The $100-million Green Transition Fund, launched last week, stems from the West White Rose offshore oil expansion project
as part of the restructuring deal they struck with the province in May, 2022, which brought certainty to a half-finished project that had languished for two years. That deal also included an overhaul of the project’s royalty framework.
Newfoundland and Labrador is aiming to reduce its emissions to net zero by 2050. The fund will provide support to projects for businesses, organizations, postsecondary institutions and industry associations to assist the province’s transition to a green economy. Applications could involve anything from academic or commercial research and development, for example, to green investments, techniques to reduce emissions in the mining sector, the development of new markets or other initiatives supporting the green economy.
But Mr. Parsons said he’s not concerned that market forces could once again scupper West White Rose and risk payments into the Green Transition Fund, because it’s a contractual obligation on the part of the oil companies. “When you’re talking about projects that are in the $16-billion range, you want to ensure that your investment doesn’t go overboard. It doesn’t matter how much these companies are worth, the bottom line is always what’s driving it.”
France Dernières Nouvelles, France Actualités
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