Friday, April 17, 2020, the Prime Minister announced that Canada is sending billions of dollars in aid to the country’s bruised energy sector with a double focus of helping companies while maintaining environmental targets. Ottawa will be investing $1.7 billion in the beleaguered energy sector.
During his COVID 19 update on Friday, Premier Kenney took the time to thank Ottawa for listening. Kenney said, "This is a package we have been working on with Ottawa, frankly since last summer when we were in challenging economic times nine months ago, not as bad as now. But, this is an important lifeline for hundreds of companies large and small this is going to breathe new life into many rural communities where small service companies are key to the regional economy."
There were three elements to today's announcement:
- $1.7 billion contribution to the governments of Alberta, Saskatchewan and BC as well as the Alberta Orphan wells associate to clean up orphan or inactive gas wells which will create thousands of jobs while having positive effects on the environment
- 750 million to create new proposed emissions reduction fund to reduce emissions in the oil gas sector with a focus on methane gas and reduce greenhouse gas emissions
- the expansion of the new business credit availability program to help businesses get the financing that they need to include small and mid-sized companies in the oil and gas sector with loans offered at commercial rates repayable within 4 years
Kenney said, "These three measures combined are very good news when we so desperately need of it in this province's largest industry."