clean generation because families in Ontario have done the heavy lifting and built one of the cleanest electricity grids in the world.

By demonstrating that their electricity was derived from clean resources like nuclear power, hydroelectricity, wind, solar, and bioenergy, businesses can use a CEC registry to meet their environmental and sustainability goals.

The registry, which is run by the Independent Electricity System Operator (IESO), adds to the growing list of things that make Ontario a great place to invest in all kinds of things. These things include a well-trained workforce, tax credits, and a great ecosystem for R&D.

Minister of Finance Peter Bethlenfalvy stated, “The clean energy credit registry is part of our government’s clean energy advantage that is boosting competitiveness and attracting investments and jobs right here in Ontario.” Our government has the right strategy for creating an Ontario with an economy that will continue to be resilient. While laying a solid financial foundation for the future, we are assisting workers, families, and businesses today.

The government’s Future Clean Electricity Fund will receive funds from the sale of CECs held by the IESO and Ontario Power Generation (OPG). As the province expands our grid to meet the demands of a growing population and economy, this new fund will support the development of new clean energy projects as well as the electrification of transportation and industry to help keep electricity rates low for customers. The province’s advantage in clean energy will be supported by the Future Clean Electricity Fund.

“Our administration is investigating every possibility with regards to building serious areas of strength for an and drawing in ventures that will set out additional open doors today and later on,” said Vic Fedeli, Pastor of Financial Turn of events, Occupation Creation and Exchange. ” The Future Clean Electricity Fund and the clean energy credit registry are important tools that will make Ontario more competitive so we can compete for and win global investments.

Businesses making decisions regarding investments benefit greatly from having access to clean energy. The Stellantis–LGES battery plant, the expanding greenhouse industry, and other job creators will be powered by five brand-new transmission lines that the government has accelerated in Southwest Ontario. The recent investment made by Volkswagen, which saw them locate their first gigafactory outside of Europe in Ontario, exemplifies the commitment of the province to meet the growing demand for energy by pointing to the province’s abundant supply of clean electricity and its convenient location for the production of raw materials.

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